Current Accounts For Over 50s

Earn up to 2.75% AER on your cash!

Some of the best rates of interest you will get on cash currently are on current accounts.

You can also benefit from switching your account. A number of banks now offer switch incentives. HSBC are currently offering  an attractive 2.75% APR if you switch your current account to them and you can pay in at least £1,750 pm. The good news is that switching is a lot easier than it used to be – basically the new bank account provider will do all the work in setting up your direct debits and standing orders etc.

For students looking for a good account Santander UK are offering a free railcard for 4 years as long as you are 18 and are in or are about to enter into full time further education.

High Interest Current Account Offers

Account
first direct 1st Account
Special Offer
Get £175 to Switch
T&Cs apply
Funding Required
No monthly minimum
Interest Rate
Access to 7% AER/Gross on Regular Savings
Account Fee
FREE

SWITCH OFFER: Get £175 when you switch to a first direct 1st account using the Current Account Switch Service. T&Cs apply

Account
Chase Current Account
Features
1% cashback on your everyday debit card spending for your first 12 months. Cashback exceptions and limits apply. Plus access to a 4.1% AER easy access saver account
Funding Required
No monthly minimum
Account fee
FREE
Account
Santander Edge Up Current Account
Switch Offer
£185 cash when you switch to a Santander Edge Up current account
T&Cs apply
Funding Required
£1,500 per month
Features
3.50% AER (3.45% gross variable) on balances up to £25,000, and up to 1% cashback on household bills, supermarket and travel costs (exclusions apply)
Account Fee
£5 pm

SWITCH OFFER: £185 cash when you switch to a Santander Edge Up current account. T&Cs apply

Account
Santander Edge Current Account
Switch Offer
£185 cash when you switch to a Santander Edge current account
T&Cs apply
Funding Required
£500 per month
Features
Earn cashback every month on selected household bills and essential spend, plus get access to an exclusive savings account paying 7% AER
Account fee
£3 per month

SWITCH OFFER: £185 cash when you switch to a Santander Edge current account. T&Cs apply

Current Accounts for over 50s

There are currently no banks we are aware of that offer preferential current accounts for the over 50s.

Alliance and Leicester pre July 2010 offered the Premier 50 Current Account however this account is no longer available to new customers.

See above for a selection of current accounts available to UK residents.

Think carefully about the type of current account you personally need and look at a few different offers before you commit to one bank.

Switching your current account provider could be advantageous for a number of different reasons, including:

  • It may save you money
  • Switching your account may provide you with a better service
  • You may receive better interest rates
  • You may receive a reward/added benefits when you change provider.

See the tables on this page for some of the latest current accounts.

Your new bank is responsible for contacting you before the switch date if there are any hitches with transferring your standing orders and direct debits – and incoming payments.

And the switching service is covered by a guarantee: the new bank must refund you if there are any charges because payments didn’t go through on time.  But you have to ask them for this.

Yes – you can use the partial switch service and keep your old account open, transferring all or some of your payments. But the process isn’t covered by the service guarantee so it can take longer: possibly up to 20 working days. And there isn’t an automatic-redirect for the three years after you switch. A partial switch may not qualify for the incentives offered for switching (though that shouldn’t be the only reason why you change accounts).

Not all your regular bill payments may be made by direct debits or standing orders. Some service providers (such as telecoms services, online subscriptions, gym membership and payday loans) get you to set up a “recurring payment” or “continuous payment authority” which is linked to your debit or credit card

Because they’re linked to a card rather than directly to your bank account, they’re not included in the switching service (or covered by the guarantee).

It’s not always clear which are your continuous payment authorities: you won’t find them listed on your online banking portal. When you set them up you were asked for you card details (“please read me the long card number”) rather than your bank account and sort code numbers.

You’ll need to check your monthly card statements: any regular payments going out each month that are not marked as DD (direct debit) or SO (standing order) are likely to be continuous payment authorities.

If you want to keep paying for this service (or loan) in this way, you’ll need to contact each provider and tell them your new card details as soon as you have them.

This may sound like a lot of bother, but it is useful to check periodically what’s going out of your account regularly: there may be services you’re not using (such as fast delivery, or additional online data storage) that you want to cancel.

If you can remember the family members or friends who occasionally transfer money directly to your bank, you can send them your new account details and ask them to set them you up as a new Payee.

It’s probably not a good idea to just email all your Contacts with your new account details. If you’re concerned about email security, the most secure way of sending bank account details to specific people is via WhatsApp.

And if any payments are accidentally made to your old account, for 36 months (three years) after you’ve switched, your new bank or building society will arrange for any payments to be automatically redirected to your new account. They will also contact the sender and give them your new account details.

You can pick any convenient day in the month, so long as it’s more than a week away, and not a weekend or a bank holiday.

If all your regular payments tend to go out of your account around the same time it’s best to choose a time of the month when your bank account isn’t so busy.

No Credit Check Prepaid Card