Alliance & Leicester launches double savings offering for over 50s

Alliance & Leicester launches two new savings products specifically designed for the over 50s. The first, the new Premier 50 Fixed Rate Bond, pays 7.50% gross pa/AER and is available for a limited time only.

Research from Alliance & Leicester Savings reveals that the over 50s take a more cautious attitude to their savings. Around a third (30%) of the over 50s never take risks with their finances, compared to one in five (19%) of the under 35s. Women over 50 are even more cautious than men - with 35% of them never taking financial risks, compared to 26% of men. However, another third (34%) of the over 50s are prepared to take some risk especially if it offers the potential to earn more from their money.

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% in interest and is available to customers who open or hold a Premier 50 Current Account.

"The Premier 50 Current Account pays 8.5% AER on credit balances up to £2,500 and offers an exclusive range of benefits, all for just £10 a month - making this current account and fixed rate bond a highly tailored and exclusive offer for the over 50s."

The new Premier 50 Fixed Rate Bond offers:

A market leading interest rate of 7.50% gross p.a./AER, fixed for one year
Bond matures on 30 September 2009
Interest paid annually, in the anniversary month
Minimum investment £1,000
Maximum investment £10,000
No withdrawals
Available to both new and existing Premier 50 Current Account customers, however, the bond will not be accepting transfers or cheques from other Alliance & Leicester accounts.

For the over 50s who are looking for potentially even better returns, Alliance & Leicester is also offering a Growth & Income Account. This is a five year product, paying 7.0% gross p.a./AER on one half of the investment and 50% of any growth in the FTSE 100 Index (subject to averaging) on the other half.

Hetal Parmar continues: "For those more adventurous Brits over 50, the Growth & Income Account may be just the ticket. Not only is all the capital safe - to be returned at the end of the five years - but half of it earns 7% every year, while the other half benefits from growth of the FTSE 100 Index."

The new Alliance & Leicester Growth & Income Account offers:

Guaranteed initial investment if held for the full term
Open to new and existing Premier 50 Current Account customers
Available as a cash ISA - and also accepts Cash ISA transfers into the product
Minimum investment £3,600
Provided by Credit Suisse

For more information, visit alliance-leicester.co.uk