For this week’s Financial savings Information, Anna Bowes, private finance professional from The Personal Workplace, takes a have a look at a product particularly for over-50s…
Insurance coverage agency Saga not too long ago introduced that it’s getting ready to launch a variety of over-50s financial savings merchandise with NatWest.
The corporate, which specialises in holidays, insurance coverage and private finance merchandise for that particular age group, mentioned will probably be launching an “innovative suite of savings products”.
Saga itself is just not a financial institution, so it really works in partnership with UK banks to supply its merchandise.
In the mean time, it gives its easy accessibility financial savings accounts with Goldman Sachs. This can be taken over by NatWest in 2028.
Is an over-50s account value contemplating?
Bowes says: “The financial savings accounts are solely marketed to these aged 50 and over, which could counsel they’re specifically tailor-made for this age group.
“Nevertheless, in actuality, they’re merely like most traditional financial savings merchandise, and do not essentially provide higher charges.
“While over-50s branded savings products might suggest that they are providing a better option for a particular demographic, the reality is that you might be able to find better rates elsewhere – so shop around.”
Saga’s easy accessibility account and money ISA are each paying 4.01% AER (3.94% gross). This charge features a 12-month bonus of 0.49%, and the speed mirrors what you’d get when you went on to Marcus by Goldman Sachs – the UK-branded model of Goldman Sachs.
Whereas the speed is aggressive, higher charges might be discovered elsewhere – this is a have a look at the top-paying easy accessibility accounts round in the intervening time…
Chase Financial institution gives a 5% AER (4.89% gross) easy accessibility account with a 2.25% bonus, although you should be a brand new buyer who opened a present account after 9 June 2025.
Cahoot gives an easy accessibility choice at 4.55% AER, with out app-only restrictions or the necessity to maintain a present account with them.
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In the case of fixed-rate bonds, Saga gives a one-year bond, offered by Chetwood Financial institution by way of the Flagstone platform, at 4.15% AER, however you would rise up to 4.53% AER elsewhere.
The professionals and cons of this over-50s account
“Once again, while Saga may be convenient, especially if you’re already familiar with the brand, it doesn’t guarantee the most competitive interest rates,” Bowes says.
“That said, cash platforms like Saga’s (which runs on Flagstone’s technology) can be appealing – especially for those with larger savings balances who value simplicity.
“These platforms assist you to entry a variety of aggressive financial savings accounts by a single software and login, with out the trouble of opening new accounts for every financial institution. Plus, your cash is protected underneath the Monetary Providers Compensation Scheme by way of every financial institution your funds are deposited with.”
