Money

There’s an increasing body of evidence that older people use their financial products in much the same way as everyone else – they’re becoming just as likely to fall into credit card debt and almost as likely to take out ‘newer’ deals such as ISAs.

So should you be comparing these ‘oldies only’ deals? Are they worth it?

Savings for the over 50s and 60s

50+ savings accounts are available from, amongst others, Saga, Saffron building society and Loughborough building society.

Others, including Market Harborough building society, offer accounts exclusively for the over sixties.

These savings accounts tend to be very simple instant access deals and often have fairly small opening balances from £1 to £500.

None are currently offering rates above 3% AER – just over 3% is currently the best rate for an instant access account – but, on the other hand, they’re not far off and they tend not to offer rates that run out within a year. Once you’ve got a good rate, you get to keep it.

Finally, it’s worth noting that currently none of the UK’s accounts solely for older people are tax-free so in other words they’re no replacement for the higher rates and tax-free status offered by cash ISAs.

They’re well worth adding to list when you start to compare savings accounts but not worth comparing on their own.

Credit cards

On the other hand, there’s only one 50+ credit card available at the moment, the Saga Platinum credit card.

Judging by Saga’s press releases over the past few years, they don’t agree that older people use their financial products in the same way as everyone else. Again and again, they’ve released reports showing that older credit card users are savvier credit card users: they have more plastic (one card for each job, which keeps things straightforward) and they use it better.

That’s more than high praise for the over-fifties; it’s good news for the credit card.

Using your cards abroad

The Platinum is one of the best use abroad credit cards available at the moment, with 0% commission on spending abroad as well as a standard 0% period on cash withdrawals, which makes it possible to take out money with a credit card without incurring huge interest charges.

As an example of why you should compare products designed for the over fifties it’s pretty spotless. This is one deal that will send younger consumers green with envy.

Check out these comparison sites:

Check out these comparison sites: Choose: savings accounts and Choose: current accounts.