If you are over 50 and looking for a new Cash ISA there are likely to be lots of different factors that influence your decision about the type of account to go for.
Plans for retirement and access to your cash are all things you might need to consider, so how can you ensure you're getting a Cash ISA that meets your needs?
Here's what you need to know about choosing the best ISAs for over 50s.
Is there any difference in the Cash ISA limit over 50?
The short answer to this question is not any more. In the past the ISA rules and limits have been different for those over the age of 50, but now there's no difference in the type of ISAs you can open and the amount that you can save.
Previously the over 50s ISA allowance had risen ahead of the contribution limits for younger savers.
Now the annual ISA limits are the same for both under and over 50s, meaning you can save the same amount in a Cash ISA each year, regardless of your age. This stands at £15,240 for the 2015/16 tax year.
However, there are some dedicated Cash ISAs only open to over 50s that promise to give a better rate of interest; however there is no guarantee that they will be the best ISA deals.
Finding the best ISA rates for over 50s
If you are over 50 and looking for a Cash ISA then you will have to consider the following factors before making your choice:
What access do you need?
Deciding when you may need to draw on your savings is the first thing you should establish before directly comparing different Cash ISAs.
If you are saving for the long term and are unlikely to need your cash in the near future you may want to consider fixed rate cash ISAs, which would lock away your money in exchange for a better interest rate.
However, if you may need to withdraw your savings then look at instant access ISAs, to avoid being penalised if you have to access your money.
Who offers the best rate?
Once you've decided what type of access you need you should look to find an account that offers the best Cash ISA rates for over 50s.
Getting the best interest rate possible is the best way to ensure your savings earn you as much money as possible.
There are some dedicated Cash ISAs only open to over 50s that promise to give a better rate of interest, however this is not always the case.
Use our Over 50s ISAs table to compare the top ISA accounts on the market to ensure you get the best home for your savings.
Invest it instead?
Investments are designed to be a long term undertaking so they're unlikely to be suitable if you need flexible access to your cash.
However, if you want to draw a regular income from your savings or a looking for long term capital growth then you may want to consider an Investment ISA.
However, unlike Cash ISAs, there is a risk associated to your capital in an Investment ISAs, read our article Investment ISAs a Beginner's Guide for more information.