N&P extends commitment to over 50s

At a time when interest rates have been changing relatively frequently, savers want to know that they are getting the best deal for their money.

To help them along, Norwich and Peterborough Building Society (N&P) is improving its commitment to customers aged 50 or over – by extending its guarantee that the rate on its 50 Plus Savings Account will be no lower than 0.5% below Bank Base Rate until 1st January 2010. The rate currently stands at 5.60% gross.

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. N&P’s 50 Plus Savings Account 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 account has no strings attached – just a great rate.

Gary Lacey, group product manager for N& P, said: “When we launched 50 Plus back in September 2006, we guaranteed that the rate would be no lower than 0.5% below Bank Base Rate until 1st January 2008. To ensure savers in this age category know that they’ll continue to receive good rates of interest, we’re pleased to be able to extend this guarantee for a further two years. We think our 50 Plus Savings Account remains the best of its type in the market because it’s clear and transparent. Unlike some other accounts for the over 50s, you can choose to have a passbook and operate it through any of our branches, as well as by telephone or internet. There are no stringent maximum restrictions on how much you can invest and we pay a very good rate without a short term bonus – in other words, no strings attached!”