50+ Savings account aims to reward those who save more

Abbey Savings warns that many people won’t have much to celebrate, financially speaking, when they hit the big five ‘O’. Many Britons haven’t built up sufficient savings and could well be facing a challenging retirement.

Although the 50+ segment of society hold 91 per cent of savings and current account assets, 43 per cent of ISA assets and 33 per cent of shares, research undertaken by GFK NOP found that the median figure for the amount accumulated in savings and investments accounts by the age of 50 is £7,179.

This indicates that many people aged 50 may need to save more.

What does £7,179 buy you today?

1/ 30th of an average house today
Four treatments of La Mer “The Essence” face cream
An annuity of £397.08 a year
Quarter of a Tiffany one carat diamond engagement ring
1435 grams of Golden Almas caviar
Eleven “top price” tickets to see Barbara Streissand
14 bottles of La Vielle Bon Secours beer

Alexia Kilby, Head of Savings at Abbey, said: “Although the over 50s have been one of the most successful generations, many people need to save more to achieve a good retirement.

“We launched our 50+ Saver account to reward those over 50 who want to save more.”

Abbey 50+ Saver

The Abbey 50+ Saver has been designed following consultation with Abbey customers and offers:

Up to 6.30per cent AER(10), including bonus of 0.50 per cent until 1 October 2008
Interest rate (AER) guaranteed to move in line with any changes in the Bank of England Base Rate until 1 October 2008
A minimum opening balance of £1, maximum deposit of £2m
Account is accessible by telephone, post, internet and cash machine
Interest can be credited monthly to a suitable Abbey account

Famous 50 year olds

The next month sees a number of celebrities reaching their 50th birthdays.

Stephen Fry, British Comedian
Denis Leary, American Comedian
Steve Davis, Snooker Player
Bernard Langer, Golfer
Gloria Estefan, Singer
Melanie Griffiths, American Actress
Robin Cousins, British Figure Skater
Carole Bouquet, Bond Girl (For your Eyes Only)