{"id":466901,"date":"2022-10-20T12:26:28","date_gmt":"2022-10-20T11:26:28","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=466901"},"modified":"2026-02-02T13:57:43","modified_gmt":"2026-02-02T13:57:43","slug":"savings-accounts-for-the-over-60s","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/savings-accounts\/savings-accounts-for-the-over-60s","title":{"rendered":"Best savings accounts for the over 60s"},"content":{"rendered":"<div class=\"newsletter-wrapper\"><\/div>\n<div class=\"newsletter-signup sticky-mode theme-green\" data-accountcreateflow=\"newsletter\" data-displaydelay=\"0\" data-showformembers=\"1\">\n    <div class=\"signup-grid\">\n                                <div class=\"signup-image\">\n                <img decoding=\"async\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png\" alt=\"newsletter-image\" class=\"signup-image-img\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=1200 1200w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" loading=\"lazy\">\n            <\/div>\n                        <div class=\"signup-content\">\n                <div class=\"signup-content-left\">\n                    <h2 class=\"signup-header\">Be first to know about new deals<\/h2>\n                                        <p class=\"signup-text\">Sign up to receive the latest deals, tips and a chance to <strong>win \u00a3400!<\/strong> (T&amp;Cs)\n                                            <\/p>\n                                    <\/div>\n                <div class=\"signup-content-right\">\n                    <div class=\"form\">\n                        <div class=\"email-group \">\n                            <label for=\"email-default\" class=\"sr-only\">Email address:<\/label>\n                            <input class=\"email-input\" id=\"email-default\" type=\"email\" placeholder=\"Enter your email\" name=\"email\" data-prefill=\"me.notes.createAccountEmail\">\n                            <button class=\"email-btn\">\n                                <span class=\"btn-text\">Sign up<\/span>\n                                <span class=\"loading-spinner\"><\/span>\n                            <\/button>\n                        <\/div>\n                        <p class=\"error-msg\"><span class=\"error-msg-text\">Error placeholder<\/span> <span class=\"error-msg-sign-in\"> Click <a class=\"error-msg-sign-in-link\" href=\"https:\/\/www.finder.com\/uk\/user-profile\/sign-in?returnTo=https%3A%2F%2Fwww.finder.com%2Fuk%2Fuk%2Fwp-json%2Fwp%2Fv2%2Fposts%2F466901\">here<\/a> to sign in<\/span><\/p>\n                    <\/div>\n                    <div class=\"links\">\n                                                    <a href=\"https:\/\/finder.com\/uk\/about-us\/competition-winners\">Winners<\/a> |                                                    <a href=\"https:\/\/www.finder.com\/uk\/about-us\/example-email#savings\">Emails<\/a> |                                                    <a href=\"https:\/\/www.finder.com\/uk\/communication-preferences\">Unsubscribe<\/a> |                                                    <a href=\"https:\/\/www.finder.com\/uk\/privacy-policy\">Privacy<\/a>                                             <\/div>\n                <\/div>\n            <\/div>\n                <div class=\"hide-btn\">\n            Hide\n            <svg class=\"luna-icon luna-icon--xsmall has-margin-top-xxsmall\">\n                <use xlink:href=\"#chevron-down\"><\/use>\n            <\/svg>\n        <\/div>\n    <\/div>\n<\/div>\n\n<p>Seeking out the best savings account is important no matter what your age. But if you\u2019re over 60, you might be thinking about your retirement, which means it\u2019s even more important to ensure you\u2019re building a decent savings pot for your future.<\/p><p>This guide explores the different savings options available for those over 60.<\/p><h3>What type of savings account should I get?<\/h3><p>This will depend on your savings goals and whether you\u2019re looking for a stable interest rate. <\/p><p>If you want an account that gives you the flexibility to access your money when required, an <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/easy-access-savings\">easy-access savings account<\/a> 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\u2019t always competitive, but they are variable which could work to your advantage when the base rate is on the up.<\/p><p>Alternatively, you could choose a <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/notice-savings-accounts\">notice account<\/a>. 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\u2019 notice depending on the account. Interest rates are usually higher than they are for easy-access accounts. <\/p><p>If you have a lump sum to invest and you\u2019re happy to lock it away for a period of between <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/fixed-rate-bonds\/6-month-fixed-rate-bonds\">6 months<\/a> and <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/fixed-rate-bonds\/best-5-year-fixed-rate-bonds\">5 years<\/a>, a <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/fixed-rate-bonds\">fixed-rate bond<\/a> might be more suitable. Because you\u2019re 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\u2019t see any benefit. Also note that once you\u2019ve paid in your lump sum, you can\u2019t usually add further money. <\/p><p>For those preferring to put a sum of money away each month, a <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/best-regular-savings-accounts\">regular savings account<\/a> could be worth considering. Here, you save a set amount each month for a year, and after that, you\u2019ll be able to access your cash. <\/p><p>Finally, another option is a tax-efficient <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/cash-isas\">cash ISA<\/a>. 