Research by Aldermore has found rising living costs were making it difficult for people to save, with 51% of Britons having no money to fall back on in emergencies. However, making simple changes to spending patterns would free up some money and even small amounts of cash saved starts to add up. Aldermore research also found that making changes such as washing the car rather than going to a car wash, and not buying an expensive coffee on the way to work, could save as much £17,000 over a lifetime.
Aldermore makes it as easy as possible for savers as there are no hidden catches or introductory bonus rates and the application process is straight forward and can be completed online in just a few minutes.
Furthermore, savers with a number of existing ISAs (including those from previous tax years) can simplify their portfolio by transferring them into one easy to manage Aldermore ISA. Aldermore's One Year Fixed Rate ISA pays savers an excellent rate of 2.25% AER on any new money as well as on previous year's ISAs.
Alternatively, savers looking for more access can take advantage of Aldermore's 60 Day Notice ISA, paying a variable rate of 2.10% AER%. Crucially, this rate is not artificially inflated by temporary "bonuses" and there are no punitive restrictions or withdrawal charges.
Moneyfacts Publishing Editor, Sylvia Waycot said: "Consolidating various ISAs into one account makes a lot of sense, as not only will it make an ISA portfolio much easier to manage but consumers will get a better return on any existing ISAs where their bonus has expired and this account is paying a decent rate. The fact that there is no bonus to constantly watch in order to move to a better rate means, once the funds have been received, there's nothing more to think about, it's just a straightforward account."
Simon Healy, Managing Director of Savings at Aldermore, said: "Now the new tax year has started, investors should be grasping the opportunity to save in a cash, tax-free ISA. Too often the chance to build up a nest-egg is missed because people feel that they don't have any spare money to set aside. However, Aldermore has found that making some simple changes and saving little and often can really build up.
Also, with people living very busy lives, it's difficult to keep your eye on savings rates to ensure an introductory bonus hasn't expired. This is something you don't have to worry about with Aldermore as consumers can transfer all their existing ISAs into this simple and transparent account with an excellent rate of interest."
AER stands for annual equivalent rate and illustrates the interest rate if it was paid and compounded once each year.
Consumers wishing to transfer an ISA must contact their new ISA provider to start the transfer process rather than close their existing ISA.
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