As you get a bit older, as well as getting wiser, you hopefully get a bit wealthier too!
With the mortgage repaid, or nearing repayment, your financial priorities shift as you start to save and invest more, looking forward to the prospect of a well-earned retirement.
But where to find the best savings accounts for the over 50s, that's the question? To confuse the matter, there are specialist providers such as SAGA and building society savings accounts that are offered exclusively to "silver savers".
Surely such exclusive rates will offer higher returns than generally-available Best Buy accounts? Not necessarily as we'll see from this roundup of the best savings accounts currently on offer…
(Based on £10K in savings).
Rates correct as at 5.10.12
As you can see, the exclusive over 50s accounts do not fare well in a straight comparison against the best rates generally available. These specialist over 50s savers tend to be mostly concentrated on variable rate instant access and notice savings accounts (in fact there are only two providers – SAGA and Northern Bank in Northern Ireland – who offer exclusive fixed rate accounts to the over 50s).
SAGA flys the flag for the specialist over 50s savings providers, but is some way off the best savings rates out there.
If you use your savings interest as a supplement to your income – if you're semi or fully retired for instance – then it's also worth looking at the best monthly interest over 50s accounts too…
Saving becomes increasingly more important the older we get, and we approach the time to retire. So getting the best rate of interest on your savings becomes increasingly important too – particularly if you're already at the stage of using your savings to augment your income.
While exclusive over 50s accounts are competitive in general, it isn't always the case. Make sure you compare against the best savings accounts that are generally available to get the best deal.
Compare generally-available savings accounts Compare Best Buy table for exclusive over 50s accounts Search all 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 Any products featured may be withdrawn by their provider or changed at any time.