Savers over 50 years old are in a strong position when it comes to finding accounts tailored to their needs, says a leading financial information provider.
Since the increase in the Bank of England base rate last month, banks and building societies are increasingly rewarding their older savers with attractive deals, and the market is currently made for the over 50s.
According to website moneyfacts.co.uk Stroud & Swindon BS, Northern Rock and Market Harborough BS have all launched products that target the over 50s market.
Rachel Thrussell, the head of savings at moneyfacts.co.uk, said that it is still important for the over 50s to shop around for the best deals, as these may not necessarily be offered by accounts tailored for their age group. Some products available to the entire age range may be equally competitive.
However, Ms Thrussell acknowledged that the market in these tailored products is booming.
"Today there are 30 institutions offering over 36 accounts specifically targeted at savers aged over 50," she said.For more information about savings accounts, click here.
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