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 <a href=\"https:\/\/www.finder.com\/uk\/stocks-and-shares-isas\">stocks and shares ISA<\/a> if you prefer \u2013 however, this will only be suitable if you\u2019re planning to invest for at least 5 years, preferably more, and it\u2019s 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.<\/p><p>For the 2026\/2027 tax year, you can invest up to \u00a320,000 into an ISA \u2013 this can be invested in either a cash ISA or a stocks and shares ISA, or split between them.<\/p><h3>Are over 60s savings accounts worth it?<\/h3><p>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\u2019s 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. <\/p><p>Don\u2019t assume that if an account specifically states it\u2019s for the over 60s that it\u2019s the best option for you. Make sure that it is a truly competitive deal compared to the wider market before signing up to anything. <\/p><h3>How to choose the best savings account<\/h3><p>To find the <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/best-savings-accounts\">best savings account<\/a>, 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:<\/p><ul><li><strong>Access.<\/strong> How much access do you need to your savings? Are you happy to lock your money away for a while or would you prefer to be able to withdraw cash if you need it? If you\u2019re not sure, a notice account could be a good compromise.<\/li><li><strong>Account management<\/strong>. Are you happy managing your account online or <a href=\"https:\/\/www.finder.com\/uk\/digital-banking\/best-savings-apps\">via an app<\/a>, or would you prefer to visit a branch if required?<\/li><li><strong>Interest rate.<\/strong> Always check how the interest rate you\u2019re being offered compares to other accounts on the market to make sure it\u2019s a good deal. Keep in mind that easy-access rates tend to be variable, which means if the base rate increases, your account interest rate is likely to rise too. But if rates go down, your account interest rate could drop. Fixed-rate accounts have a fixed interest rate.<\/li><li><strong>Minimum balance.<\/strong> Many easy-access savings accounts can be opened with as little as \u00a31. But you\u2019ll usually need a larger sum of around \u00a3500 to \u00a31,000 if you want to open a fixed-rate bond \u2013 remember that you can\u2019t usually top up a fixed-rate bond, so it\u2019s best to invest a larger sum of money from the outset.<\/li><li><strong>FSCS protection.<\/strong> Check whether your money will be protected under the <a href=\"https:\/\/www.finder.com\/uk\/banking\/what-is-the-fscs\">Financial Services Compensation Scheme<\/a>, which protects up to \u00a3120,000 per person, per financial institution. If your savings provider has a UK banking licence, you\u2019ll be covered.<\/li><\/ul><h3>Pros and cons<\/h3><div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@s\"><h5>Pros<\/h5><ul class=\"list-4\"><li>Many accounts can be opened with fairly low deposits<\/li><li>You can choose whether you want to access your cash easily or lock it away<\/li><li>Many savings accounts can be managed in multiple ways, whether in a branch, over the phone or online<\/li><\/ul><\/div><div class=\"u-grid__col u-1\/2@s\"><h5>Cons<\/h5><ul class=\"list-13\"><li>Interest rates can be fairly low on easy-access accounts<\/li><li>If you need to access your cash early, depending on the account, you might have to pay a penalty <\/li><li>Tax will be payable on any interest income outside an ISA that exceeds your personal savings allowance (\u00a31,000 for a basic-rate taxpayer and \u00a3500 for higher-rate taxpayers)<\/li><\/ul><\/div><\/div><h3>An overview of our savings accounts for over-60s comparison<\/h3><table class=\"i_infobox product_infobox\">\n<tbody>\n<tr>\n<th>Rates up to<\/th>\n<td class=\"i_infobox_data product_infobox_data\">\n8% AER\n<\/td>\n<\/tr>\n<tr>\n<th>Number of accounts<\/th>\n<td class=\"i_infobox_data product_infobox_data\">\n5,250\n<\/td>\n<\/tr>\n<tr>\n<th>Number of brands<\/th>\n<td class=\"i_infobox_data product_infobox_data\">\n179\n<\/td>\n<\/tr>\n<tr>\n<th>Minimum investment<\/th>\n<td class=\"i_infobox_data product_infobox_data\">\n\u00a30\n<\/td>\n<\/tr>\n<tr>\n<th>Maximum investment<\/th>\n<td class=\"i_infobox_data product_infobox_data\">\n\u00a350,000,000\n<\/td>\n<\/tr>\n<tr>\n<th>Opening options<\/th>\n<td class=\"i_infobox_data product_infobox_data\">\nBranch, website, mobile app, post, telephone<\/td>\n<\/tr>\n<\/tbody>\n<\/table><p>Whatever your age, it\u2019s important to consider what you want from your savings account before deciding. Ask yourself if you\u2019re 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?<\/p><p>The key is to shop around and look for the best deal. Don\u2019t feel you have to pick a savings account that\u2019s advertised as being for over 60s \u2013 make sure you do your research fully first. <\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\">\n\t<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000000\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000000\">\n                <span class=\"luna-accordion__title\">Can I only choose from over 60s accounts if I am over 60?