Instant access savings accounts let you add and withdraw money whenever you want to, without facing any penalties or limits. In this guide to instant access savings accounts for the over 50s we look more at what they are, whether they’re worth it, and how to apply for one.
The Financial Services Compensation Scheme (FSCS) guarantees that it will step in to compensate the first £85,000 (£170,000 for a joint account) you have saved with a UK-authorised bank, building society or credit union in the event that the business goes bust.
Instant access savings accounts are bank accounts where you can put money aside but still have easy access to it. This means you can add and withdraw funds at will, without facing any penalties or being obligated to keep money in the account for a set period of time, like with a fixed term savings account.
Instant access savings accounts can usually be opened with as little as £1, and typically attract higher interest rates than current accounts. But they don’t come with any sophisticated features or digital tools, as they are designed for saving not spending.
As the name suggests, instant access savings accounts for the over 50s are available exclusively to banking customers aged from 50 upwards. There isn’t a wide range of providers who offer these products, but one example would be Saga.
The crucial point to consider here is the interest rate that comes with the savings account.
Instant access savings accounts for the over 50s may be an exclusive product designed for a particular age group, but that doesn’t mean they have the best interest rates out of the whole market.
Over 50s can still open the same instant access accounts as other savers in the wider market, so it’s important to explore your options before you decide which savings account to go for.
The key here is to research both instant access savings accounts that are available to the over 50s, and those that are available to savers in any age group. You can then compare them and select the one with the best interest rate or the overall offering that is most suited to your needs.
Here are some factors to think about when choosing your account:
Our best easy access accounts are the highest interest rates available. To get the latest rates, we use Moneyfacts data, which covers nearly the full market of savings products and is checked and updated daily. We don’t include accounts from private banks.
All the savings accounts in our list have savings protection – for most, this is the Financial Services Compensation Scheme (FSCS). Other schemes include that of NS&I, which is 100% backed by HM Treasury, and the Gibraltar Deposit Guarantee Scheme.
| Rates up to | 5.12% AER |
|---|---|
| Number of accounts | 485 |
| Number of brands | 105 |
| Minimum investment | £0 |
| Maximum investment | £10,000,000 |
| Opening options | Branch, website, mobile app, telephone, post |
Whatever your age, an instant access savings account can be a great way to earn interest on your cash while keeping the flexibility to get your hands on it if you need it, for example if unexpected costs arise.
An instant access savings account specifically for the over 50s may be suitable for you if there are particular features or rewards that meet your needs. But otherwise, it’s worth bearing in mind that wider savings market will usually offer instant access accounts with a better interest rate.
As the Bank of England increases interest rates, we’re likely to see better interest rates being offered to savers, so now is a pretty good time to shop around for the best instant access account for your needs.
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