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Product Focus: Silver Savers’ Accounts

Product Focus: Silver Savers’ Accounts

Category: Savings

Updated: 27/07/2009
First Published: 27/07/2009

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 It is now over 6 months old so the content may be out of date.
Despite saving hard during their working years, many older savers are unfortunately finding themselves reliant on their savings as a means of income. Providers do, however, continue to offer a variety of products designed specifically for the 'silver saver' market. The following three accounts do not offer bonuses.

West Bromwich Building Society - High Income Over 65 Notice account

This account pays a variable rate of 2.80 per cent, solely, as the name suggests, to savers over the age of 65. To access funds, savers must give 90 day's notice, although earlier access is available subject to 90 days' loss of interest. The account can be operated by post, telephone or in branch, whilst investments range from £5,000 up to £250,000.

United Trust Bank – 50 Day Notice (Over 50's)

United Trust Bank currently pays 2.50 per cent on its 50 Day Notice account, which can be operated by either post, telephone or fax. Investments amounts range from £500 to £500,000. To access funds, savers must give 50 days notice. Earlier access is not available.

Saffron Building Society - E-Saver 55 Plus – Issue 2

This recently launched e-saver account from Saffron Building Society, offers a rate of 2.30 per cent to savers aged over 55. Investments range from £1000 to £1 million and the initial deposit must be made by cheque, after which all operations have to be carried out online. The minimum withdrawal amount is £100. A monthly interest option is available to savers at a slightly lower rate of 2.28 per cent. The account's gross rate is guaranteed to be equal to 0.80 per cent above Bank Base Rate until 31st August 2012. savings:

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 Any products featured may be withdrawn by their provider or changed at any time.

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