Alliance & Leicester's Premier 21 current account comes of age

Alliance & Leicester's Premier 21 current account for 16 to 21 year olds is still offering a market-leading rate of 10% AER, a year on from its launch. This is despite the Bank of England Base Rate of interest being cut three times during the same time period.

Alliance & Leicester's best-buy Premier 21 account was created to recognise the financial needs of 16 to 21 year olds. It offers an unbeatable credit interest rate of 10% AER, allowing the hard-earned cash of those who are just starting out in their working life to go even further.

Alliance & Leicester is one of the few banks to design and tailor a current account to this specific group, one which is often overlooked by other high street banks.

Alliance & Leicester Current Accounts' original research revealed that three quarters (79%) of people were not aware that accounts specifically designed for young people in employment even existed when they started work, even though this age group has high financial ambitions.

Research also revealed that 16 to 21 year olds in employment, almost half (48%) expect to be earning over £30,000 in 10 years, and over half (51%) are either not in debt or aim to be completely debt free before they reach 30. With such clear financial goals, it is good that there is a bespoke account offering such good value.

Commenting on the Premier 21 account, Andy Muddimer, Current Accounts Manager at Alliance & Leicester said: "The success of the Premier 21 account proves how tailoring accounts for specific groups of people provides customers with an account most suited to their needs. With Premier 21's high credit interest rate and great benefits, the account allows customers to make their pay packet stretch further."

The Premier 21 account offers the following:

10% AER credit interest on the first £1,000 for one year, followed by an ‘go to' rate that tracks the Bank of England Base Rate
Linked Plus Saver account with 5.50% gross p.a. / AER interest rate
Visa Debit card
Customers over 18 are able to apply for an interest free overdraft
Access to the account 24 hours a day via internet and telephone banking
Recommend a friend and you and a friend each receive a £25 incentive

To find out more information about Alliance & Leicester award winning Premier range of current accounts and the latest offers, visit alliance-leicester.co.uk/currentaccounts