The best savings accounts for over 60s

Why use a savings account? 

A savings account is something to consider as you prepare for retirement, to maximise your money. For those aged 60+, this allows you to save while earning interest, which helps to protect your money from inflation and have some set aside for unexpected expenses.

Typically, the better the interest rate, the more restrictions there will be on your account, such as only being able to withdraw money after a certain amount of time has passed. According to MoneySavingExpert.com, savings interest is paid tax-free, and your savings are protected up to £85,000 per bank. Whether for emergencies, unforeseen medical needs as you age, or travel in retirement, a savings account can help you plan ahead and keep your money secure for peace of mind.

What are the best savings accounts for over 60s? 

When looking for the best savings accounts for over 60s, no account will suit every circumstance, but some to consider include:

• Instant access— Interest rate 2.5-3.5%, usually allows you to withdraw anytime, and is best for emergency savings
• Regular savings — Interest rate up to 7%, allows monthly deposits, and is best for disciplined savers
• Fixed-rate savings — Interest rate 4.5-5.5%, has a fixed term withdrawal limitation, and is best for long-term lump sums
• ISAs — Interest rate 3.5-4.5%, gives access dependent on the type of account, and is best for tax efficient savings

You will find examples of specific accounts recommended by money experts through sites such as MoneySavingExpert.com, Which.co.uk, and Money.co.uk.

How can Home Instead help?

With rising costs in the UK, older adults may benefit from maximising their savings, especially if they rely on limited income from their pension. If you are worried or unsure of where to begin when switching your savings account, having home care can provide peace of mind as you tackle this task. 

While home care cannot become directly involved in your finances, our Care Professionals provide support with things like making phone calls to the bank, reminding you to pay bills, and other tasks that may become more difficult and frustrating with age. 

At Home Instead, we are proudly rated 9.6 on Homecare.co.uk, with many of our locations also rated “outstanding” by the Care Quality Commission (CQC), so we can support you with whatever you need.