Alliance & Leicester: New current account for over 50s

Tuesday, 30 October 2007 12:00

Alliance & Leicester has launched a new current account for the over 50s.

The Premier 50 offers credit interest of seven per cent pa/gross AER for 12 months on balances up to £2,500. After January 2009 the account's interest rate is one per cent below the Bank of England base rate.

The account also offers travel insurance for those up to the age of 79 and access to up to two out-patient private medical consultations a year and up to £750 towards out-patient diagnostic tests.

It also offers a 0% overdraft for 12 months.

The monthly fee for the account is £10 monthly.

Emma Walkley, senior current account manager at Alliance & Leicester, said: "With Premier 50, we have put together a great package, which for just £10 a month could provide over £1,000 worth of benefits.

"In contrast to many packaged accounts, Premier 50 offers both a table topping rate of credit interest, as well as really relevant and useful benefits."

Mike Naylor, personal finance expert at uSwitch.com, said: "As with all packaged accounts, they are only good value for money if you need all the benefits - there is no point paying for something that you are not going to use or already have.

"We would encourage consumers to read the small print on this account and examine the benefits carefully. For those who feel that they will not make the most of the benefits offered by Premier 50, there are several fee-free current accounts that will pay a similar rate both with Alliance & Leicester and other providers. As always, customers should shop around to find the best deal for them."

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