Product focus: Variable rate over 50s accounts - Savings - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Product focus: Variable rate over 50s accounts

Product focus: Variable rate over 50s accounts

Category: Savings

Updated: 03/04/2012
First Published: 03/04/2012

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 It is now over 6 months old so the content may be out of date.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 large number of savings providers offer accounts designed specifically for senior investors, ranging from easy access to fixed rate bonds.

Here is a selection of some of the current best variable rate accounts available to mature savers.

West Brom Building Society – High Income Over 50 Notice 2

  • This account pays a monthly rate of 2.76% to savers with deposits between £1,000 and £75,000.
  • Advance notice of 90 days is required to access funds, although early access is allowed subject to 90 days' loss of interest.
  • The account can be operated by savers aged 50 and over in branch, by post or telephone.

SAGA - Saga Internet Saver Issue 3

  • SAGA's online account pays a rate of 2.75% on its anniversary including a bonus of 2.25% for twelve months.
  • A monthly rate is available at 2.72% with the same introductory bonus.
  • Savers can invest between £1 and £1 million.
  • Funds can be accessed without advance notice or penalty.
  • The account is available to savers aged 50 and over and can be operated, as the name suggests, online only.

Market Harborough Building Society - Onthedot Sixty+ Surfer

  • This account pays an annual rate of 2.35% to savers with deposit between £1 and £150,000.
  • A monthly interest option is also available paying 2.20%.
  • No notice is required to access money, although all withdrawals must be made by BACS to a nominated account or transferred to another Market Harborough account.
  • The account is available to savers aged 60 and over and can be operated online 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 Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Just 44 savings accounts beat inflation

Inflation recorded another large jump during December, and predictably, this has had a devastating impact on the number of savings accounts that beat it, so much so that you’ll need to lock your money away if you want an inflation-beating return.

Just 47% have money in a savings account

We’re often told of the importance of saving, yet unfortunately, the message doesn’t always get through. Indeed, research shows that just 47% of those surveyed have money in a savings account, and 17% have no savings or investment whatsoever.

How much will you save this year?

Many of us have set savings goals for the year ahead, and planning to budget better and save more will be at the top of many financial resolution lists. But how much are you hoping to squirrel away? Encouragingly, many people have impressive targets.