Latest news with #over50s
Sky News
30-07-2025
- Business
- Sky News
Over-50s savings account launched - should you go there?
For this week's Savings Guide, Anna Bowes, personal finance expert from The Private Office, takes a look at a product specifically for over-50s... Insurance firm Saga recently announced that it is preparing to launch a range of over-50s savings products with NatWest. The company, which specialises in holidays, insurance and personal finance products for that specific age group, said it will be launching an "innovative suite of savings products". Saga itself is not a bank, so it works in partnership with UK banks to offer its products. At the moment, it offers its easy access savings accounts with Goldman Sachs. This will be taken over by NatWest in 2028. Is an over-50s account worth considering? Bowes says: "The savings accounts are exclusively marketed to those aged 50 and over, which might suggest they are specially tailored for this age group. "However, in reality, they are simply like most standard savings products, and don't necessarily offer better rates. "While over-50s branded savings products might suggest that they are providing a better option for a particular demographic, the reality is that you might be able to find better rates elsewhere - so shop around." Saga's easy access account and cash ISA are both paying 4.01% AER (3.94% gross). This rate includes a 12-month bonus of 0.49%, and the rate mirrors what you'd get if you went directly to Marcus by Goldman Sachs - the UK-branded version of Goldman Sachs. While the rate is competitive, better rates can be found elsewhere - here's a look at the top-paying easy access accounts around at the moment... Chase Bank offers a 5% AER (4.89% gross) easy access account with a 2.25% bonus, though you must be a new customer who opened a current account after 9 June 2025. Cahoot offers an easy access option at 4.55% AER, without app-only restrictions or the need to hold a current account with them. When it comes to fixed-rate bonds, Saga offers a one-year bond, provided by Chetwood Bank via the Flagstone platform, at 4.15% AER, but you could get up to 4.53% AER elsewhere. The pros and cons of this over-50s account "Once again, while Saga may be convenient, especially if you're already familiar with the brand, it doesn't guarantee the most competitive interest rates," Bowes says. "That said, cash platforms like Saga's (which runs on Flagstone's technology) can be appealing - especially for those with larger savings balances who value simplicity. "These platforms allow you to access a range of competitive savings accounts through a single application and login, without the hassle of opening new accounts for each bank. Plus, your money is protected under the Financial Services Compensation Scheme via each bank your funds are deposited with."
Times
24-07-2025
- Business
- Times
Is Saga's savings account for over-50s a good deal?
Q. I read with interest the news about Saga's savings accounts for over 50s. But I'm not really sure how they differ from standard accounts other than the age requirement — are they a good idea for a middle-of-the road saver? Name and address supplied Saga is a trusted brand, best known for tailored holidays, insurance and personal finance deals for the over 50s, including Saga-branded savings accounts. However, it's important to note that Saga isn't a bank. It has deals with regulated banks which provide its savings accounts and deals. These Saga-branded accounts are marketed exclusively to those aged 50 and over, which might imply that they are tailored to the financial needs of this demographic. In reality, though, they function like any standard savings account. You deposit funds, earn interest, and terms & conditions vary based on whether the account is easy access or fixed term. The age-based branding may resonate with some customers, but it doesn't necessarily mean better rates or more generous terms. • Read more money advice and tips on investing from our experts At the moment, Saga's easy access account and cash Isa are provided by Goldman Sachs International Bank, both paying 4.01 per cent AER (annual equivalent rate), including a 12-month bonus of 0.49 per cent. This matches what Goldman Sachs offers directly through its Marcus brand. While competitive, better rates are available elsewhere. For instance, Chase Bank pays 5 per cent AER (4.89 per cent gross) on its easy access account, including a 2.25 per cent bonus, although you must be a new customer who opened a current account after June 9. Alternatively, the Snoop app pays 4.60 per cent AER via Vanquis Bank — you will have to manage the account on the app. For those preferring a traditional online account, Cahoot has an easy access account paying 4.55 per cent AER on up to £500,000 for a year. With regard to the fixed rate bonds on offer, again, far better rates can be found. For example Saga's one-year bond with Chetwood Bank via the Flagstone cash platform, pays 4.15 per cent AER, while you can earn 4.53 per cent elsewhere and in fact if you were to apply directly to Chetwood Bank, you could earn 4.40 per cent. For those with larger savings balances, the convenience of using a cash savings platform may outweigh chasing the very top rates. These platforms give you access to a range of competitive accounts with a single application and login, all while keeping your money protected under the Financial Services Compensation Scheme (FSCS) which guarantees deposits of up to £85,000 a year. Saga's platform, powered by Flagstone, is one such option, but others include Raisin UK, Savings Champion Savers Hub (which is owned by The Private Office) and Hargreaves Lansdown's Active Savings. Each charges different fees and offers access to various banks and rates, so it's worth comparing to find the right fit for you. So, while Saga's savings accounts offer a familiar and trusted brand, the branding alone doesn't guarantee better returns. If maximising your interest is a priority, it's wise to shop around and consider what works best for your needs. Anna Bowes helped to set up the consumer website Savings Champion in 2011
