Compare the best ISA rates for over-50s
If you're over 50 looking for the best ISA rates, this guide will provide all the information you need
Best cash ISA rates
How to find the best ISA rates for over-50s?
If you’re over 50 years old looking for the best ISA rates, you may as well compare the whole market. ISAs are available to anyone aged over 16. There may be some providers only offering their ISAs to over-50s, but there’s no guarantee that these providers will offer superior rates. Even if they do, these deals will still be found within traditional price comparison website results.
Whatever age you are, your best bet for the finding the best ISA rates is to use price comparison websites.
Why choose ISAs for retirements?
The key benefit of saving for your retirement inside an ISA is that you’ll pay no tax on your savings interest. This could be particularly important as your retirement approaches nearer and you (hopefully) have a lot of money stored away.
Stocks and shares ISAs are generally regarded as a better bet if you’re planning on saving for retirement, as they tend to deliver better long-term returns than cash ISAs.
Still, with either type of account, you have the option to withdraw your funds without too many negative implications.
Then, there’s the lifetime ISA, where you can earn up to £32,000 in free government money to put towards your retirement on top of any interest earned.
Still, if you are planning on saving for your retirement in cash or stocks and shares, you may as well do so within a tax-free wrapper.
What is better: ISAs or bonds?
Bonds are a contract, where you lend money to a third party and get it back with interest after a determined amount of time.
Fixed-rate ISAs are a tax-free savings account which pay interest, but you won’t be permitted to withdraw the money outside of the fixed-rate period.
So, the result is the same for the customer and the interest rates on offer are similar too.
The only key difference is that you won’t pay tax on savings interest within an ISA.
However, since the introduction of the personal savings allowance, which states that basic-rate taxpayers and higher-rate taxpayers can earn £1,000 and £500 of tax-free savings interest per year respectively, this difference only really affects the country’s highest earners.
Pros and cons of an ISA
- Earn tax-free interest on your savings.
- You can deposit funds into a cash ISA and a stocks and shares ISA.
- There is a limit on the amount you can deposit per tax year.
- To get the best rates, you’ll have to lock up your funds for a few years.
ISAs can be a useful savings tool especially if you’re saving for your retirement, but there are no special benefits available for over 50s.
More guides on Finder
Types of bank accounts
Should you get a current account, a savings account, or both? What about joint accounts and premium accounts? Banking can be messy if you don’t know the jargon. This guide looks at the main types of bank accounts and what services they offer to help you figure out what you need exactly.
Best bridging loans: Compare rates and lenders
Learn how you can find the best bridging loan for your circumstances and discover more about the major UK lenders who offer them.
Compare the best equity release rates
If you’ve decided to release some of the equity in your home, we explain how to find the best providers and rates.
Compare the best 3 year fixed-rate bonds
Discover how to find the best fixed-rate bonds and how this compares to other savings accounts.
Compare the best 5-year fixed-rate bonds
Discover all you need to know about 5-year fixed-rate bonds, including how to find the best one for you.
Compare the best fixed-rate cash ISA
Discover how fixed-rate cash Isas work, how to find the best fixed-rate cash Isa and more.
Compare the best lifetime ISAs
Discover how a lifetime ISA works, how to find the best lifetime ISA and more.
Compare the best easy-access ISA
Discover what is an easy-access ISA, how to find the best easy-access ISA and more.
Best bank accounts
Discover how to find the best bank account for your needs.
Which banks give you money for switching?
We look at switching bonuses, what they are, how they work, and which banks offer the best ones. If you’re fed up with your current bank, there is no good reason not to switch and get a nice little cash bonus as an extra perk.
Ask an Expert