Best instant access savings accounts for the over 50s UK 2024

Are you aged over 50 and looking for an easy access account for your savings? Our guide examines how you can choose the best option.

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.

FSCS logo
Is my money safe?

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.

Compare instant access savings accounts for the over 50s

Table: sorted by interest rate, promoted deals first
1 - 10 of 531
Name Product Account type Withdrawals Open with Deposit protection Interest rate Open via Incentive Table product description Apply link
Moneybox – Moneybox Cash ISA
Cash ISA
Instant access
£500
FSCS logo
protected
5.16% AER variable (Includes a bonus )
Open via: mobile app
Go to site
View details
Barclays Bank – Rainy Day Saver
Variable
Instant access
£1 - £10,000,000
FSCS logo
protected
1.16% AER variable (on first £4,999)
Open via: branch, website, mobile app, telephone
Go to site
View details
Chip – Chip Cash ISA (powered by ClearBank)
Cash ISA
Instant access
£1 - £85,000
FSCS logo
protected
5.1% AER variable
Open via: mobile app
Go to site
View details
Post Office Money® – Online Saver Issue 72
Variable
Instant access
£1 - £2,000,000
FSCS logo
protected
5.06% AER variable (Includes a bonus )
Open via: website
Go to site
View details
Post Office Money® – Online Saver Issue 72
Variable
Instant access
£1 - £2,000,000
FSCS logo
protected
5.06% AER variable (Includes a bonus )
Open via: website
Go to site
View details
Aldermore – Double Access Account Issue 1
Variable
Instant access
£1,000 - £1,000,000
FSCS logo
protected
4.9% AER variable
Open via: website
Go to site
View details
Aldermore – Double Access Account Issue 1
Variable
Instant access
£1,000 - £1,000,000
FSCS logo
protected
4.9% AER variable
Open via: website
Go to site
View details
Finder Award
EXCLUSIVE
Chip – Instant Access powered by ClearBank
Variable
Instant access
£1 - £250,000
FSCS logo
protected
4.84% AER variable
Open via: mobile app
Earn up to £50 additional bonus: use code FINDER5K for a £10 bonus on deposits over £5,000, FINDER10K for a £30 bonus on deposits over £10,000, FINDER15K for a £40 bonus on deposits over £15,000 or FINDER20K for a £50 bonus on deposits over £20,000.
Go to site
View details
Yorkshire Building Society – Internet Saver Plus Issue 14
Variable
Instant access
£1 - £500,000
FSCS logo
protected
4.8% AER variable
Open via: website
Go to site
View details
RCI Bank UK – Freedom Savings Account
Variable
Instant access
£100 - £250,000
FSCS logo
protected
4.75% AER variable
Open via: website
Go to site
View details
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What are instant access savings accounts for the over 50s?

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.

Are instant access savings accounts for the over 50s worth it?

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.

How to choose the best instant access savings account for the over 50s

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:

  • Account management. Although you technically have instant access to your money, how easy is it to open and manage the account? Check whether it can be done online, or if you have to visit a branch or do it by telephone banking.
  • Interest rate. This is the most important feature of a savings account if you’re hoping that the money you’ve set aside will also generate a return. Although bear in mind that instant access savings accounts tend to offer lower interest rates than more “conditions-attached” savings accounts, such as fixed term or notice accounts.
  • Bonuses. Some accounts have introductory offers included in their interest rates. So even though you have instant access to your savings, be mindful about how long you’ll you need to keep a certain amount of money in the account in order to qualify for any available bonus.
  • Minimum balance. The minimum balance required to open an instant access savings account is usually pretty low (as little as 1, compared to around £500 for a fixed term account). But this minimum amount could increase if there’s a higher interest rate on offer. Make sure you have the money available to deposit and to maintain a certain balance, if that’s a condition of a higher interest rate or bonus.
  • FSCS protection. Does your savings account provider offer security for your money? Only financial institutions with a UK banking licence offer protection up to the value of £85,000 under the Financial Services Compensation Scheme. (Although other financial providers will have safeguards in place in order to be allowed to operate in the UK, just not the FSCS specifically.)

Which are the best easy access savings accounts for the over 50s at the moment?

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.

  • Santander – Santander Edge Saver (Issue 1) - 7%
  • Leeds BS – Shared Ownership Saver - 6.25%
  • Skipton BS – Branch Member Bonus Saver Issue 1 - 5.5%
  • Skipton BS – Member Bonus Saver Issue 1 - 5.5%
  • cahoot – cahoot Sunny Day Saver (Issue 1) - 5.2%

Pros and cons of instant access savings accounts for the over 50s

Pros

  • Higher interest rates than current accounts
  • Easy access to your funds if you need to withdraw them
  • No penalties for withdrawals and no fixed term saving period
  • Can be opened with a low minimum deposit

Cons

  • Lower interest rates than other savings options, such as fixed term accounts
  • Tax payable on any interest income that exceeds your personal savings allowance (which is £1 for basic-rate taxpayers and £500 for higher-rate taxpayers)

An overview of our instant access savings accounts comparison

Rates up to 7% AER
Number of accounts 535
Number of brands 105
Minimum investment £0
Maximum investment £10,000,000
Opening options Mobile app, branch, website, telephone, post

Bottom line

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.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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