Fifty plus banking

Sean Gardner, Chief Executive of MoneyExpert.com, said:

"The Alliance and Leicester Premier 50 account seems well suited to over 50s and is yet more evidence that banks are trying to target different groups of customers with special deals.

"The seven per cent credit interest is a good deal, although it does drop to one per cent below the Bank of England base rate after a year. For a packaged account that’s not quite as competitive, and customers should bear that in mind.

"However the benefits package seems enticing – health and travel are two of the key areas of interest for over 50s, and the perks match up to that. However it’s also worth noting that many over 50s may have specific medical conditions that may not be covered under the terms of the travel insurance, or which may exclude them from certain health benefits. While not a criticism of the product, it would be prudent for customers to check this out before applying.

"The £10 per month charge is just under the average for a packaged account, which is around £11.80 per month."

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