N&P launches new savings account for over 50s
1 September 2006
Norwich and Peterborough Building Society (N&P) is set to launch a brand new savings account on 11th September for customers aged 50 or over – offering an interest rate of 4.85% and easy access to their savings.
Many people don’t wish to tie up all of their savings in long-term investments, but still want a decent rate of return on their money without being penalised for withdrawals. The new 50 Plus Savings Account from N&P offers customers the opportunity to do just that and, unlike some other providers who offer a short term bonus to increase the initial interest rate, N&P’s new account has no strings attached – just a great rate.
In addition, the account comes with a guarantee that the rate will be no lower than 0.5% below Bank Base Rate until 1st January 2008. And, where some providers insist that customers manage their savings purely with a card, N&P’s new 50 Plus Savings Account comes with a passbook.
Rachel Thrussell, Head of Savings at MoneyFacts, said: "Accounts for customers aged 50 or over are a growing sector in the savings market. N&P's new 50 Plus Savings Account is the best paying, easy access, 'no strings attached' account in the over 50s market for those with £5,000 or more to invest."
Gary Lacey, N&P’s group product manager, said: “We think our 50 Plus Savings Account is the best of its type in the market because it is clear and transparent and has ‘no strings attached’. For example, it includes a really strong rate with a guarantee (and no short term bonus), easy access to money, and the absence of any stringent maximum restrictions on how much you can invest. We decided to launch this account as an option for people in this age group who want a good rate of interest on their money, but who want the ability to have access to their savings without being penalised.
“We chose to make it a passbook account as we know that some customers don’t like managing their money just with a card. However, we still offer the option of branch, post or Internet, so there’s something for everyone.”
