Preferential rates offered to over-50s could be on the way out, according to the BSA.
Pensioner savings face being further damaged by the government's new Equalities Bill, it has been claimed.
According to a new report from the Building Societies Association (BSA), preferential rates for elderly "silver savers" could be abolished if the new laws are adopted. The group pointed out that this would damage the finances of those pensioners who rely on interest from cash savings to supplement their pensions.
Currently, many financial services firms offer savings products aimed at people aged over 50. With older people commonly holding larger savings deposits, these accounts commonly offer better rates than those designed for all age groups.
However, the Bill, introduced by equalities minister Harriet Harman, aims to stamp out discriminatory practices on the basis of age, gender or race - potentially eliminating this difference in rates. The proposed laws have already faced criticism from the insurance industry, who said last month that they would be put under pressure to no longer charge people differing premiums depending on the policyholder's age - despite the fact that young or old people provide widely varying insurance risks.
In the BSA report, the fact that the Bank of England has recently cut interest rates to an all-time low of 0.5 percent was also highlighted. The reductions have meant that more pensioners are struggling with generating satisfactory returns from their accounts than before.
Commenting, Adrian Coles, director-general of the BSA, said: "It concerns us that this legislation could result in the loss of an account that meets the important social need of older savers. Whilst we support efforts to outlaw unjustifiable age discrimination, we believe these accounts - like children's accounts - have a legitimate role to play."
He added: "We would like assurance that the future of the silver saver account will not become uncertain and that this type of product be exempted from the legislation."
