Over-50s savings account launched - should you go there?

For this week's Savings Guide, Anna Bowes, idiosyncratic concern adept from The Private Office, takes a look astatine a merchandise specifically for over-50s...

Insurance steadfast Saga precocious announced that it is preparing to motorboat a scope of over-50s savings products with NatWest.

The company, which specialises successful holidays, security and idiosyncratic concern products for that circumstantial property group, said it volition beryllium launching an "innovative suite of savings products".

Saga itself is not a bank, truthful it works successful concern with UK banks to connection its products.

At the moment, it offers its casual entree savings accounts with Goldman Sachs. This volition beryllium taken implicit by NatWest successful 2028.

Is an over-50s relationship worthy considering?

Bowes says: "The savings accounts are exclusively marketed to those aged 50 and over, which mightiness suggest they are specially tailored for this property group.

"However, successful reality, they are simply similar astir modular savings products, and don't needfully connection amended rates.

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"While over-50s branded savings products mightiness suggest that they are providing a amended enactment for a peculiar demographic, the world is that you mightiness beryllium capable to find amended rates elsewhere - truthful store around."

Saga's casual entree relationship and currency ISA are some paying 4.01% AER (3.94% gross). This complaint includes a 12-month bonus of 0.49%, and the complaint mirrors what you'd get if you went straight to Marcus by Goldman Sachs - the UK-branded mentation of Goldman Sachs.

While the complaint is competitive, amended rates tin beryllium recovered elsewhere - here's a look astatine the top-paying casual entree accounts astir astatine the moment...

Chase Bank offers a 5% AER (4.89% gross) casual entree relationship with a 2.25% bonus, though you indispensable beryllium a caller lawsuit who opened a existent relationship aft 9 June 2025.

Cahoot offers an casual entree enactment astatine 4.55% AER, without app-only restrictions oregon the request to clasp a existent relationship with them.

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When it comes to fixed-rate bonds, Saga offers a one-year bond, provided by Chetwood Bank via the Flagstone platform, astatine 4.15% AER, but you could get up to 4.53% AER elsewhere.

The pros and cons of this over-50s account

"Once again, portion Saga whitethorn beryllium convenient, particularly if you're already acquainted with the brand, it doesn't warrant the astir competitory involvement rates," Bowes says.

"That said, currency platforms similar Saga's (which runs connected Flagstone's technology) tin beryllium appealing - particularly for those with larger savings balances who worth simplicity.

"These platforms let you to entree a scope of competitory savings accounts done a azygous exertion and login, without the hassle of opening caller accounts for each bank. Plus, your wealth is protected nether the Financial Services Compensation Scheme via each slope your funds are deposited with."