Those over the age of 50 could now start saving money in a savings account that was designed with them in mind.
The savings account, launched by Portman Building Society, pays a savings interest rate of five per cent for the first nine months.
After this period, the savings interest rate will revert back to 0.05 per cent above the Bank of England interest rate for at least another year.
Interest on the minimum investment of £2,500 is calculated on a monthly basis. Savings account holders are allowed to make as many additional deposits or withdrawals as they wish.
The 50 Plus Monthly Interest Account has been designed in response to feedback Portman received from its members, says communications manager Helen Shaw.
Many of these members are older than 50 and are either considering retirement or have retired, she points out.
"This is a time when people will often come to rely more heavily on their savings. They will be seeking the security of a product that will make their savings work hard, whilst generating a regular income," Ms Shaw explains.
This is why Portman has designed the branch-based passbook savings account which is "competitive, yet simple and convenient to use".
Over-50s get special Portman savings account
Financial Services > e-banking > Banking news
Over-50s get special Portman savings account
Thu, 27 Oct 2005
Recommended links
Portman rewards most loyal savings account holdersCompare UK Bank Accounts & Find the Best Rates
Pensions and property
| Banking news |
|---|
| Banks failing on online fraud says MPs report - Tue, 05 Apr 2011 |
| Lloyds TSB is to change the interest rates on its Vantage current account - Thu, 31 Mar 2011 |
| Contactless debit cards from Lloyds TSB - Tue, 29 Mar 2011 |
| More News |
Simplyhealth Dental Plan
Affordable cover from only £7.50 per month. Join now and get first month FREE
Amex Cash Back
Credit Card
Credit Card
Get 5% cash back on purchases with Amex
Income Protection Insurance
Get an instant quote with the award winning company