Barclays today introduced a new savings account aimed at those who are retiring or are retiring. This is Money can reveal.
The triennial fixed-rate agreement offers 1.8 percent interest, but it is crucial to allow one admission per month, up to a maximum of three percent of the amount initially deposited.
This can appeal to retirees who prefer accounts that offer monthly interest income, but want a better rate, in addition to more flexible access to their pot.
The best rate for a standard easily accessible savings formula is 1.36 percent, offered by Bank of Cyprus UK.
New rate: Barclays has introduced a new triennial rate that may attract retirees
Simon Betteridge, director of savings at high street giant Barclays, told This is Money: Savers have more choice and freedom than ever before.
& # 39; Our flexible monthly income contribution is designed specifically for our clients who are approaching retirement in mind, because it is a great way to get a guaranteed interest rate while they have access to their savings to supplement their income. & # 39;
The account can be opened with £ 1 per branch, over the phone or online. No additional deposits are allowed, but there are no restrictions regarding the number of bonds that a customer can hold.
The money held with the bank is protected for £ 85,000 through the Financial Services Compensation Scheme.
Barclays says that the account is a limited problem, so that the deal can ultimately be drawn.
It is probably attractive for older savers who have chosen to take a flat rate of 25% and do not know what to do with their money.
A large proportion of those who take a lump sum under the changes in the pension freedoms can often leave it in current accounts or fight elsewhere at low rates.
Barclays: the main street bank offers 1.8% over three years – and 3% access to the pot for extra flexibility
It is estimated that two-thirds of people using pension funds convert pension savings into payment accounts, allowing the fair value of the balance to be swallowed up because low interest rates do not match inflation.
Watchdogs have recently raised the alarm about the practice, amid the fear that people regard what they consider to be the safe & # 39; take an option of money without realizing the pitfalls or missed investment opportunities.
They drive the idea of having pension companies send regular warnings to everyone who has been keeping a pot in a cash fund for a long time.
This Barclays account does not beat inflation, which currently stands at 2.5%, but it is still probably a better option than a current account.
It also does not beat the best purchases in the independent This is Money savings tables.
The best deal in a year is 2.03 percent and three years 2.4 percent of Tandem.
None of these accounts, however, allow any access.
The highest three-year rate with a monthly income is 2.33 percent, offered by both Masthaven and Charter Savings Bank.
These allow interest to be deposited elsewhere on an account, but not an extra three per cent of the deposit total per Barclays offer.
The figure of 1.8 percent is also higher than any other fixed-rate deals currently offered by Britain's major bank names and beats the current group of easily accessible accounts.
Barclays says that it is the only bank that offers this kind of savings products and that it is open to all savers, but is especially suitable for those looking for a guaranteed interest rate, but with the withdrawal flexibility to enable them to supplement their income.
This also applies to those who have made use of pension freedom, a change in the system in 2015, so that over-55s have access to their pension pot early.
Since then, one million savers have received more than £ 17 billion.
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