Savings accounts aimed at the over-50s are a "rip off" because they are often have worse interest rates than the ones for people of any age, according to new research.

Millions of older savers and investors are often tempted by bank accounts aimed at the mature market because they assume that these offer better interest rates than all-round products. However people's savings would do just as well, and usually better, if they simply stuck to the same products as everyone else, said a report study by Governor Money, an investment advice firm.

Its research found that the top 20 savings accounts aimed at so-called 'silver savers' pay out annual interest of around 2.23 per cent on savings. Meanwhile the top 20 accounts overall pay an average of 3.17 per cent, no matter how old the account holder is. The difference means that £5,000 in an account aimed at senior savers would earn average interest of £111.50 over a year but one aimed at everyone would pay interest of £158.50....Read more here--: Rip-off warning on 'over-50s' savings accounts