Best Place to Save For Over 60's?

specialangel

Does anyone know of any accounts other than the coventry for over 60's? Theirs does seem to be a good one, but I'm not sure if there are any other providers who have accounts especially for this age group.

LittleVoice

Nationwide has a Monthly Income account for those 60+. It pays 5.71% gross 5.86% AER.

Coventry is much better eg monthly rate for eSave 6.2% gross, 6.27% AER.

jem16

Northern Rock does silver savers accounts for over 50s.

Their online account has a rate of 6.3%.

http://www.northernrock.co.uk/savings/silver-savings-online/

margaretclare

It depends what you want. Do you want it to pay you income? Do you want to be able to have your pension paid into it? Are you saving for longer-term?

Just to say 'for the over-60s' is not enough. It's assuming that all over-60s are alike and all want the same things.

Having said all that, Yorkshire Building Society have an account called the Access Saver for Pensioners: http://www.ybs.co.uk/savings/instant_access/access_pensioners/index.jsp

Also there's National Savings, NS&I.

It also depends whether the person who's over 60 is still a taxpayer, because if so, he/she should max out the annual ISA allowance first, as advised by Martin in his 'savings fountain' idea.

HTH

Margaret

Flynn_2

A lot seem to have over 60 accounts but often they're no better or sometimes worse than the standard account or limit the amount you can put in. The Abbey 50+ seems pretty much same as the E-saver but with fewer facilities. Both accounts pay a decent rate for larger amounts if you include the first year bonus.

TomsMom

jem16 wrote: »

Northern Rock does silver savers accounts for over 50s.

Their online account has a rate of 6.3%.

Only go for this if you have a lot of patience :rolleyes: . Their website is the absolute pits, very long winded and can drive you nuts. I, among many others, couldn't stand it any longer and closed my account. Moved my money to the much quicker Sainsburys online savings account at 6.25%, voted Best Buy by one of the finance sites. A big plus is that you can set up payment mandates to do BACS payments to any other account without having to transfer it to a current account first - successfully did this this afternoon.

chesky369

agree one million percent - why the hell can't they sort their website out? they inform me that their rate is going up to 6.3% but life's too short to cope with them. All mine has now gone to Sainsbury's also.

hansi

Could you define what you mean by this. I have an Silver Savers account with NR and I have no problem with their website. It's very secure.

chesky369

Hansi - is northern rock your only on-line account? I'm surprised you think it's OK in comparison to any other I've experienced. First Direct, Sainsburys, ING, Icesave, even Lloyds - all much quicker, less clunky to use and more informative.

hansi

No, I do have other online accounts, and I don't find it any more difficult that any others.

molly_mandy_2

Try updating your java and get the latest version - then there is no problem with the NR site.

I'm more than happy with Northern Rock's website and also transfers to my bank account arrive in two days always. It's rates at the moment are excellent.

Whereas Sainsburys online account - which I applied for at the beginning of August and still haven't been able to get it authorised - is a dead loss for me. Won't be getting my money!

Some like Sainsburys; some like Northern Rock - each to his own