You are here: Home - Saving-Banking - News -

Aldermore boosts savings rates on its fixed term products

Written by: Christina Hoghton
The bank has increased rates on its fixed savings, including its one, two and three-year fixed rate ISAs

Aldermore bank has increased the interest rate on a range of its savings accounts, including fixed rate savings and ISAs.

The bank’s Fixed Rate Savings accounts provide long term rates for an agreed period, protecting savers from interest rate fluctuations.

Aldermore has boosted its one-year Fixed Rate to 1% from 0.95% and increased its two-year Fixed Rate to 1.05% from 1%.

Tax-free savings

ISAs provide a tax-free wrapper for your savings and the bank has increased savings rates on its Fixed Rate Cash ISAs. The products provide guaranteed interest rates over a choice of terms, and the interest you earn is tax free and doesn’t count towards your Personal Savings Allowance.

The changes include:

  • The one-year Fixed Rate ISA has been increased to 0.85% from 0.80%
  • The two-year Fixed Rate ISA has been increased to 1.05% from 1.00%
  • The three-year Fixed Rate ISA has been increased to 1.10% from 1.05%.

Ewan Edwards, director of savings at Aldermore, said: “Lockdown has helped many people start a regular savings habit and build up a savings pot.

“Whether it’s to go towards a particular savings goal or to be kept safe for a rainy day, having the financial security to realise those dreams reinforces the important message to keep saving.

“Fixed rate saving products offer protection against fluctuations and are particularly beneficial for forward planning as savers will know exactly how much they’ll receive at the end of the chosen term. These products are the ideal savings vehicle for planning towards a big purchase like a car, housing deposit or a big occasion like a dream holiday or wedding.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you wanted to know about ISAs…but were afraid to ask

The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week