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000000\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>No. Over 60s can open the same savings accounts as other savers in the wider market.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">Do I need to pay tax on the interest I earn?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>This will depend on the type of account and your personal savings allowance (PSA). If you're a basic rate taxpayer, the personal savings allowance means you can earn up to \u00a31,000 a year in savings income, tax-free. If you're a higher-rate taxpayer, you can earn up to \u00a3500 a year. You'll need to pay tax on anything over this. However, if you save in an ISA, any interest you earn is completely tax-free \u2013 it doesn't count towards your PSA allowance.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000002\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000002\">\n                <span class=\"luna-accordion__title\">How many savings accounts can I have?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000002\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>You can have as many savings accounts as you wish, which means you can have different types of savings accounts for different purposes. You can <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\">compare a range of savings accounts here<\/a>.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n\n<\/ul>\n<article class=\"luna-card luna-card--alt\"><div class=\"luna-card__block has-padding-small\">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 <a href=\"https:\/\/www.finder.com\/uk\/terms-of-use\" class=\"fin-text-navy\">terms of use<\/a>. 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. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.<\/div><\/article><div id=\"sources\" style=\"position: relative;\"><h3 style=\"position: absolute; width: 1px; height: 1px; padding: 0; margin: -1px; overflow: hidden; clip: rect(0,0,0,0); white-space: nowrap; border: 0;\">Sources<\/h3>\n<div id=\"lazy0000000003\"><\/div>\n<script type=\"application\/json\" id=\"lazyloaded-assets-json-lazy0000000003\" class=\"lazyloaded-assets-json\">{\"critical-scripts\":[],\"scripts\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.de087a0da9824e407767.js\"],\"styles\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.87684078d471e76125dd.css\"]}<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Discover the best savings options for the over 60s<\/p>\n","protected":false},"author":1047,"featured_media":466910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"post_is_fact_checked":"false","post_co_author":"-1","post_co_author_date":null,"post_co_author_manual_date_checked":null,"post_reviewer":"-1","post_reviewer_date":"","post_reviewer_manual_date_checked":null,"post_editor":"-1","post_editor_date":null,"post_author_date":"2023-01-10T22:44:00","post_author_manual_date_checked":"false","footnotes":""},"categories":[1181],"tags":[],"asset_tag":[],"class_list":["post-466901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-savings-accounts"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.6 (Yoast SEO v27.6) - 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If you're a basic rate taxpayer, the personal savings allowance means you can earn up to \u00a31,000 a year in savings income, tax-free. If you're a higher-rate taxpayer, you can earn up to \u00a3500 a year. You'll need to pay tax on anything over this. However, if you save in an ISA, any interest you earn is completely tax-free \u2013 it doesn't count towards your PSA allowance.\r\r"}},{"@type":"Question","name":"How many savings accounts can I have?","acceptedAnswer":{"@type":"Answer","text":"\r\rYou can have as many savings accounts as you wish, which means you can have different types of savings accounts for different purposes. 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We examine the different savings options and how to choose the best account for you.\"}"],"_content_type":["niche-content\/recommendation\/best-guide"],"custom_post_template":["page-nb-table-with-filters.php"]},"amp_enabled":false,"_links":{"self":[{"href":"https:\/\/www.finder.com\/uk\/wp-json\/wp\/v2\/posts\/466901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.finder.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.finder.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.finder.com\/uk\/wp-json\/wp\/v2\/users\/1047"}],"replies":[{"embeddable":true,"href":"https:\/\/www.finder.com\/uk\/wp-json\/wp\/v2\/comments?post=466901"}],"version-history":[{"count":6,"href":"https:\/\/www.finder.com\/uk\/wp-json\/wp\/v2\/posts\/466901\/revisions"}],"predecessor-version":[{"id":569226,"href":"https:\/\/www.finder.com\/uk\/wp-json\/wp\/v2\/posts\/466901\/revisions\/569226"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.finder.com\/uk\/wp-json\/wp\/v2\/media\/466910"}],"wp:attachment":[{"href":"https:\/\/www.finder.com\/uk\/wp-json\/wp\/v2\/media?parent=466901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.finder.com\/uk\/wp-json\/wp\/v2\/categories?post=466901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.finder.com\/uk\/wp-json\/wp\/v2\/tags?post=466901"},{"taxonomy":"asset_tag","embeddable":true,"href":"https:\/\/www.finder.com\/uk\/wp-json\/wp\/v2\/asset_tag?post=466901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}