Are there savings accounts specifically for over 60s?

Savings accounts for over 60s work the same as those for people of other ages. So no, there isn’t one specifically for over 60s. However, some savings accounts are definitely more suitable for over 60s than others.

Is money kept safe in a savings account?

Yes, money that goes into a savings account is kept safe. Any authorised money that goes into a UK bank or building society account is protected by the Financial Services Compensation Scheme. Through this scheme, money up to £85,000 is protected.

Compare the Best Savings Accounts For Over 60s Here

As you near retirement age, it’s really important to give some serious thought to your finances.

Finding one of the best savings accounts for over 60s will make a huge difference. Not only do they offer high interest rates, but they’re also very reliable and easy to set up in the first place.

In this article, we’ve taken a look at the different types of savings accounts, the various options available on the market, how to choose the right one and the positive and negatives.

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Are People Over 60 Able to Open a Savings Account?

Where over 60s are concerned, age is no barrier to opening a savings account.

Right now, the majority of people aged 60 and over have either a current bank account or a current building society account. While these are really useful for staying on top of day-to-day transactions and bills, they aren’t able to offer the best savings rates for over 60s. Some don’t pay out any interest, and when they do, it’ll usually only be for a few months or so.

More people in their 60s are now opening regular savings accounts with better interest rates for the first time.

Older adults using a laptop together

Types of Savings Accounts

The right savings account for you or your loved one depends on your circumstances, finances and saving goals.

Some savings accounts allow you to keep your money safe while steadily growing it. Others offer higher interest rates but are limited in terms of how and when you’re able to withdraw money.

If you’re aged 60 or over and would like to supplement your savings, the flexibility offered by a regular or easy access savings account may appeal. Meanwhile, if you’re still working and have plenty of disposable income, the higher interest rates offered by a notice or fixed rate savings account may be similarly tempting.

To make this search easier, we’ve explained each of the main types of savings accounts below.

Regular savings accounts

If you’re looking to put away a certain amount each month and slowly build these savings up, a regular savings account could be the option for you! Usually, there will be a minimum and maximum amount you pay each month.

The money you pay in will earn interest over time. This interest rate often falls between 2% and 3%, but some providers will even offer 4% or 5%. Though as we mentioned, this interest rate may only be for the first 12 months, so it’s important to read the small print.

Some providers also require you to already have a current account with them to benefit from these higher interest rates.

Regular savings accounts for over 60s are perfect for achieving short-term financial goals, or if you’re saving with a specific date or event in mind.

Easy access savings accounts

Easy access savings accounts (also known as instant access savings accounts) are the simplest account type used by those over 60. Here, you can deposit and withdraw money without any restrictions or fuss. Some providers even offer bonuses if certain requirements are met.

This flexibility results in lower interest rates - these could be anywhere from 0.1% to 2%.

It’s important to be aware that some providers will limit the number of withdrawals you can make, while others will decrease interest rates if you pass a specific number of withdrawals. As is always the case, you should fully read the terms and conditions before agreeing.

We also have an article showcasing the best instant access savings accounts for over 50s.

Notice savings accounts

A notice savings account requires a period of notice before you’re able to withdraw any money. Often, this period will be between 30 and 180 days. These are known as some of the best savings accounts for over 60s in terms of interest rates, with the incentive for the provider being that they’re able to keep hold of your money for a longer period.

The notice period will depend on what you agreed to when signing up.

Fixed rate savings accounts

Also known as a fixed-rate bond, a fixed rate savings account is a brilliant way of maximising your earning potential. If you’re able to put money away for a certain period, you’ll benefit from some of the most competitive interest rates.

Typically, this set period ranges from six months to five years. During this time, you won’t be able to access your savings without facing a penalty, so it’s important to ensure you’re able to afford not having access to this money for however long the length of time is.

Usually, longer-term deals (five years) pay better interest than shorter-term deals (six months).

If you’re preparing for retirement and are unlikely to need to withdraw money at short notice, a fixed rate savings account could be a great option.

Cash ISAs

Through a cash ISA, you won’t have to pay tax on the interest earnt through your savings - they’re completely tax-free. For the 2024/25 tax year, up to £20,000 can be placed into an account, including for those aged 60 and over.

Cash ISAs are easy to use, but do vary a little from account to account. Some offer unlimited withdrawals, while others have fixed rates with higher interest rates but not unlimited withdrawals.

We also have an article dedicated to the best cash ISA rates for over 60.

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Compare Savings Accounts For Over 60s

There are numerous savings accounts for over 60s to choose from.

Raisan

Raisan offers a range of zero-fee savings accounts, and all of their banks are FSCS protected. Through their website, you can choose between easy access savings accounts, notice savings accounts and fixed rated savings accounts. You can also filter by the duration of the term you’d like, ranging from less than a year to a maximum of seven years.

An example includes their 4.56% interest easy access account from OakNorth Bank.

Nationwide Building Society

You can use Nationwide Building Society to compare savings accounts and ISAs. To make your search easier, you can filter by how often you’d like to access your savings, and whether you’d like to view all savings accounts or just ISAs.

