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New saving account pays 3.10% with minimum rate guarantee until March 2013

POSTED: 29th June 2011
IN: Newsroom
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Aldermore is today launching a new savings account paying a variable rate of 3.10% AER, which is free from introductory bonuses and is guaranteed to remain at least 2% above Bank Base Rate until 1st March 2013.

  • 3.10%*AER variable rate with no introductory bonuses
  • Rate guaranteed to remain at least 2% above BBR until 1 March 2013
  • 90 days notice of withdrawal required
  • Savers given written notice prior to future rate changes
  • Available online, by post or phone
  • Min investment of £1,000; max £1 million

Aldermore is today launching a new savings account paying a variable rate of 3.10%**AER, which is free from introductory bonuses and is guaranteed to remain at least 2% above Bank Base Rate until 1 March 2013. This means that, unlike accounts offering introductory bonuses, savers do not need to worry about being paid a derisory rate at a future date.***

The account requires 90-days notice of withdrawal and has a minimum investment of just £1,000. Savers can obtain further information and open a 90-day notice account online at www.aldermore.co.uk or by phoning 0845 604 2678.

Simon Healy, Head of Savings at Aldermore, said: "This account offers a significantly better rate****than equivalent bonus-free instant access accounts in return for 90-days notice and it's backed-up by a minimum rate guarantee. We also promise to write to customers personally with advanced notice of any intended future rate changes.

"Our 90-day account is not only simple, clear and reliable but can also be opened online, by phone or post."

Aldermore's research*****confirms that two out of every three savers believe bonuses are simply a way for savings companies to hook-in customers, with 46% admitting that they didn't move their money to a more competitive account when a bonus rate expired (one in ten said it took more than six months, or they never get around to moving accounts at all). Nine out of ten also say they prefer easy to manage accounts provided by British financial institutions.

Rachel Thrussell, Head of Savings at Moneyfacts said: "It's good to see a dynamic new bank such as Aldermore launching a straightforward, no-nonsense product offering a great rate which is backed-up by a solid guarantee. With their new 90-day notice account what you see is what you get, along with a promise to let you know in writing if anything changes in the future. No wonder Aldermore was highly commended in the 'Best Notice AccountPeroviderProvider' category of our recent 2011 awards."

Aldermore was also voted 'Best Cash ISA Provider' in the 2011 Consumer Moneyfacts awards and its fixed rate savings products were highly commended in the Moneyfacts Awards 2010.

Aldermore, a new name in British Banking, launched its savings service in 2009 with a guarantee to provide UK savers with a combination of consistently competitive rates, simple products and excellent service.

**Ends**

*The rate of interest payable to savers requiring monthly income is 3.06%

**At the time of issuing this press release, Aldermore's 90-day notice account is ranked no 2 in the Moneyfacts best buy table for 90-day accounts.

***Aldermore does not pay derisory rates to savers in old or closed accounts. For example, Aldermore savers with an existing 90-day notice account paying 2.83% are being automatically upgraded to this new account paying 3.10%.

****At the time of issuing this press release, the highest paying instant access saving account without any bonus or introductory offer rates, is Birmingham Midshires e-saver issue 2, paying 2.78% AER

*****During May 2011 Aldermore conducted research amongst UK savers involving 812 participants. 78% of respondents said they find introductory bonuses very frustrating because they believe savings companies are trying to hook them in. 46% admitted that they don't move accounts as soon as an introductory bonus rate expires.  93.2% said that having an account that's easy to manage is a high priority. 79.3% said they prefer to have a British saving account.

Aldermore customer case studies are available if required. Please contact Josh Cooper on the number below if you would like to speak to an Aldermore saver.

For further information journalists can contact:

Josh Cooper, PR consultant                              Office: 01295688234688243

josh@cooper-consultants.co.uk                                    Mobile: 07768 355265

For further information about Aldermore, our financial backers and our PR contacts, please review our Notes to Editors page. 

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