Yahoo
16-07-2025
- Business
- Yahoo
Cumbrian marketeer recognised for work supporting over-50s
A Cumbrian marketing professional has been praised for her work at a national awards ceremony. Tracey Cannon, head of group marketing at Brampton-based WCF, was highly commended in the Exceptional Achievement Award category at the 2025 Silver Marketing Awards. The national awards celebrate excellence in marketing to the over-50s, with the ceremony taking place at the Cavendish Centre in London. Ms Cannon, who lives near Appleby and has more than 30 years of marketing experience, said: "Being highly commended in this award is an absolute honour, and being nominated by my colleagues and judged by my peers makes it even more special. "My goal has always been to understand the markets in which we operate and to work together as a team to reach our customers in the best way possible." She was nominated by colleagues at WCF, who praised her "consistent championing of a customer-first approach and her strategic vision, empathy and innovation." The judges, a panel of industry experts, selected her for the award. Ms Cannon said the variety of work at WCF keeps her motivated. She said: "In more than 20 years at WCF, I can honestly say that no day is ever the same. "We have such a broad portfolio of businesses and we're always diversifying and progressing to move the business forward. "Being an employee-owned business with great staff means it's the closest thing to running your own business with your friends." WCF employs more than 370 people across 30 locations nationwide and operates in retail, logistics, and leisure. Its brands include national mail-order companies, camping and glamping sites, oil distribution, pet and equestrian stores, and e-commerce businesses. Ms Cannon began her marketing career at Lilliput Lane in Penrith before joining WCF in 2002 as marketing manager for Country Collection and James Meade. She became group head of marketing in 2021 and joined the executive team in 2023. WCF's home shopping brands, including Country Collection, James Meade, The Classic Boutique, and Bella di Notte, target customers aged 60 and over. Ms Cannon oversees marketing campaigns for these brands, covering direct mail, print, e-commerce, and social media. Andrew Mochrie, chief operating officer at WCF, said: "Tracey's knowledge of the industry, combined with her passion and outright capacity and love for hard work, has supported WCF's mission to provide the best possible service to the silver generation. "For over 20 years, her curiosity has supported the journey from analogue to digital and into the age of AI and mass customisation in the marketing space. "The whole team is delighted that her achievements have been recognised in this way."
Daily Mail
14-07-2025
- Business
- Daily Mail
Saga to help the over-50s save in tie-up with banking giant NatWest
Saga has agreed a seven-year tie-up with NatWest to launch a range of savings products for the over-50s. Saga, which offers cruises through to insurance services for people over 50, said an instant access savings product would be the first to launch under the partnership with the banking giant later this year. More 'savings offerings' and other financial products will also be introduced, a spokesperson said. The savings product will replace Saga's instant access offering currently provided by Goldman Sachs for new customers. Saga said there will be no change for customers who already hold a Saga instant access account, and the Goldman Sachs contract will not end until September 2028. Saga Money boss Jerry Toher said: 'This launch is an exciting next step in enhancing our money offer.' Saga struck a 20-year partnership for motor and home insurance with Belgian firm Ageas late last year, while also agreeing to sell its underwriting business Acromas to the group.
The Independent
14-07-2025
- Business
- The Independent
Over-50s savings accounts launched by Saga in partnership with NatWest
Saga has announced a seven-year partnership with banking giant NatWest to launch a new range of savings products for the over-50s. The company, known for its cruises and insurance for this demographic, will first launch an instant access savings product later this year, with more financial offerings to follow. The collaboration involves NatWest Boxed, the banking group's banking-as-a-service arm. 'This collaboration will enable Saga to offer easy-to-use products and services, drive increased volume and improved commercial terms, and deliver accessible and reliable customer service,' Saga said. Goldman Sachs for new customers. Saga said there will be no change for customers who already hold a Saga instant access account, and the Goldman Sachs contract will not end until September 2028. Jerry Toher, chief executive of Saga Money, said: 'As the UK's specialist in providing products for people over 50, this launch is an exciting next step in enhancing our money offer. 'This will further strengthen our position in providing competitive and flexible savings products, ensuring that Saga remains the most trusted brand for people over 50 in the UK.' Andrew Ellis, chief executive of NatWest Boxed, added: 'Trusted brands are well positioned to reward customers for their loyalty, while keeping their best interests at heart. 'This partnership is a testament to how leading firms, like Saga, can deploy new technology like embedded finance to offer specialised products and services.' London -listed Saga struck a 20-year partnership for motor and home insurance with Belgian firm Ageas late last year, while also agreeing to sell its underwriting business Acromas to the group, which will complete at the end of the month.
