Chorley Building Society launches a new savings deal just for the over-60s paying £1.35%
Chorley BS has launched a savings account that is available only to those aged 60 and over.
Its top rate is an attractive 1.35 per cent, but you need to deposit £170,000 in the account to earn this amount.
This also means that it is a non-starter for many people because under the Financial Services Compensation Scheme (FSCS), only £85,000 is covered if the society runs into trouble.
If you have a joint account, however, you get £170,000 of cover.
Chorley BS has launched a savings account that is available only to those aged 60 and over
The account could work as a temporary home, as you get extra protection under the FSCS scheme following a significant event such as selling your house, receiving an inheritance or a big insurance policy payout.
Savers in this position benefit from a £1million limit per institution for up to six months.
On smaller sums in the Chorley account, the rate is 0.95 per cent up to £85,000 and 1.15 per cent up to £170,000.
There are better rates at Newcastle BS and Virgin Money — 1.16 per cent on £1 or more.