Over-50s are getting poor savings rates, says moneysupermarket.com

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Over-50s are getting poor savings rates, says moneysupermarket.com

Wed 26th Aug 2009

Interest rates being offered to the over-50s on their savings accounts are not competitive and they should be looking elsewhere, according to moneysupermarket.com.

Kevin Mountford, head of banking at the price comparison site, claimed that at one point, the over-50s products were aimed at people wanting a branch-based service, and because of this rate could be a little "off the pace".

But now people in this age range are going online and still not being offered the best rates for their savings accounts and he suggested that they may get more out of an easy-access account.

He added: "Over-50s customers are an attractive prospect for banks and building societies as they tend to have built up a reasonable amount of savings."

Research by moneysupermarket.com indicated that the best interest rate for 'silver savers' had gone down by 4.15 per cent over the last 12 months, whereas easy-access accounts available to everyone only fell by 3.25 per cent.

The website recently reported that the average interest rate being offered by the top five easy access accounts had reached 3.11 per cent.

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