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Aldermore announces changes to mortgages and savings rates

POSTED: 10th August 2016
IN: Newsroom
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Aldermore, the specialist lender and savings bank, has today confirmed it will be reducing its variable mortgage and savings rates by 0.25% following the Bank of England’s decision to decrease Bank Rate by 0.25% from 0.50% to 0.25% .

The Aldermore Managed Rate, the Bank’s standard variable mortgage rate will reduce from 4.98% to 4.73% for both new and existing customers on the 1st September 2016.

The following savings account changes will also be introduced:

  • Business Savings Easy Access Accounts will reduce from 1.10% to 0.85% on 30th September 2016 for existing customers and 11th August 2016 for new customers.
  • Help to Buy ISA will reduce from 2.00% to 1.75% on 30th September 2016 for existing customers and 18th August 2016 for new customers.
  • Retail Easy Access Accounts (issues 1-9) will reduce from 1.25% to 1.00% on 30th September 2016 to align with the current on sale rate for new customers (issue 10).
  • 30 Day Notice and ISA accounts (issues 1-5) will reduce from 1.30% to 1.05% on 30th September 2016 to align with the current on sale issue rates for new customers.
  • 45/60 Day Notice and 60 Day ISA Accounts will reduce from 1.35% to 1.10% on 31st October 2016.
  • 90 Day Notice will reduce from 1.40% to 1.15% on 30th November 2016.
  • 120 Day Notice will reduce from 1.45% to 1.20% on 30th December 2016.

Aldermore offers a base rate guarantee for all retail savings customers on variable rate accounts, meaning the interest rate will be at least 0.50% higher than bank base rate until 31st December 2017.

Aldermore customers affected by the announcement will be informed of any changes in line with their account terms and conditions.

**Ends**

For further information, journalists can contact:

Rachael Snelling, PR Manager, Aldermore
Mobile:          07551 159 534
Phone:          0208 1853 102
Email:           Rachael.Snelling@aldermore.co.uk

Andy Homer, Head of External Communications, Aldermore
Mobile:          07931 492722
Email:           Andy.Homer@aldermore.co.uk

Notes to Editors:

Aldermore

Aldermore Group PLC is a specialist lender and savings bank offering straightforward products to Small and Medium-sized Enterprises (SMEs), homeowners and individuals, who we believe are often poorly- or under-served by the wider market.

Aldermore has no branch network but serves customers and intermediary partners online, by phone and face to face through its network of regional offices located around the UK.

Building on its core values of being reliable, expert, dynamic and straightforward, Aldermore aims to deliver banking as it should be.

Established in 2009, Aldermore has grown significantly. At the end of March 2016, lending to customers stood at £6.5 billion and customer deposits totalled £6.2 billion.

For more information, please visit www.aldermore.co.uk.

Aldermore Bank PLC is an operating entity of Aldermore Group PLC. In March 2015, Aldermore Group PLC’s shares (ALD.L) listed on the Main Market of the London Stock Exchange.

Aldermore Bank PLC is regulated by the Prudential Regulation Authority and the Financial Conduct Authority and is registered under the Financial Services Compensation Scheme.

 

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  • Savings
  • Mortgages
  • Press Release
  • Business Savings

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