moneysupermarket.com: A&L Premier 50 current account

Commenting on the launch of A&L’s Premier 50 current account, Kevin Mountford, head of current accounts at moneysupermarket.com, said: “This is an innovative move from A&L capitalising on a currently untapped market: bespoke current accounts for the over 50s – products for whom have typically been limited to savings and insurance.

“This launch reinforces a growing recognition from providers that this segment of the market is hugely important and lucrative, and I imagine a sidestep into current accounts will serve to ignite competition in the arena.

“The product itself offers all the features of a standard account and there is no arguing that the key elements – the in-credit interest at 7 per cent and overdraft terms at 0 per cent – are favourable, with the headline rate being one of the best in the market. Yet, beware, the in-credit interest rate is only guaranteed for 14 months and the overdraft terms for 12 months.

“With a £10 a month fee, the benefits of this account come at a price, but A& L has attempted to tailor the product to meet the needs of the consumer, claiming the benefits could be worth over £1,000. When it comes down to value for money it’s difficult to evaluate each perk, but even based on the most basic products the package would be worth a minimum £300.

“In summary, if these benefits are appropriate for an individual’s needs and will be used, then this represents an ‘all round’ good offer, but more significantly it represents a clear indication that things should get even better for the over 50s.”