Alliance and Leicester launches double savings offering for the over 50s

New Fixed Rate Bond paying 7.50% gross pa/AER and a Growth and Income Account

Alliance andamp; Leicester today launches two new savings products specifically designed for the over 50s.

The first, the new Premier 50 Fixed Rate Bond, pays 7.50% gross pa/AER and is available for a limited time only.

Research from Alliance and Leicester Savings reveals that the over 50s take a more cautious attitude to their savings.

Around a third (30%) of the over 50s never take risks with their finances, compared to one in five (19%) of the under 35s.

Women over 50 are even more cautious than men - with 35% of them never taking financial risks, compared to 26% of men.

However, another third (34%) of the over 50s are prepared to take some risk especially if it offers the potential to earn more from their money.

Hetal Parmar, Savings Manager at Alliance and Leicester said: "Our Premier 50 Fixed Rate Bond is ideal for the over 50s who don't like to take risks with their finances - it pays a fixed 7.5% in interest and is available to customers who open or hold a Premier 50 Current Account.

"The Premier 50 Current Account pays 8.5% AER on credit balances up to ?2,500 and offers an exclusive range of benefits, all for just ?10 a month - making this current account and fixed rate bond a highly tailored and exclusive offer for the over 50s." The new Premier 50 Fixed Rate Bond offers: A market leading interest rate of 7.50% gross p.a./AER, fixed for one year Bond matures on 30 September 2009.

Interest paid annually, in the anniversary month.

Minimum investment ?1,000.

Maximum investment ?10,000.

No withdrawals.

Available to both new and existing Premier 50 Current Account customers, however, the bond will not be accepting transfers or cheques from other Alliance and Leicester accounts.

For the over 50s who are looking for potentially even better returns, Alliance and Leicester is also offering a Growth and Income Account.

This is a five year product, paying 7.0% gross p.a./AER on one half of the investment and 50% of any growth in the FTSE 100 Index (subject to averaging) on the other half.

Hetal Parmar continues: "For those more adventurous Brits over 50, the Growth and Income Account may be just the ticket.

Not only is all the capital safe - to be returned at the end of the five years - but half of it earns 7% every year, while the other half benefits from growth of the FTSE 100 Index." The new Alliance and Leicester Growth and Income Account offers: Guaranteed initial investment if held for the full term.

Open to new and existing Premier 50 Current Account customers.

Available as a cash ISA - and also accepts Cash ISA transfers into the product.

Minimum investment ?3,600.

Provided by Credit Suisse.

Customers can apply for these Alliance and Leicester Premier 50 Current Account exclusive offers, by visiting an Alliance and Leicester branch or calling 08000 68 66 99 to book an appointment with a Financial Advisor.

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