According to Abbey, the account, which has a minimum opening balance of GBP1 and a maximum deposit of GBP2 million, comes with a cashcard and will be accessible by telephone, post, internet and cash machine. The bank has also said that the interest can be credited monthly to any other Abbey account.
Reza Attar-Zadeh, head of savings and investments at Abbey, said: The 50+ market is transforming UK society. They are the only growing segment of the population, hold 60% of all savings and are responsible for over 40% of all consumer demand.
She continued: Our research shows they are highly active, and their lifestyle and financial choices mean that they need instant access to their savings. They are the fastest growing users of the internet, which is why we offer online access to the account. They also want the flexibility to bank using other methods, such as post, telephone and ATM banking.
