Banking/Savings Section

Many of the banks and building societies are actively coveting the older generation, and why not they are usually great customers who often prefer their savings in cash. Here are two savings accounts that are limited to those over 50 and over 60 years in age.

Portman Building Society - 50 Plus Monthly Interest Account

• Available for those over 50 years and pays 5% gross per annum
• The rate however includes a bonus of 0.5% above the current base rate which is now 4.5%
• 75 days to access your money or forfeit 75 days' of interest
• Accepts deposits of between £2,500 - £50,000
• Account can be operated through High St branches of the Portman B.S.
• Portman also offers another account the Branch Bonus Saver 2 which pays 5.1% but the notice period goes up to 90 days
• Note that Cahoot the internet bank also offers an account (open to everyone) that pays 5.15% but for minimum balances of £15,000

Coventry Building Society - Sixty Plus Saver

• Available for those over 60 years and pays 5.25% for the 1st year which includes a bonus of 0.75%
• Underlying rate of 4.5% is guaranteed to at least equal the base rate until 2010
• It carries a maximum opening balance of £2,000 as well as limiting monthly deposits to £2,000
• The account is instant access which is always good news

Summary

If you're older than 50 then be on the lookout for banks and building societies actively seeking your business via special deals. It doesn't take long to open an account (often it can be done over the phone) so just a little bit of work can easily squeeze a few hundred more pounds out of your savings over the course of a year. And if you're one of the many UK savers getting less than 4% on your money then take some action NOW!

Good luck on getting a better rate for your cash!

See Also