The new over 50s current account from A&L pays 7% - Savings - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

The new over 50s current account from A&L pays 7%

The new over 50s current account from A&L pays 7%

Category: Savings

Updated: 31/10/2008
First Published: 29/10/2007

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Alliance & Leicester have just launched a new Premier 50 Current Account, which is an impressive account all round and unrivalled in many of its features.

Paying a market leading credit interest rate for the first year, and sustaining a competitive rate thereafter makes this a great account for the longer term too. 7% AER (up to £2.5K) is better than any standard variable savings rate in the market today. But for those who do slip into the red, the same market leading overdraft structure also applies.

By not imposing a minimum funding requirement these top rates are available to everyone over 50 regardless of their income levels.

It's pleasing to see that Alliance & Leicester has not entered into this packed market gun ho, offering every benefit under the sun just to bulk out the value of the account. This is a packaged account with benefits targeted to meet its customer's needs. Even by just making use of the travel insurance, the account pays for itself.

The additional beauty of this account, other than being available through the telephone, online and in branches, is that you can pay in and withdraw from your local post office.

As with any packaged account, the benefits are only worth any value if you make use of them; otherwise you will be paying something for nothing.

Related links:

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Just 44 savings accounts beat inflation

Inflation recorded another large jump during December, and predictably, this has had a devastating impact on the number of savings accounts that beat it, so much so that you’ll need to lock your money away if you want an inflation-beating return.

Just 47% have money in a savings account

We’re often told of the importance of saving, yet unfortunately, the message doesn’t always get through. Indeed, research shows that just 47% of those surveyed have money in a savings account, and 17% have no savings or investment whatsoever.

How much will you save this year?

Many of us have set savings goals for the year ahead, and planning to budget better and save more will be at the top of many financial resolution lists. But how much are you hoping to squirrel away? Encouragingly, many people have impressive targets.
 
Close