The account has been designed to make the hard-earned cash of those who are just starting out on their career go further with a seemingly impossible credit interest rate of 10.00% AER.
Alliance & Leicester is one of the few banks to design and tailor a current account to this specific group - a group often overlooked in favour of under-graduates.
As well as having the highest credit interest rate of any account currently on the market, Premier 21 customers can also benefit from a range of added benefits including:
Linked Plus Saver account with 4.80% AER interest rate (3.84% net) - to encourage regular saving
• Visa Debit card
• Overdraft facility (for those aged 18 year and over)
•Access to the account 24 hours a day via internet and telephone banking
In addition, Premier 21 customers can benefit from a dedicated 'Recommend a Friend' scheme. Any existing Alliance & Leicester customers who has a family member in this age group, can benefit from knowing their recommendation helps their family member get started with a ¯¿½30 account opening cash incentive.
Also any Premier 21 Alliance & Leicester customer who recommends the account to a friend, will earn themselves, and their friend, ¯¿½15 each per account.
The mobile generation will also be able to keep track of their money by using Alliance & Leicester's secure mobile banking service, which gives account holders access to their finances 24 hours a day, at home or abroad via their mobile phone.
Premier 21 account holders will be able to take advantage of an incentive which will credit ¯¿½10 to the account of the first 20,000 customers who register their mobile phone for banking, and use it between now and 30th June 2007.
Commenting on the new Premier 21 account Helen Palmer, Current Accounts Manager at Alliance & Leicester said: "Many high street banks overlook the needs of young people outside of the undergraduate group. We think it's important to recognise those who are just starting out in their working life and offer them support."
Initially launched in 2004 as the Young Worker Account for 16-24 year olds, Alliance & Leicester has made the decision to re-vamp and re-launch the account as Premier 21, available exclusively for 16 to 21 year olds.
The Premier 21 Account will offer the following:
• A best-buy credit interest rate of 10.00% fixed for at least one year from account opening on balances of up to ¯¿½1,000
• Balances over ¯¿½1,000 earn 0.10% gross
• Guaranteed minimum overdraft of ¯¿½250 subject to minimum age of 18yrs and credit scoring
• ¯¿½10 ATM buffer zone giving customers emergency access to the last few pounds in their account via an ATM, even if the balance is below £10 (and in credit).
• Linked PlusSaver account with 4.80% AER interest rate (3.84% net)
• Visa Debit card
• Easy switching service
• Free mobile phone top ups via Mobile Banking
• Cheque book available on request
