Current account for over 50s launched by Alliance & Leicester

| October 30, 2007 | 0 Comments

Alliance & Leicester has this week introduced a new current account called the Premier 50 which is aimed at the over 50s.

The account offers exclusive lifestyle benefits such as annual worldwide travel insurance which covers a person up to the age of 79 and access to private medical expertise and diagnostic tests. In addition, the account offers a credit interest rate of 7% AER.

According to the Alliance & Leicester, leisure and travel are important to this age group as 13% of people over 55 take over 5 holidays per year. Finding adequate standalone travel insurance which covers you beyond the ages of 65 or even 60 is often difficult.

The Premier 50 account provides customers up to the age of 79 to travel anywhere in the world, as many times a year as they want.

The Alliance & Leicester also established that the biggest concern for this age group is their health, followed by family then finances. The Premier 50 current account offers customers access to up to 2 out-patient private medical consultations a year and up to £750 towards out-patient diagnostic tests in addition to a 24 hour confidential helpline which operates 365 days per year.

However, research also shows that over 50s are reluctant to change their current accounts and 46% confess to never having switched banks.

Another attraction is that customers will also be able to deposit cash and cheques and withdraw cash at 12,000 Post Office sites up and down the country.

The Premier 50 Account offers the above features for a monthly fee of £10.

The Alliance & Leicester is not the only bank targeting specific age groups, last week the Natwest launched a current account aimed at youngsters called The Natwest Adapt. It will target 11-18 year olds in the hope that they will be encouraged to handle their own finances in a responsible manner.

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