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The savings market has become increasingly segmented in recent years, with many banks and building societies offering special accounts for different types of savers.

Often dubbed the ‘silver surfers,’ financial institutions recognise that older people have more money to save and are willing to surf the net to find the best rates.

Hence the special accounts offered to older people which often feature in the best buy tables. At the time of writing,  the Leeds,  Coventry, Market Harborough and Loughborough building societies,  as well as Saga and Northern Rock, were offering accounts designated for the over 50s or over 60s paying competitive rates.

But as with many top paying accounts, these often involve an introductory bonus which only lasts 6-12 months, after which the account will revert to an inferior rate of interest.