Building society launch fifty-plus savers account

Thursday, October 27, 2005

A building society has announced the launch of an account to benefit those who are at least 50 years old.

The Portman Building Society has said that their new 50 Plus Monthly Interest Account will be available from October 29th and will offer a 5.00 per cent gross interest rate.

There is also an initial bonus of 0.50 per cent above the Bank of England Base Rate (BBR) for nine months.

"This is a time when people will often come to rely more heavily on their savings," said Helen Shaw, group communications manager at Portman, the UK's third largest building society.

"They will be seeking the security of a product that will make their savings work hard, whilst generating a regular income."

She added: "We have, therefore, designed a branch based passbook account which is competitive, yet simple and convenient to use."

The Portman account is launched following recent news that the state of pensioners' finances is not good, and that many are retiring saddled with debt.