Savings for Silvers.

lilac_lady

Can anyone recommend a savings account (not an ISA) that gives a bit more interest than what's generally on offer at the moment if one's over 55 or 60?

Perhaps we Silver Savers should spend a bit more and worry less about the future in this economic climate?

dzug1

Not recommendations, but Northern Rock (I think) and Stroud and Swindon have such accounts. I suspect there are others.

Old_Wrinkly

I had the Northern Rock 'Silver Savings Online' account but the AER dropped to 1.6%.
So I switched that money to the NR 'eSaver (Issue 2)' online account - open to all ages - and am getting 2.5% AER.

You have to be careful about accounts offered to 'people of increased age'.
I think some banks see them as an opportunity to fleece the unwary.

ManAtHome

Haven't seen any recently - last decent ones I remember were the Coventry 50+ (which was better than their 60+!!) and some Saga accounts from a couple of years ago.

sleepless_saver

Difficult to find any normal savings account that currently beats inflation. And the older savers ones are now just a marketing play with no better rates than any other account.

If you can tie up money for 3-5 years, you could go for the NS&I index linked +1% variable rate savings certificates (which also have the merit of being tax free).

jennifernil

Depending on how much you have to save, you could use some of the "current accounts" that pay a good rate but do require a minimum balance and/or minimum monthly deposit (which can be taken out again).

I have the A&L Premier Direct which pays 6% (now dropped to 5%) on up to £2500 for 12 months and requires a deposit of £500 per month, and the Lloyds Vantage which pays 3% on £3000-£5000, 4% on £5000-£7000, and requires £1000 per month.

The deposits can be several adding to the required minimums, even the same money cycled through the account several times. You can have up to 3 Vantage accounts.