Savings accounts for pensioners

Are ISAs worth it for over 60s?

Yes, ISAs can be useful for over 60s in the UK. Banks offer separate savings account programs for retirees for a reason.

Let's consider the main parameters of Individual Savings Accounts for people of retirement age and what they can interest them:

• Tax-free income. Retirees do not need to pay tax on the profit received from the placement of free funds in an investment account
• Flexible options: every pensioner can choose the investment account that suits them best – safe cash ISAs or shares ISAs with the potential to grow.
• Inheritance benefits: ISAs can be passed on to spouses, children tax-free.
• Lifetime ISAs (LISAs): can be used for long-term retirement savings with the possibility of a good government bonus.

Therefore, ISAs for those over 50-60 years old are a good enough way to manage their investments and savings.

What are ISA for retirement in the UK?

ISAs are a flexible and tax-efficient way to save for retirement in the UK. Stocks and Shares ISAs offer investment growth potential, while Cash ISAs provide stability. The Lifetime ISA is particularly useful for those saving towards retirement or a first home, offering a government bonus but with specific withdrawal conditions. Choosing the right type of ISA depends on your financial goals, risk tolerance, and retirement plans.

Calculate future income on a 1-year term deposit (example): 

What are the best instant access savings accounts over 50s?

For individuals over 50 in the UK looking for instant access savings accounts, it's important to find options that offer competitive interest rates while allowing easy access to your funds. Here are some of the best instant access savings accounts tailored for this demographic:

1. High-Interest Instant Access Accounts:
Aldermore Easy Access Account
Marcus by Goldman Sachs Online Savings Account
TSB Classic Plus Account

2. Traditional Banks with Strong Instant Access Options:
Barclays Blue Rewards Savings Account
Halifax Saver Account

3. Building Societies with Instant Access Accounts:
Nationwide Flex Instant Saver
Coventry Building Society Easy Access Saver

4. Online-Only Banks:
Chase UK Instant Saver Account
Virgin Money Easy Access Cash ISA

You can also see the similar FAQ at the link: 

• Lloyds business banking application
• Lloyds business banking change of address
• Lloyds charity bank accounts
• Lloyds corporate banking
• Lloyds mobile business banking

Details of companies offering the financial services:

Aldermore Bank

Head office’s address: Apex Plaza, Forbury Road, Reading, RG1 1AX

Phone: +44 20 7788 6699

Web-site: http://www.aldermore.co.uk/

Swift code: ALDBGB2P

Reference number: 204503

Stock code: 51WB

ABN: 00947662

BSB: ALD

Bath BS

Head office’s address: 15 Queen Square, Bath BA1 2HN

Web-site: https://www.bathbuildingsociety.co.uk/

Beehive Money

Head office’s address: 3 Fulforth Street, Nottingham NG1 3DL

Contact center: 0344-481-093

Web-site: https://www.beehivemoney.co.uk/

Halifax

Head office’s address: The Mound, Edinburgh EH1 1YZ

Contact center: 0345-720-3040

Phone: +44 (011) 3242 19 84

Web-site: http://www.halifax.co.uk/

Stock code: HALP

Hampshire Trust Bank

Head office’s address: 55 Bishopsgate

Phone: +44 (020) 7862 62 20

Web-site: https://www.htb.co.uk/

Swift code: HTPLGB2L

Reference number: 204601

ABN: 01311315

BSB: HTPL

HSBC Bank

Head office’s address: Unit 8, Canada Square, Retail, London E14 5AH

Phone: +44 345 740 4404

Web-site: https://www.hsbc.co.uk/

Swift code: HBUKGB4B

Reference number: 114216

Stock code: HSBA

ABN: 00014259

BSB: HBUK

Leeds Building Society

Head office’s address: Building, Hardman Boulevard, Manchester M3 3AQ

Web-site: https://www.leedsbuildingsociety.co.uk

Lloyds Bank

Head office’s address: 25 Gresham Street, London EC2V 7HN

Contact center: 0345-300-0000

Web-site: https://www.lloydsbank.com/

Swift code: LBGTGB22

Reference number: 119278

Stock code: LLOY

ABN: 00002065

BSB: LBGT

Moneybox

Head office’s address: 1-2 Hatfields, London SE1 9PG

Phone: +44-330-808-1866

Web-site: https://www.moneyboxapp.com/

Nationwide

Head office’s address: Nationwide House Pipers Way

Contact center: 0800-30-20-15

Phone: +44 (034) 5730 20 15

Web-site: http://www.nationwide.co.uk

Swift code: NBSMGB22

Reference number: 106078

Stock code: NBS

ABN: 355B

BSB: NBSM

Newcastle BS

Head office’s address: 136 Northumberland St, Newcastle upon Tyne NE1 7DQ

Contact center: +44 191-261-4940

Web-site: https://www.newcastle.co.uk/

Paragon Bank

Head office’s address: 51 Homer Road, Solihull, West Midlands B91 3QJ

Contact center: 0800-052-2222

Phone: +44 345 849 4000

Web-site: http://www.paragonbank.co.uk/

Swift code: PRGNGB22

Reference number: 604551

Stock code: PAG

ABN: 05390593

BSB: PRGN

Post Office

Head office’s address: 12 Eastcheap, London. EC3M 1AJ

Contact center: +44 345 722 3344

Web-site: http://www.postoffice.co.uk

RCI Bank UK

Head office’s address: Rivers Office Park, Denham Way, Rickmansworth WD3 9YS

Contact center: +44 345-605-6050

Web-site: https://www.rcibank.co.uk/

Skipton Building Society

Head office’s address: 71 High Holborn, London WC1V 6EA

Phone: +44 20-7242-8147

Web-site: https://www.skipton.co.uk/

Yorkshire Building Society

Head office’s address: 80 Fenchurch St, London EC3M 4BY

Contact center: +44-345-602-1885

Web-site: https://www.ybs.co.uk/