UK Money News
25th March 2008
Alliance & Leicester targets youths with new ISA
Alliance & Leicester has announced the launch of a new independent savings account (ISA) aimed at encouraging youngsters to take advantage of the tax free savings on offer.
The account is available to young people between 16-21 years of age who open an Alliance & Leicester Premier 21 current account.
Those signing up for this product will then be eligible to take up the lender's Premier ISA Issue 2, which offers a rate of ten per cent AER.
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, with customers able to make use of tax free advantages without risk on any amount from £1."
A study conducted by Alliance & Leicester found that 67 per cent of young people surveyed admitted they had no idea what the abbreviation ISA stands for.
Meanwhile, a further ten per cent said they had never heard of an ISA.
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