Alliance & Leicester: New over 50s saving accounts
Tuesday, 05 Aug 2008 12:16
Alliance & Leicester is offering a new savings accounts and bond for the over 50s.
The Premier 50 Fixed Rate Bond offers 7.50 per cent AER, while the Growth & Income Account – which can double up as an ISA – offers 7.0 per cent gross p.a./AER on one half of the investment and 50 per cent of any growth in the FTSE 100 Index (subject to averaging) on the other half.
Both products are open only to customers who open or hold a Premier 50 Current Account.
The fixed-rate bond is open for investments between £1,000 and £10,000 with interest paid annually. No withdrawals are allowed.
The Growth & Income Account – provided by Credit Suisse – has a minimum investment of £3,600 and guarantees initial investment if held for the full five-year term.
Hetal Parmar, savings manager at Alliance & Leicester said: “Our Premier 50 Fixed Rate Bond is ideal for the over 50s who don’t like to take risks with their finances – it pays a fixed 7.5 per cent in interest and is available to customers who open or hold a Premier 50 Current Account."
"The Premier 50 Current Account itself pays 8.5 per cent AER on credit balances up to £2,500 and offers an exclusive range of benefits for just £10 a month."