Building society accounts for over 50s

With the base rate at an all-time low at 0.5 per cent, it is difficult to find a decent building society account that will give a decent rate. In this case, being over 50 – and sometimes older – can be a help as better rates are often available to the older age groups.

Here’s a quick look round at some of the best savings rates for over 50s available right now.

West Bromwich Building Society has a High Income Over 65 Notice account giving a gross return of 2.80 per cent. It has a minimum age of 65, a minimum deposit of £5,000 and there is a 90-day notice period.

United Trust Bank offers a 50 Day Notice account for the over 50s. Its interest rate is 2.50 per cent, a minimum deposit of £500 and other restrictions as stated.

At Saffron Building Society there is an e-saver 55-plus Issue 2 account which gives 2.30 per cent interest rate. The minimum deposit is £1,000 and the minimum age is 55. It can only be operated online, but there is no notice limiting period.

Leeds Building Society has a Flexible Freedom account for the over 50s. It has an interest rate of 2.25 per cent and a minimum deposit of £500, and access is instant.

Coventry Building Society’s offering is a Sixty-Plus PostSave Issue 3 with an interest rate of 2.25 per cent. The rate includes a 12-month bonus of 0.85 per cent. The minimum deposit is £500 and it is only available to over 60s. No notice is required for withdrawals.

At Ipswich Building Society the offering is the Diamond Plus Issue 8 with an interest rate of 2.10 per cent. This account is restricted to over 60s and has a minimum deposit of £1,000. It has a 60-day notice period.

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