Space racers become super savers

This week is the 50th anniversary of the launch of Sputnik 1, which marks the start of the Space race.

50 years on, the 50+ generation form one of the most important segments of society, holding 91 per cent of savings and current account assets, 43 per cent of ISA assets and 33 per cent of shares.

Indeed, they have been so successful that Abbey research earlier this year revealed that the personal wealth was greater than the GDP of every country in the world except the USA.

It’s not just in finances that the 50+ generation have had it good. Abbey research found that 71 per cent of people aged over 55 say they’re more astute than their parents were at the same age. 63 per cent believe they are fitter and 74 per cent say they have a more comfortable life too.

Reza Attar-Zadeh, Head of Savings at Abbey, said: “It is amazing to think it is over 50 years since the space race began. The generation who were born before the space race launched are now over 50 and have now grown into one of the most successful and influential generations – both culturally and financially.

“For this reason, we launched our 50+ saver account to create an account that reflects the status of the over 50s and offers highly competitive rates to encourage saving for those approaching retirement.”

Abbey’s 50+ Saver account is designed exclusively for people aged 50 or over. It offers up to 6.30 per cent interest, and guarantees to move in line with any changes in the Bank of England base rate until July 2008.

Abbey 50+ Saver

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

Up to 6.30 per cent AER, including bonus of 0.50 per cent for 12 months following the opening of the account
Interest rate (AER) guaranteed to move in line with any changes in the Bank of England Base Rate until 1 July 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

Customers can apply for the 50+ Saver account online at abbey.com.