Alliance & Leicester launches Premier 21 Account

Alliance & Leicester is extending its market-leading Premier current account range to recognise the needs of 16-21 years old with the launch of the Premier 21 Account. The account, which launches on Monday 30th April, has been designed to make the hard-earned cash of those who are just starting out on their career go further with an unbeatable 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 by other high street banks in favour of under-graduates. This extension to the award-winning Premier current account range re-affirms the bank’s challenge to the Big Four and is yet another example of Alliance & Leicester’s commitment to being the UK’s leading current account provider.

As well as having the highest credit interest rate of any current 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 £30 account opening cash incentive. Also any Premier 21 Alliance & Leicester customer who recommends Premier 21 to a friend, will earn themselves, and their friend, £15 each, per account.

This mobile phone generation will also be able to keep track of their money on the move by using Alliance & Leicester’s secure mobile banking service, which gives account holders access to their finances 24 hours a day, 7 days a week, at home or abroad via their mobile phone.

Premier 21 account holders will be able to take advantage of an incentive which will credit £10 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 is important to recognise those who are just starting out in their working life and offer them support, especially in the first stages of their professional lives when they are likely to be making important financial decisions.

“With the highest credit interest rate on the high street, Premier 21 offers young people the opportunity to maximise their hard earned cash and make their pay packet stretch further. We are proud to have designed a highly competitive account with unrivalled rates and benefits for this age group.

“We are also enabling the mobile phone generation to keep track of their money on the move with access to A& L’s cutting edge secure mobile banking service. This means, with a huge 10% AER in-credit interest rate, they will be able to see their money grow whatever the time and wherever they are.”

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 16–21 year olds. At the age of 22 existing Premier 21 customers will be offered Premier Direct, Alliance & Leicester’s award-winning best-buy current account with an unbeatable credit interest rate of 6.5% AER, subject to terms and conditions.

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 £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