Alliance & Leicester is launching launches two new savings products for the over-50s. The first, the Premier 50 Fixed Rate Bond, pays 7.50% gross pa/AER and is available for a limited time only.

Hetal Parmar, Savings Manager at Alliance & Leicester, said: "Our Premier 50 Fixed Rate Bond is ideal for the over-50s who don't like to take risks with their finances - it pays a fixed 7.5% in interest and is available to customers who open or hold a Premier 50 Current Account.

"The Premier 50 Current Account pays 8.5% AER on credit balances up to £2,500 and offers an exclusive range of benefits, all for just £10 a month - making this current account and fixed rate bond a highly tailored and exclusive offer for the over-50s."

The bond, which matures on 30 September 2009, offers annual interest for a minimum investment of £1,000 and maximum investment of £10,000. No withdrawals are permitted during the investment term.

New and existing Premier 50 customers can apply, but investors are not allowed to transfer funds from  other Alliance & Leicester accounts.

At the same time,  Alliance & Leicester is also offering a Growth & Income Account in conjunction with Credit Suisse.  This is a five-year product, paying 7.0% gross p.a./AER on one half of the investment and 50% of any growth in the FTSE 100 Index (subject to averaging) on the other half.  It, too, is open to new and existing Premier 50 Current Account customers. The  minimum investment is £3,600 and the account is available as a  cash ISA - and also accepts cash ISA transfers.

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