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Product focus: Silver saver accounts

Product focus: Silver saver accounts

Category: Savings

Updated: 21/01/2010
First Published: 21/09/2009

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 It is now over 6 months old so the content may be out of date.

Older savers account for a large portion of the savings market and often rely on their funds to pay day-to-day bills. While some savers may struggle and feel despondent in the current climate, there are still deals available which may prove appealing. The following three deals do not offer bonuses.

West Bromwich Building Society - High Income Over 65 Notice account

This account pays a variable rate of 2.80pc for investments of £5,000 or over and 3.05pc for investments of £100,000 to £250,000. Interest is paid on the last working day of each month. To access funds, savers must give 90 days notice, although earlier access is available subject to 90 days' loss of interest. All withdrawals must be made by BACS to a nominated account. This account can be operated by post, telephone, online or in branch by savers aged 65 or over.

nited Trust Bank – 50 Day Notice (Over 50s)

United Trust Bank currently pays 2.50pc on its 50 Day Notice account, which can be operated by either post, telephone or fax. Savers, aged 50 or over, can invest between £500 and £500,000. To access funds, savers must give 50 days notice. Earlier access is not allowed.

Chelsea Building Society – Over 50s Instant

This deal pays a rate of 2.47pc with interest paid on the last working day of each month. Savers aged 50 and over can invest between £200 and £50,000 and funds can be accessed immediately, penalty free, either in branch with a cash card or passbook, or by post. Further additions are allowed.

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 Any products featured may be withdrawn by their provider or changed at any time.