Savings account offers senior’s travel insurance

Free annual travel insurance in Europe is being offered as a bonus incentive to those over the age of 50 who sign up for a savings account with the Yorkshire Building Society. The savings account pays tiered rates of interest and is specifically tailored to the needs of over-50s.

In order to open the branch-based savings account, an initial deposit of £5,000 is required. The account is only available to individuals and must be opened under a single name.

The account comes with travel insurance for trips for those over the age of 50, traveling within Europe. Although the account holder must be an individual, the insurance can be upgraded to include anyone up to the age of 75 including partners, and children. The coverage can be additionally extended to provide protection for travel anywhere in the world.

Jardine Llyod Thompson is providing the insurance coverage. The policy which comes with the savings account allows for claims of up to £5 million for medical expenses, up to £3,000 for trip cancellation or interruption and a maximum of £2 million for personal liability.

Moneyfacts.co.uk’s spokesperson, Andrew Haggar, said: It is refreshing to see Yorkshire entering the over-50s' savings market with an innovative approach. A product like this is likely to appeal to the frequent traveller with £5,000 or more to invest."

Yasmin Purnell Editorial
01/04/08