Portman Building Society has designed a savings account specifically for those in their 50s and above.
The account will be available from the end of the month and pays a competitive gross interest rate of five per cent.
The building society is also offering account-holders an initial bonus of 0.50 per cent above the Bank of England's (BBR) base rate for the first nine months.
Portman, the UK's third-largest building society, guarantees that the interest rate will remain at least 0.05 per cent above the BBR for a further 12 months.
"This is a time when people will often come to rely more heavily on their savings," said Helen Shaw, group communications manager at Portman.
"They will be seeking the security of a product that will make their savings work hard, whilst generating a regular income."
A survey by Portman found that most of its customers will be eligible for the account, which is only open to those aged 50 and over.To read more about Savings Accounts, click here.
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