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Reduced interest rates 'can be an issue for over 50s savers'



Advice from uSwitch.com has called for over 50s to be aware of interest rate cuts when choosing an ISA provider.

A price comparison site has called for over 50s to make sure they keep aware of relevant changes to interest rates when selecting a individual savings account (ISA) provider.

New research from uSwitch.com has drawn attention to the fact that a number of banks, including NatWest, Lloyds TSB and Royal Bank of Scotland, have cut their average rates for ISAs in recent weeks.

This comes just as over 50s have seen the introduction of increases in ISA limits, meaning that the cuts will impact upon their potential earnings.

Rumina Hassam, savings expert at uSwitch.com, described such changes as a "bitter pill to swallow" and therefore urged over 50s to take advantage of good ISA rates while they are still available.

She said: "Savers need to be agile in applying for the stellar rate products as soon as they appear - in this case good things don't come to those who wait."

This advice comes after the site last month recommended that all over 50s look to capitalise on the new ISA limit rules in order to bolster their retirement funds.



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