Yorkshire new over 50s travelling saver
Thursday, 31 Jan 2008 14:30
Yorkshire Building Society is launching a new tiered Bank of England tracker savings account for the over 50s market.
Along with unlimited no-notice access to funds above the minimum balance of £5,000, the account also offers free annual European travel insurance.
The cover can also be upgraded to provide travel insurance for partners or family.
Interest rates follow the Bank base rate at: -0.35 per cent for balances up to £5,000; -0.1 per cent up to £25,000; +0.05 per cent up to £50,000; and +0.25 per cent for balances up to £100,000.
The differential with the base rate stays for 12 months.
Chris Edwards, head of mortgages and savings for Yorkshire Building Society said: "When we decided to offer a new product for this important sector of the market we felt that it was important to differentiate our product from others out there.
"Despite the growth of internet-based products (ours included!) a lot of people in this sector of the market do like branch-based accounts. They are also the most prolific holiday makers with more than two thirds of all over 50’s taking at least one holiday in 2007 and a quarter have taken at least three trips away!"