Each of the accounts they list includes:

The name and type of account
Who it’s aimed at
How it’s managed (online, in-branch or both)
The interest rate
How withdrawals and charges work

Examples include their Flex Regular Saver with an 6.50% interest rate.

Finder

Finder has a webpage dedicated to comparing savings accounts for over 60s. Their deals are updated daily and each of the accounts they showcase includes:

The provider’s name
The account type
Whether or not you can make withdrawals
How much it costs to open
Whether your money is protected under the Financial Services Compensation Scheme
Interest rate

Yorkshire Building Society

The Yorkshire Building Society offer easy access savings accounts, fixed rate savings accounts and cash ISAs.

Examples include their Rainy Day Account Issue 2 with 3.90% or 5.00% interest, depending on your balance.

Marcus by Goldman Sachs

Online savings account with 4.55% interest. Save between £1 and £250,000 with interest calculated daily and paid out monthly
Cash ISA with 4.55% interest. This allows you to save tax-free with no fees. Interest is calculated daily and paid out monthly

Other savings accounts

Here are some more savings accounts for you to consider:

Regular saver account with 7.00% interest from First Direct
Instant access account with 4.84% interest from Chip
Easy access account with 4.50% interest from Aldermore
Flexible saver account with 4.60% interest from Ford Money
Freedom savings account with 4.75% interest from RCI Bank
Online flexi saver account with 4.70% interest from Investec
Double access account with up to 4.90% interest from Aldermore
90-day notice saver account with 5.25% interest from Investec
Notice savings account with 5.15% interest from Cynergy Bank
Fixed rate savings account (one year) with 5.24% interest from Smart Save
Fixed rate savings account with 4.45% interest from Investec
Fixed rate cash ISA (one or two years) with 4.00% and 3.60% interest from Santander

We’ve summarised these different savings accounts available to you in the table below:

Who Offers It? (Bank or Building Society)	Type or Name of Savings Account	Interest Rate
Aldermore	Easy access	4.50%
Aldermore	Double access	Up to 4.90%
Chip	Instant access	4.84%
Cynergy Bank	Notice	5.15%
First Direct	Regular saver	7.00%
Ford Money	Flexible saver	4.60%
Goldman Sachs	Online savings account	4.55%
Goldman Sachs	Cash ISA	4.55%
Investec	Online flexi saver	4.70%
Investec	90-day notice saver	4.45%
Investec	Fixed rate	5.15%
Nationwide Building Society	Flex regular saver	6.50%
OakNorth Bank	Easy access	4.56%
RCI Bank	Freedom saver	4.75%
Santander	Fixed rate cash ISA	4.00% and 3.60% (depending on length)
Smart Save	Fixed rate	5.24%
Yorkshire Building Society	Rainy day account Issue 2	3.90% or 5.00%

The Benefits of Over 60s Savings Accounts

Here are the biggest advantages of opening a savings account aged 60 or over:

Advantage	How You’ll Benefit
High interest rates	The biggest selling point of a savings account for over 60s are the high interest rates you could potentially earn. Often, these accounts are at least 0.5% higher than other types of accounts.
Reliable and consistent rates	These types of accounts tend to be fairly stable in terms of their interest rates, so you’re much less likely to be affected by an unstable market. This makes over 60s savings accounts much lower risk.
Money is guaranteed up to £85,000	In the UK, the government guarantees all savings within a banking group up to £85,000.
Monthly interest	Many savings accounts offer a convenient option to pay out interest on a monthly basis, rather than once a year. Doing this makes budgeting and planning much easier.
You can open multiple accounts	If you wish, you can have multiple accounts across multiple banks. The benefit of doing this is that you aren’t limited to a certain amount (whereas you would with other types of accounts). This makes it easier to take advantage of higher interest rates.
It’s a good habit to be in	We’d definitely recommend getting into the practice of regularly saving money. If you or a loved one has a limited income in later life, having an over 60s saving account encourages a healthy financial lifestyle.
More convenient than ever before	Thanks to internet banking, it’s easier than ever before to quickly manage your finances. There are lots of guides dedicated to online banking for older adults.

The Drawbacks of Over 60s Savings Accounts

Whilst savings accounts offer lots of benefits, there are a few drawbacks as well:

Disadvantage	Why Could This Be An Issue?
Lower interest rates than advertised	While the impressive rates are definitely a positive, it’s important to be aware that you won’t earn it on a lump sum. Rather, you only get interest on what you’ve saved.
Lack of choice	Many banks and building societies don’t offer over 60s accounts, so choice can be limited.
Minimum monthly deposits	If you don’t save regularly, you might not receive the advertised interest rate. To take full advantage of a savings account, you need to save a certain amount every month.
Short interest rate period	While a high interest rate is advertised, this rate will often only last for the first 12 months, before changing to a lower interest rate. This results in many people moving their money from account to account every year or so.
Potential penalty costs for withdrawals	Depending on the type of account you have, you may have to pay a penalty to access your money early. You may also be restricted in the number of withdrawals you’re able to make.

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Find and Compare the Best Savings Accounts For Over 60s