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Product focus: Silver saver accounts

Product focus: Silver saver accounts

Category: Savings

Updated: 11/05/2011
First Published: 11/05/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

A host of providers offer savings products designed for older savers, looking to entice 'silver savers'.

Those who prefer to dip into their funds at short notice may be suited to an easy access account. It is important to check the conditions of these accounts, however, as some have limits on the number of withdrawals allowed in a year.

Here is a selection of some of the best accounts available to 'senior savers'.

SAGA - Saga Telephone Saver Issue 2

This account pays a rate of 2.75% on its anniversary including a bonus of 1.00% for 12 months. After twelve months the gross rate will have an underlying guarantee to be no lower than 2.00% below base rate. A monthly interest option is available at 2.72% with the same rate. Savers can invest between £1 and £1 million. No advance notice is required to access funds, although all withdrawals must be made via a nominated account. The account is available to savers aged 50 and over and can be operated by telephone only.

Saffron Building Society - e-saver 55-plus Issue 2

This online-only deal pays an annual rate of 2.30%. The gross rate is guaranteed to be equal to 0.80% above base rate until 31.8.12. A monthly interest option is also available at a lower rate of 2.28%, with the same guarantee. Savers can invest between £1,000 and £1 million. Funds can be accessed without advance notice or penalty, although all withdrawals must be made via a nominated account. The account is available to investors aged 55 and over.

Stroud & Swindon Building Society - Sixty-Plus PostSave (4)

This account pays 2.25% on its anniversary including a 0.85% bonus for twelve months. Savers can also choose the monthly interest option at a lower rate of 2.23% with a bonus of 0.84% for twelve months. Investments range between £500 and £250,000. No advance notice is needed to access funds, although there is a limit of twelve withdrawals a year. If this condition is exceeded, all subsequent withdrawals will be subject to 30 days' loss of interest. The account is available to savers aged 60 and over and can be operated by post only.

Find the best savings rates for you - Compare savings accounts



Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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