Best Cash ISA Rates for over 60s
Some ISA providers may have a minimum age requirement in order to be eligible for the account, so you may be wondering what are the best cash ISA rates for over 60s. However it is important to remember that all residents of the UK aged over 16 can open a Cash ISA and all get the same ISA allowance, so shopping around to see what Cash ISAs different providers are offering can be a good idea.
The tables on this website can be used to compare a selection of different types of ISA from various providers and by following the more info links you can find out more.
Finding a Cash ISA
The best Cash ISA for one person is not necessarily the best cash ISA for everyone; it’s dependent on how that particular individual wishes to save and how much access they would like to maintain their savings over the ISAs course.
- Instant Access Cash ISAs: As the name would suggest with Instant Access ISAs it’s usually possible to make unlimited, free withdrawals from the account whenever. This account may also permit the account holder to make deposits at any time as well, providing they do not exceed their overall ISA allowance. This type of account is usually offered with a variable rate of interest, which means that the account provider is able to alter the rate of interest the account receives.
- Notice Cash ISAs: Notice accounts generally require the account holder to notify the provider in advance if they want to make a withdrawal, in return providers may offer a better rate of interest on their notice Cash ISA offerings than on their instant access Cash ISAs. The notice period offered varies by account but is usually between 30 and 120 days. Some accounts may also limit the number of withdrawals the account holder is permitted to make within a year.
- Fixed-Rate Cash ISAs: Offer a fixed-rate of interest over the course of the ISA, so savers can work out exactly how much they stand to earn in interest over the course of the ISA. Savers are required to lock their savings in the account for a predefined period of time, usually 1, 2 3, or 5 years. Some accounts allow early withdrawals to be made but are often subject to a penalty charge for doing so.
Remember, each eligible person can only open up to one new Cash ISA each tax year, though transfers are possible. This means that shopping around providers can be wise you can try to get the most from your ISA Allowance.
ISA providers have to allow account holders to transfer elsewhere; however, they can impose penalties or restrictions for doing so. Additionally providers do not have to allow transfers in to their ISA products.
This means if you wish to transfer you will first need to check if the account you want to move to accepts transfers in. If you are thinking of moving to secure a better interest rate then you may also want to first check, to make sure that any penalty you may incur would not cancel out the potential benefits of moving to another ISA offering a higher rate of interest.
Frequently Asked Questions