Product category:
Banking / credit / debt
News Release from: Alliance & Leicester | Subject: Banking
Edited by the Insidemoneytalk Editorial
Team on 31 October 2007
Alliance and Leicester to launch bespoke
current account for over 50s
Table topping credit interest of 7% pa/gross AER
Annual worldwide travel insurance up to age 79 Health benefits to help allay health fears
This article was originally published on Insidemoneytalk on 23 Feb 2007 at 8.00am (UK)
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Alliance and Leicester today announces the launch of Premier 50, a new current account designed to appeal to the over 50s; which includes a table topping credit interest rate of 7% AER, plus a series of exclusive lifestyle benefits including annual worldwide travel insurance which covers you up to the age of 79, and access to private medical expertise and diagnostic tests.
Leisure and travel are increasingly important to this age group, with one in eight (13%) people over 55 taking more than five holidays per year.
Over half (54%) of those aged 50 and above say that travelling more is one of their biggest priorities for the next five to ten years, with two thirds (68%) saying they want to travel further afield to destinations such as New Zealand, Thailand and China.
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Finding adequate standalone travel insurance which covers you beyond the ages of 65 or even 60 is often difficult and expensive, but with Premier 50, customers up to the age of 79 can have peace of mind that they are insured to travel anywhere in the world, as many times a year as they want.
Research by Alliance and Leicester also shows that the biggest worry for people over 50 is their health (58%), ahead of family (49%) and finances (34%) - and well ahead of their career, at only 4%.
In fact, seven in ten (70%) of those over 50 worry about their health more than they did before they reached the golden age, and 90% rate getting seen quickly by a doctor as important to them.The Premier 50 current account offers customers access to up to two out-patient private medical consultations a year and up to £750 towards out-patient diagnostic tests as well as access to a 24 hour confidential helpline which operates 365 days per year.
Emma Walkley, Senior Current Account Manager at Alliance and Leicester comments: With Premier 50, we have put together a great package, which for just £10 a month could provide over £1,000 worth of benefits.
In contrast to many packaged accounts, Premier 50 offers both a table topping rate of credit interest, as well as really relevant and useful benefits.
With Alliance and Leicester, current account customers over 50 have a great choice; they can either opt for our fee-free Premier Direct which offers a great rate of 6.5%, or for just £10 a month they can receive an even higher rate, and access to some really fantastic extra benefits that are useful to them.
For many people who don't have private medical insurance including those who no longer receive it free with their job, the quick access to medical advice and diagnosis for health concerns are benefits well worth the £10 a month alone.
The monthly fee certainly pays for itself, in particular with the benefit of annual worldwide travel insurance, and provides both new and existing customers with great incentives to make the change and switch to a better deal.
Despite the fact that today's silver generation aren't afraid to try new things in other areas of their life - with sky diving, bungee jumping and fighter jet flying all on the wish list, in contrast, they are more reluctant to change their current accounts, with nearly half (46%) admitting that they have never switched banks.
While many over 50s are not averse to trying something new, one thing they will be familiar with is using Post Office.
Alongside internet, telephone and branch-based banking at Alliance and Leicester, they will also be able to deposit cash and cheques, and withdraw cash at 14,000 Post Office sites up and down the country.The Premier 50 Account will offer the following for a monthly fee of £10: Credit interest rate of 7.00% fixed for 12 months on balances up to £2,500.
Annual worldwide travel insurance up to the age of 79.
Health benefits including access to up to two private out-patient consultations and up to £750 towards out-patient diagnostic testing per year as well as access to a 24/7 Health at Hand helpline 0% overdraft for life4 Linked PlusSaver account paying 6.00% AER.
Bonus of 0.75% on standard rate on first £50,0005.
Access to all Premier account features including Recommend A Friend scheme, Premier Switching Service and Premier Regular Saver (subject to promotional offer) Account can be serviced via branch network, telephone or online, or through 14,000 Post Office sites.
Premier 50 Card Care Premier 50 Identity Protection and Alert Single or joint account available.
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