| Rank | Product | Rate (AER) |
|---|---|---|
| 1 | Tembo Lloyds Bank - Regular Saver (new customers only) | 8% |
| 2 | Santander Regular Saver | 8% |
| 3 | Progressive Building Society Online 1 Year Monthly Saver Account (Issue 1) | 7% |
| 4 | The Co-operative Bank Regular Saver Issue 1 | 7% |
| 5 | First Direct Regular Saver | 7% |
| 6 | Chase Regular Saver | 6.5% |
| 7 | Nationwide Building Society Flex Regular Saver Issue 7 | 6.5% |
| 8 | Hanley Economic Building Society 1 Year Branch Smart Saver | 6.3% |
| 9 | Lloyds Bank Club Lloyds Monthly Saver | 6.25% |
| 10 | Cambridge Building Society Extra Reward Regular Saver (Issue 2) | 6% |
The Financial Services Compensation Scheme (FSCS) guarantees that it will step in to compensate the first £120,000 you have saved with a UK-authorised bank, building society or credit union in the event that the business goes bust.
Sign up to receive the latest deals, tips and a chance to win £100! (T&Cs)
Error placeholder Click here to sign in
Seeking out the best savings account is important no matter what your age. But if you’re over 60, you might be thinking about your retirement, which means it’s even more important to ensure you’re building a decent savings pot for your future.
This guide explores the different savings options available for those over 60.
This will depend on your savings goals and whether you’re looking for a stable interest rate.
If you want an account that gives you the flexibility to access your money when required, an easy-access savings account could be the way to go. This type of account lets you pay in money when you want to as well as withdraw it. The downside is that interest rates aren’t always competitive, but they are variable which could work to your advantage when the base rate is on the up.
Alternatively, you could choose a notice account. This still gives you access to your savings, but you will need to give notice if you need to withdraw your cash. Typically, you will need to give anywhere between 30 and 180 days’ notice depending on the account. Interest rates are usually higher than they are for easy-access accounts.
If you have a lump sum to invest and you’re happy to lock it away for a period of between 6 months and 5 years, a fixed-rate bond might be more suitable. Because you’re required to leave your money tied up for a set term, interest rates are more competitive. Just be aware that interest rates are fixed, so if external interest rates rise, you won’t see any benefit. Also note that once you’ve paid in your lump sum, you can’t usually add further money.
For those preferring to put a sum of money away each month, a regular savings account could be worth considering. Here, you save a set amount each month for a year, and after that, you’ll be able to access your cash.
Finally, another option is a tax-efficient cash ISA. You can choose between easy-access cash ISAs and fixed-rate cash ISAs, depending on what suits your financial plans. You can also invest money into a stocks and shares ISA if you prefer – however, this will only be suitable if you’re planning to invest for at least 5 years, preferably more, and it’s sensible to seek financial advice first. Although stocks and shares ISAs have the potential to offer higher returns, they are also riskier and you could end up getting back less than you originally invested.
For the 2026/2027 tax year, you can invest up to £20,000 into an ISA – this can be invested in either a cash ISA or a stocks and shares ISA, or split between them.
That depends. Over 60s savings accounts could be a good option if they pay a high rate of interest and offer the right kind of flexibility. However, it’s crucial to look at exactly what an over 60s account offers compared to a standard savings account that can be opened no matter what your age.
Don’t assume that if an account specifically states it’s for the over 60s that it’s the best option for you. Make sure that it is a truly competitive deal compared to the wider market before signing up to anything.
To find the best savings account, compare the whole market carefully. Consider which account offers the best interest rate and which is most suited to your needs. The following points can help you with your decision:
| Rates up to | 8% AER |
|---|---|
| Number of accounts | 2,461 |
| Number of brands | 150 |
| Minimum investment | £0 |
| Maximum investment | £10,000,000 |
| Opening options | Mobile app, branch, website, telephone, post |
Whatever your age, it’s important to consider what you want from your savings account before deciding. Ask yourself if you’re happy to tie up your funds and for how long? How do you want to manage your account and how much of a deposit have you got saved up?
The key is to shop around and look for the best deal. Don’t feel you have to pick a savings account that’s advertised as being for over 60s – make sure you do your research fully first.
Discover who is most suited to this unique product with our review of Lloyds’ Upfront Interest savings account.
Find out more about the different types of savings accounts on offer.
We look at the definition of compound interest, what it concretely means and how you can use it to grow your savings more quickly.
Earn interest on your savings while still being able to withdraw them if you need to with an easy access savings account.
The AER, or Annual Equivalent Rate, is the official rate for savings accounts. It’s designed to allow easy comparisons between accounts.
Thinking about getting a savings account with Virgin Money? We look at the options, from cash ISAs to regular savings accounts, plus pros and cons.
Looking to save with Lloyds bank? Our guide explains the different savings account options, so you can decide which is the best saver for you.
Choosing between ISAs or normal savings accounts is easier than it seems. Pick the one which pays out most! Read our guide for tips on how to get the most out of your savings pot.
A cash ISA is a savings account where you never pay tax on the interest. Use our comparison table to find the best ISA rates – whether you want to lock cash in for a set time or keep it easy access.
Kickstart your savings plan with a high interest savings account.
