UK banking group Alliance & Leicester has launched its Premier 21 account, aimed specifically for those who fall into the 16 to 21-year-old category, available as of April 30, 2007.
The account is designed to give those who are just starting out on their career a head start, with a competitive credit interest rate of 10% AER on their balance.
Alliance & Leicester is one of a minority of banks to design and tailor a current account to this specific group, whereas most other high street banks favor undergraduates.
In addition to offering a high interest rate, Premier 21 also offers customers benefits such as a Visa debit card, an overdraft facility for those over the age of 18 and a linked Plus Saver account with a 4.8% AER interest rate to encourage regular saving.
Furthermore, Premier 21 customers can benefit from a ‘recommend a friend’ scheme, whereby any Premier 21 Alliance & Leicester customer who recommends Premier 21 to a friend will earn themself, and their friend, GBP15 each, per account. Any existing Alliance & Leicester customer who has a family member in this age group can also benefit from knowing that their recommendation helps their family member get started with a GBP30 account opening cash incentive.