Over 50s savers receive a boost

Rachel Thrusell, Head of savings at Moneyfacts.co.uk, comments: “This week has seen a welcome boost for the over 50s savings market. Coventry has relaunched its market leading Sixty-Plus Esave, available to those aged over 60, with a 50 Plus Esave account, paying the same headline rate of 6.40% but now available to anyone over the age of 50. Saga has increased the rate on its Online Saving account to match that offered by Northern Rock at 6.30%, but has reduced its 1 and 2 year fixed rate bonds, from a chart topping rate of 6.92% to 6.77% on its one year bond and from 6.62% to 6.58% on its two year deal. Abbey has launched a new issue of its 50+ Saver, so all new applicants will receive a 0.50% bonus for the full 12 months.

“Whilst consumers who qualify for over 50s accounts will be pleased to see these enhanced deals, the trend of rising rates is not exclusive to this niche market. In fact many variable rate accounts, particularly those that are internet based, are seeing increased rates too.

“With competitive rates available to any saver, the over 50s should not be fooled into thinking that a specialist deal will always offer the best rewards.”