Young bankers embrace mobile banking

Today’s young bankers are embracing new technology to keep track of their finances, with more than half (54%) of 16-21yr olds willing to use their mobile phones to check the balance on their current account, according to research from Alliance & Leicester Current Accounts.

This group are almost twice as likely than other age-groups to engage in new banking methods, with four in ten (44%) willing to use their handset to check they have enough money to make a purchase, and over a third (38%) willing to check mini statements via their mobile phones. And as the summer holiday season starts, its good to see that over a quarter (27%) of young people are willing to use the convenience of their mobiles to keep an eye on their current account activity whilst abroad.

Mobile phone banking gives customers secure access to their finances 24 hours a day, 7 days a week, at home or abroad, with instant account balances and mini statements on their handset screen. All customer details are protected by a personal passcode and information is automatically deleted from the phone’s memory. In the future, the technology will be enhanced to offer extended services such as bill payments and account transfers.

Alliance & Leicester’s market leading Premier 21 current account, which has an unbeatable credit interest rate of 10.00% AER, also offers mobile banking technology to 16-21yr olds, and until the end of June, all customers who register for this service, and use it before the end of the month, will receive a £10 credit to their current account. In addition, by using mobile banking, Premier 21 customers will also be eligible for free mobile phone top-ups.

Commenting on the issue, Helen Palmer, Current Accounts Manager at Alliance & Leicester said: “Mobile phones have fast become a central tool in everyone’s day-to-day lives, and being able to use them for extended services like managing your finances will be extremely convenient for very many people. Although the technology is still relatively new, it’s great to see young people embracing it to keep a check of their finances and manage their money more effectively.”

“Our Premier 21 account is tailored specifically for 16-21yr olds who choose to head straight into work rather than go to university. It offers them a best-buy credit rate of interest, a market leading overdraft and linked savings account, as well as secure mobile banking services, and free mobile phone top ups. For those who register before the end of June, and use their mobile to check their balance or get a mini statement, they will receive £10 credited to their account.”

The Premier 21 Account offers 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 £1,000
Balances over £1,000 earn 0.10% gross
Guaranteed minimum overdraft of £250 subject to minimum age of 18yrs and credit scoring
£10 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