Over 50s savings accounts 'may not offer best deals'

Older consumers have been warned that the savings accounts many banks are offering for over 50s may not necessarily offer them the best available rates.

Price comparison site has revealed that easy access accounts for over 50s are lagging behind standard accounts in terms of providing good value annual equivalent rates.

The consumer site has criticised banks for penalising older customers in this way, suggesting that the increasing savviness of over 50s savers means that they should have better access to the best available finance options.

As a result, older people have been advised to consider all the choices available to them, particularly direct online products which can often offer the best value.

Kevin Mountford, head of banking at, said: "Savers should always shop around and avoid being seduced by targeted products that may not offer the best rates."

This comes after finance provider MGM Advantage last week reminded older people that shopping around for the best rate on annuities can potentially increase their income by thousands of pounds.

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