Those considering their long-term savings should bear in mind that having cash put aside from pension funds is advantageous, an expert has said.
Halifax has noted that, while this kind of fund may not be the best performing, it will be good in terms of safety.
The number of people over pensionable age is forecast to increase fro 11.4 million in 2006 to 12.2 million in 2011, according to Age Concern.
Asked about choosing the best account, Jason Clarke, spokesperson for Halifax, said: "The best thing to do is to decide what you want from your savings. Is it something that you are saving for - does it have an end point, such as a wedding or a holiday?"
He added that it is a good strategy to begin with an idea in your head and consider long-term savings in terms of pensions.
Elsewhere, Halifax has announced that its 0.25 per cent mortgage rate reduction will come into effect for existing borrowers on March 1st.
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