Best Savings Rates for the Over 60s

Over 60s savings accounts are specifically designated financial products such as instant access accounts, notice accounts and cash ISAs, which can only be bought by people in that age group.

What are the best rates?

Cash ISAs could be a wise option for over 60s who wish to take advantage of the favourable rates provided to them, which in some cases offer rates 0.5% higher than those accounts open to all age groups. Among the best cash ISAs currently offered are:

Notice Accounts

The best place for over 60s to invest their money isn’t necessarily in one-year bonds.

Notice accounts can be an option worth looking at, offering over 60s flexibility in terms of when they withdraw their money – holders are usually required to give their provider advance notice.

Here are three notice savings accounts which could be of interest to over 60s:

The interest rates tend to be more stable for over 60s accounts, and many of these types of accounts also pay interest monthly, helping the holders with their budgeting by having access to their accrued funds. A large share of these accounts are simple and straightforward in their nature, with a minimum of small print.

There are other options open to pensioners who are sophisticated investors in for the form of fixed-rate bonds, P2P and holdings in stocks and shares. These options carry a higher risk, and are outside of the UK Government’s FSCS protection, but can offer a better return than most savings accounts currently available.

The new wave of internet banking options also make it easier for over 60s to manage their finances via the web if they are online. If not, there are also telephone banking options which are popular.

Zachary Wyatt

Zach lives on the coast in the UK, with one eye fixated on the City. Prior to his writing, he got his feet wet with forex trading platforms.