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Join Which? MoneyAre over-50s savings accounts any good?
With Saga joining the market, we take a closer look at what’s on offer for older savers
Saga is launching a new range of savings accounts for over-50s, starting with an instant-access deal later this year. But are accounts targeted at older savers worth opening?
At the moment there are only a handful of similar accounts on the market, and Which? found rates on all of them are below June's inflation figure of 3.6%.
With some of the best easy-access deals offering up to 5%, we examine whether over-50s products are a smart choice for those looking to grow their nest egg.
What is Saga offering?
Saga, best known for cruise holidays and insurance, is launching a new range of savings products for the over-50s. It will start with an instant-access account later this year, with other options to follow.
The accounts are being launched through a seven-year partnership with NatWest Boxed – NatWest's banking-as-a-service division that supplies financial products to non-bank third-party providers.
Saga hasn't confirmed rates of benefits, but it says the accounts will 'recognise, and cater for, the distinct needs and preferences of people over 50'.
The new instant-access account will replace Saga’s existing product, which is open to all ages and provided by Goldman Sachs. If you already hold a Saga instant-access account, there will no change and your Goldman Sachs contract will continue until it expires in September 2028.
- Find out more: what can I do with my pension pot?
Top over-50s savings account rates
If you don't want to wait for Saga's new account but like the idea of a product exclusively for older savers, there are a few options you can open now. However, choice is limited.
Which? checked Moneyfacts data on 17 July 2025 and found just four savings products currently marketed for customers aged 50 and over. We've listed them in order of the interest rate paid.
| Provider | Account | AER | Terms |
|---|---|---|---|
| Earl Shilton Building Society | Heritage Account | 3.5% | £1,000 minimum deposit. Minimum opening age of 50 |
| Newbury Building Society | Senior Saver | 3.25% | £50 minimum deposit. Minimum opening age of 55 |
| Newbury Building Society | Senior Saver Monthly Cash Isa | 3.25% | £50 minimum deposit. Minimum opening age of 55 |
| Chorley Building Society | Over-60s Account | 2.1% | £1 minimum deposit. Minimum opening age of 60 |
Source: Moneyfacts. Correct as of 17 July 2025.
- Find out more: best savings rates 2025
How do they compare?
All the accounts in the table offer rates lower than the latest CPI inflation rate of 3.6%. To protect the value of your savings, it's important to choose an account that can at least keep pace with rising prices – otherwise, your nest egg loses value in real terms.
Some deals fall even further behind. Chorley Building Society’s Over 60s Account, for example, pays less than July’s average instant-access rate of 2.68% AER.
The Earl Shilton Building Society's Heritage Account offers the highest rate for older savers at 3.5% AER, but there’s a catch: you’re limited to four withdrawals a year, and if you exceed that, your rate drops sharply to just 1%.
So how do these deals stack up against the rest of the market? This table shows the top instant-access savings accounts and cash Isas available now, ranked by interest rate and excluding accounts with strict opening or withdrawal restrictions:
| Instant-access savings account | AER | Instant-access cash Isa | AER |
|---|---|---|---|
| Cahoot Sunny Day Saver | 5% (a) | Tembo Money Cash Isa | 4.64% |
| Snoop Easy Access Savings Account | 4.6% | Trading 212 Cash Isa | 4.5% |
| Cahoot Simple Saver | 4.55% | Moneybox Open Access Cash Isa | 4.45% |
| Family Building Society Online Saver | 4.52% | Charter Savings Bank Easy Access Cash Isa | 4.4% |
| Skipton Building Society Bonus Saver | 4.5% | Kent Reliance Easy Access Cash Isa | 4.38% |
Source: Moneyfacts. Correct as of 17 July 2025. (a) 5% AER on balances up to £3,000
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Compare and chooseWhy should you choose an over-50s deal?
Despite the lower returns, the current crop of over-50s accounts have other features that might appeal to older savers:
1. Monthly interest
Three out of four of the over-50s accounts we listed have interest paid monthly. This gives you flexibility to dip into that income whenever you need, and you won't have to pay savings income to another account to access it.
You can also choose to leave the interest in your account so you’ll keep earning on top of each previous month’s interest, growing your savings quicker. This process is called compounding.
The amount you earn will depend on how much you keep in the account. If you make regular withdrawals, your returns will be lower. The interest rates are variable, which means they can go up or down at any time.
- Find out more: types of savings accounts
2. Access to cash
All of the products mentioned in our table, including the cash Isa, operate as instant-access accounts. This means you can withdraw your money whenever you need it.
These accounts are useful if you want flexibility to cover things like travel, gifts or emergencies, while earning more interest than you would get in a current account.
3. In-branch banking
Unlike many top-rate savings accounts and cash Isas, which are app or online-only, all of the over-50s deals can be opened and managed in person at a physical branch.
This could be a good option if you prefer in-person banking or do not want to rely on digital services.
- Find out more: is your bank branch closing?
How to choose the right savings account for you
When deciding which type of savings account to open, start by asking yourself two questions. How likely are you to need access to your money, and how long are you happy to lock it away?
You might decide that one type of account is enough, or you may prefer to split your savings across a few accounts with different access options.
Always check the terms before opening an account. Look out for any penalties or restrictions in case your circumstances change and you need to withdraw your money sooner than expected.
- Find out more: how to find the best savings account
