Current account for over 50s

Friday, 24 October 2008 20:13

Alliance & Leicester’s Premier 50 Current Account is exclusively for the over 50s. It has a range of benefits including worldwide travel insurance and exclusive health benefits up to the age of 79.

The account carries a monthly fee of £10.

The account earns 8.5% AER (fixed for one year) on balances up to £2,500. The interest rate drops away to only 0.10% on amounts above £2,500, so it’s only worth putting £2,500 in this account.

It could be a good account for an overdraft as there are no interest or usage fees on arranged overdrafts in the first year. After that period there is still no interest, but there is a usage charge of 50p a day up to £5 a month. The maximum overdraft is £2,500.

Once you hold a Premier 50 Account you can get a Premier 50 Fixed Rate Bond offering 7.50% on amounts between £1,000 and £10,000, and/or an Growth & Income Account (minimum investment £3,600) offering 7.0% gross on one half of the investment and 50% of any growth in the FTSE 100 Index (subject to averaging) on the other half. (This might just be a good time to invest in the FTSE, though who can be sure?).

There are health care related benefits with the Premier 50 account. You will receive prompt access to the first stages of essential health care for medical conditions which arise after you join. Premier 50 Health Benefits provide up to two eligible out-patient private medical consultations each year and give you access to private out-patient diagnostic testing worth up to £750 for each account holder, if you are aged 79 or under.

Worldwide annual multi-trip travel insurance (excluding wintersports) applies to those 79yrs and under. The insurance is free for 12 months from the date you open your Premier 50 current account.

To compare the entire market for the best savings accounts visit compare savings accounts.

What's this?