Aldermore bank has today increased rates on a number of fixed rate savings products, providing customers with increasingly competitive rates.
The following increases to personal savings products include:
- 1 Year Fixed Rate to be increased from 0.85% to 1.00%
- 2 Year Fixed Rate to be increased from 0.95% to 1.05%
- 3 Year Fixed Rate to be increased from 1.00% to 1.10%
- 4 Year Fixed Rate to be increased from 1.10% to 1.15%
- 1 Year Fixed Rate ISA to be increased from 0.45% to 0.55%
Ewan Edwards, director of savings, Aldermore comments:
“We’ve seen a muted start to the new tax year in savings, with both the ISA and fixed rate markets showing no uptick in numbers on the previous months1. A highly unusual trend as customers appear to have been unmotivated by the low rate environment, however, encouragingly the savings market has been stirring of late so we may see this change.
“The rates for fixed rate bonds and ISA fixed rate products are steadlily picking up the past few weeks, which will be a welcome boost to savers as life begins to return to normal. Aldermore has been active in this trend offering a range of savings products at competitive rates to provide choice to suit whatever post-lockdown money goals savers have.”
Notes to editors:
1 Bank of England data for April shows the ISA market declined -0.8% and the fixed rate bond market also saw a -1.8% decline, compared to March. Further details can be found here: Money and Credit - April 2021 | Bank of England
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