Alliance & Leicester: NatWest’s new ‘adapt’ current account

Andy Bayes, Head of Current Accounts at Alliance & Leicester said: “Tailoring current accounts to specific groups of customers has been an integral part of our strategy for some time, and it is a compliment to see other banks taking our lead and tailoring bank accounts to cater for the needs of individual groups.

“However, like other big name banks, where NatWest’s Adapt account lets young people down is in its credit interest rate which is a mere 3.15% AER.

“In stark contrast, the Alliance & Leicester Premier 21 current account, which is also designed for young people - those aged 16 -21 years in employment - offers an outstanding credit interest rate of 10.00%. The Premier 21 account also offers a linked savings account with a high interest rate of 5.25% AER.

“With a credit interest rate of over three times that of NatWest’s new offer,Premier 21 will really help people in their late teens make their hard-earned money go further, by paying 6.85% more in interest, alongside a high interest savings account, as well as the many associated benefits the account offers young people.”

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
Guaranteed minimum overdraft of £250 subject to minimum age of
18 years and credit scoring
Linked PlusSaver account with 5.25% AER interest rate
Visa Debit card
Easy switching service
Free mobile phone top ups via Mobile Banking
Cheque book available on request