Alliance and Leicester launches account for over 50s
July 21, 2008
The Alliance and Leicester has launched a new bank account that is specifically aimed at the over 50s, known as the Premier 50 account. The bank states that the Premier 50 account offers a number of benefits that will suit consumers within this age group, and therefore could prove invaluable. Consumers will have to pay a monthly fee of £10 for the account, but the Alliance and Leicester states that the value of the benefits that they can enjoy for this price is tremendous.
One of the major benefits that may draw older consumers to the Premier 50 account is the travel insurance that is offered. The account enables accountholders to enjoy annual worldwide travel insurance cover as part of the package. This could prove very useful for older travellers, as it can be very difficult for those aged 60 and over to get affordable travel insurance cover. The travel insurance with the Premier 50 covers consumers up to the age of 79.
Officials are not yet sure with regards to how successful the account is likely to be, not because of the account itself but because of the reluctance of those within this age group to switch accounts. Recent data has shown that nearly 50% of people aged over fifty have never switched accounts, and their reluctance to do so could affect the success of the Premier 50 account.
Other benefits that come with this bank account is the ability to deposit cash and cheques and make withdrawals at thousands of post offices around the country, which could increase convenience and accessibility for many consumers. Accountholders will enjoy medical benefits, including diagnostic tests and consultations, a generous 7% AER on credit balances, and a number of lifestyle and leisure benefits.
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