Alliance & Leicester launches Isa for young people

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Alliance & Leicester launches Isa for young people

Alliance & Leicester is offering an individual savings account (Isa) with an interest rate of ten per cent to its Premier 21 current account customers, who are primarily aged between 16 and 21.

It is also open to its Premier Current Account and Premier 50 account users.

The bank is hoping that the market-leading rate will encourage young people to save more, after its research revealed that 67 per cent of working 16 to 21-year-olds are not sure what an Isa is.

Some 16 per cent of those surveyed admitted to not putting away any money at all, while nearly one in ten said they would rather spend their cash than save it.

Emma Walkley, product manager at Alliance & Leicester, said: "Young people should be encouraged to start saving early to ensure their financial future is safe. Isas are often the first step into the world of regular saving."

Nationwide announced earlier today that only one in ten savers have topped up their Isa by more then £3,000 this tax year.
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