For this week’s Savings Guide, Anna Bowes, personal finance expert from The Private Office, takes a look at a product specifically for over-50s…
Insurance firm Saga recently announced that it is preparing to launch a range of over-50s savings products with NatWest.
The company, which specialises in holidays, insurance and personal finance products for that specific age group, said it will be launching an “innovative suite of savings products”.
Saga itself is not a bank, so it works in partnership with UK banks to offer its products.
At the moment, it offers its easy access savings accounts with Goldman Sachs. This will be taken over by NatWest in 2028.
Is an over-50s account worth considering?
Bowes says: “The savings accounts are exclusively marketed to those aged 50 and over, which might suggest they are specially tailored for this age group.
Sainsbury’s blames Visa card issues for online payment failure
Official receiver may step in as council care provider NRS Healthcare nears collapse
Money blog: Three major broadband providers confirm price hikes way above inflation
“However, in reality, they are simply like most standard savings products, and don’t necessarily offer better rates.
Money blog: Follow the latest
“While over-50s branded savings products might suggest that they are providing a better option for a particular demographic, the reality is that you might be able to find better rates elsewhere – so shop around.”
Saga’s easy access account and cash ISA are both paying 4.01% AER (3.94% gross). This rate includes a 12-month bonus of 0.49%, and the rate mirrors what you’d get if you went directly to Marcus by Goldman Sachs – the UK-branded version of Goldman Sachs.
While the rate is competitive, better rates can be found elsewhere – here’s a look at the top-paying easy access accounts around at the moment…
Chase Bank offers a 5% AER (4.89% gross) easy access account with a 2.25% bonus, though you must be a new customer who opened a current account after 9 June 2025.
Cahoot offers an easy access option at 4.55% AER, without app-only restrictions or the need to hold a current account with them.
More from Money:
‘My brother-in-law has to go – but I don’t want to be his guarantor’
‘I won £500k for one race’: Inside the life and finances of a jockey
‘British Airways agreed over phone to refund nearly £1,500 – but then only gave me half’
When it comes to fixed-rate bonds, Saga offers a one-year bond, provided by Chetwood Bank via the Flagstone platform, at 4.15% AER, but you could get up to 4.53% AER elsewhere.
The pros and cons of this over-50s account
“Once again, while Saga may be convenient, especially if you’re already familiar with the brand, it doesn’t guarantee the most competitive interest rates,” Bowes says.
“That said, cash platforms like Saga’s (which runs on Flagstone’s technology) can be appealing – especially for those with larger savings balances who value simplicity.
“These platforms allow you to access a range of competitive savings accounts through a single application and login, without the hassle of opening new accounts for each bank. Plus, your money is protected under the Financial Services Compensation Scheme via each bank your funds are deposited with.”
