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Product focus: Silver surfer internet accounts

Product focus: Silver surfer internet accounts

Category: Savings

Updated: 07/09/2010
First Published: 07/09/2010

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 It is now over 6 months old so the content may be out of date.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 growing number of older people are using the internet as a convenient way to manage their finances. Many providers offer savings accounts aimed at savers aged 50 and over which can be operated online. Here is a selection of the current best no notice internet savings accounts for 'silver surfers'.

SAGA – SAGA Internet Saver

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

Market Harborough Building Society – onthedot Sixty+ Surfer

This savings account, available to savers aged 60 and over, pays an annual rate of 2.35%, with a monthly interest option also available at 2.20%. Investments can range from between £1 and £150,000, but the initial deposit must be made by cheque. Funds can be accessed without advance notice or penalty, but the account can only be operated online.

Saffron Building Society – e-saver 55 plus Issue 2

This online only savings account pays an annual rate of 2.30%. The gross rate is guaranteed to be equal to 0.80% above bank base rate until 31 August 2012. Savers can also opt for the monthly interest option which pays 2.28% with the same guarantee. Investments can range between £1,000 and £1m, but the initial deposit must be made by cheque. No notice is needed to access funds, although there is a minimum withdrawal amount of £100 and all transfers must be made via a nominated account. Savers must be aged 55 and over to operate this account.

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 Any products featured may be withdrawn by their provider or changed at any time.

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