Alliance & Leicester launches savings products for the over-50s

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Alliance & Leicester launches savings products for the over-50s

Tue 5th Aug 2008

Two new products for savers aged over 50 have been launched by Alliance & Leicester.

One product, the Premier 50 Fixed Rate Bond, pays 7.50 per cent gross per year, while the five-year Growth & Income Account pays seven per cent gross per year on one half of the investment and 50 per cent of any growth in the FTSE 100 Index.

The bond, which is available for a limited time only, matures on September 30 2009 and is available for investments of £1,000 to £10,000.

The Growth & Income Account is also available as a cash ISA and requires a minimum investment of £3,600.

According to research by Alliance & Leicester, people over 50 are more careful about saving, with 30 per cent never taking financial risks.

Insurance company Liverpool Victoria has found that more than half of Britons over 50 have never sought financial advice about their pension savings, reports MSN Money.

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