Tips on Finding the Best Saving Accounts for Over 50s

Tips on Finding the Best Saving Accounts for Over 50s

If you’re searching for the best saving accounts for over 50s, one of the first places you’ll turn to is likely the internet, and while this is a great place to find relevant information, it’s important that you’re sure your informer is as reliable as they appear. In order to be sure of this, you will probably want some expert advice on what to look for.

Do They Pay To Appear?

When you’re going through a list of reputable savings account reviews, you will probably assume the lists are somewhat exhaustive, and that the banks really needed to impress the reviewers to make it onto the lists. The sad truth is that this is not always the case – in fact, some simply need to make a small contribution to the reviewer to have their name included, and this means you are being tricked by what is none other than an advertising scheme.

Don’t be fooled into thinking this does not happen on the larger comparison sites, because this is where it is most likely to happen, according to Sylvia Morris, an independent savings expert. What you will want to look for is unbiased reviews where no one pays to appear, and only the best make the top of the lists.

Short Term Bonuses

Choosing the best saving accounts for over 50s comes with a range of perks, but according to the experts, this shouldn’t be limited to short term bonuses. These bonuses are those that are offered to clients when they first sign up, but quickly disappear after that. In fact, they often come with a range of hidden penalties and limited access to a person’s finances. The experts advise that individuals look out for bonuses that will last for a minimum of 12 months, because this actually prevents clients from having to switch their accounts on a yearly basis.

Clear Terms and Conditions

Lastly, any restrictions on withdrawals, or penalties on the best saving accounts for over 50s, should be clearly outlined from the start. It’s difficult for individuals to sniff out what companies might be hiding from them when they first open up their accounts, but a great reviewer will always have these terms and conditions stated clearly, and in language that is easy to understand.

With the right information, you should not have too much trouble in finding the best saving accounts for over 50s, and this is something that will continue to benefit you long after your initial signup bonuses have expired.

6 comments

  • Kate

    I think it’s very important to first of all know where to look for this kind of information. And especially important to remember is what this article mentioned… that while the Internet is probably the place most of us would start looking, there is *so* much misinformation floating around.

    What I do when I’m researching anything, including financial matters, is to find agreement (confirmation) from at least three different sources. If we don’t do that, you’ll find a “this place is horrible” for every “this place is great!” talking about the very *same* accounts or products.

    It’s so frustrating, but if three reputable places agree on something with good and valid reasons, it’s pretty safe. Not 100%, but a good starting place. :-)

  • Diane Lane

    I currently have a checking account, but I no longer go to the area where the bank is located as often as I did in the past. That doesn’t much matter, except when it comes to depositing checks, which these days doesn’t happen very frequently. I had considered opening a savings account at that bank, for ease of use, but since I don’t get there very often, I am now considering opening my account elsewhere, somewhere closer to home, and possibly with a credit union.

    I wasn’t aware that there are banks or other financial services companies that offer special perks for those over the age of 50, so that’s something I will look into. I will definitely take what I read online with a grain of salt, and also verify with the Better Business Bureau, as well as the FDIC or agency that oversees credit unions before handing over any money, as well as discussing the matter with some local friends, since they may be aware of special offers.

    • Kate

      I am facing this same issue, Diane… it’s not my main bank account, but I do have one that’s in a town I rarely get to now. I started it many years ago and hooked it up to my PayPal so that I’d not have to use my major bank or account. I’d hate to change everything around now.

      I keep a very low balance in that account, so although it’s inconvenient, I’ve kept it because it works for me.

  • GemmaRowlands

    It is very important to ensure that you have the right savings account for you – particularly if you’re coming up to retirement age, because it means that you need every penny that you earn to be working in a way that suits you perfectly. The point about the T&Cs is vital, as you always need to make sure that you understand what you’re signing up to. Things will be a lot easier for you if you take the time to understand what you are getting.

  • Larisa

    I think that those Informations are really useful, but i think that the best way to save an account when you are over fifties is to put our savings is still in a bank – in a savings account. For one, our money earns interest and can grow faster. Second, the money is more secure. Our deposit is guaranteed by the PDIC for up to Php 500,000. So no matter what happens to the bank, we can get our money back. (If you’re fortunate enough to have more than 500K, simply open an account with a different bank.) What’s more, regularly going to the bank to deposit our savings can possibly expose us to other savings or investment opportunities later on.

  • 55andAmbitious

    I’ve not considered these banking Terms before. I’ve always joined with my husband’s savings account, in which, he’s main contributor of money in to our account. I’ve not any chance of withdrawing over the years because our money always balances to zero or $2.00. I have my own personal bank account, though.

    I think, banks would love to open their companies and services with open arms to people aged over 50. Mostly, these are the middle class retirees who have had some handsome money to ‘keep for rainy days’ or from sales of their properties and or businesses to move and settle into smaller homes, with enough money for retirement holidays, hospital bills and…

    But it would be really good to have own bank account with Term bonuses under legal arrangements.

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