Double Access Account, Instant Access Savings Account

Double Access Account With the Double Access Account, your interest rate depends on how many times you take money out in any anniversary year. You’ll get the benefit of the higher interest rate if you make two or less withdrawals in an anniversary year. If you make three or more withdrawals, the lower interest rate will apply from the day of your third withdrawal to the day before the annual anniversary of your account opening.
Withdrawals per year	Gross annual interest	Gross monthly interest	AER*
Two or less	1.25%	1.24%	1.25%
Three or more	0.10%	0.10%	0.10%
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Key benefits
Things you need to know
Managing your account

Transparent – the interest rates on our Double Access Account are variable and don’t include any bonuses or introductory offers
Fast and easy setup - open an account, complete identity checks and move your money in minutes. You can choose to open this account in your sole name or jointly with someone else
Accessible - open an account with just £1,000
Flexible - add to your savings whenever you like
Unlimited withdrawals - access your money whenever you need it. You’ll get the higher rate of interest if you make two or less withdrawals each anniversary year (the 12 month period commencing on the opening date of your account and then renewing on each annual anniversary). If you make three or more withdrawals, the interest rate will drop from the day of your third withdrawal to the day before the annual anniversary of your account opening
Anniversary reset – your interest rate and withdrawals will automatically reset annually on the anniversary of your account opening, so if you’ve made three or more withdrawals and the interest rate has reduced, it will automatically return to the higher rate. As your withdrawals also reset, you’ll be able to make a further two withdrawals over the next anniversary year without the interest rate dropping to the lower rate
Cooling off period - if you change your mind within 14 calendar days of opening your account, we’ll cancel your account and return your money without penalty or notice

You’ll need to provide us with the sort code and account number of your nominated account. A nominated account is a UK bank or building society account that you can transfer money from and send money to. You must be named as an account holder on this account. All deposits into your Aldermore account must come from your nominated account and any withdrawals out of your Aldermore account (including interest payments) will be sent to your nominated account. Payments to us from any other account will not be accepted and will be returned
You can make deposits by Faster Payments, BACS, CHAPS or Standing Order from your nominated UK bank or building society account
Interest will be earned from the date on which we receive your money
Interest is paid gross (without tax taken off). Under the Personal Savings Allowance, the first £1,000 of income from non-ISA savings (e.g. any interest earned) is tax free for basic rate taxpayers, and the first £500 is tax free for higher rate taxpayers. No Personal Savings Allowance applies if you’re an additional rate tax payer. If the interest you earn is less than your Personal Savings Allowance, you don’t have to do anything. If the interest you earn is more than your Personal Savings Allowance, you’ll have to pay tax on the difference. HMRC will normally collect the tax by changing your tax code in the PAYE system. If you fill in a Self Assessment tax return you should carry on doing this as normal. For further details on how tax will be collected, refer to the HMRC guide to the Personal Savings Allowance or visit gov.uk
The rate of interest you receive will reduce when you make your third withdrawal in any 12 month period from the annual anniversary of your account opening. From the anniversary date the interest rate and withdrawals will be reset
A payment of interest away from your Double Access Account won’t be classed as a withdrawal
You can only open one Double Access Account, whether held in your sole name or held jointly with someone else
There are no fees or charges for standard account services. We may make a charge for any exceptional non-standard services which are made available to you on a discretionary basis
We reserve the right to withdraw this account from sale at any time

Managing your account with us is simple and straightforward - and we're always on hand to help you if you've any questions. Here's how it works:

Once you’ve opened your account with us, we'll send you a Welcome Letter and your Customer ID, which you should usually receive within five business days. When you log in, we'll give you all the information you need to make the most of your new account
Need to access your money? Simply login to your account, enter the amount you need and the payment date. We'll transfer the money to your nominated account
You can log into your account to view and print a transaction statement at any time and a Summary of Interest will be available in internet banking shortly after the start of each tax year
Want to check your account details and rates? Just login whenever you like
Contact us whenever you need to – via our UK-based call centre on 0345 604 2678, by logging into your account and sending us a secure message or by emailing service@aldermoresavings.co.uk. Click here for our opening hours
No need to worry about bonus rates dropping off: there are no hidden bonuses or introductory offers - just consistently competitive rates
We'll write to you personally if the rate on your account changes

Please read the Double Access Account Summary Box and Personal Savings Terms and Conditions before you open an account.

When you save with Aldermore you have the added peace of mind that comes from knowing your money is protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Please bear in mind that any deposits you have above the limit are unlikely to be covered.

The rates we have previously paid on our Double Access Account are shown on our Historic Rates Page

Don't want a Double Access Account?

Easy Access Account

0.85% AER*

Find out more

Suitable if you:

Don’t want to lock your money away
Want to be able to add and withdraw money whenever you like
Want a competitive variable interest rate

Notice Accounts

Up to 1.30% AER*

Find out more

Suitable if you:

Might need access to your money, but won’t need it instantly
Want to be able to deposit money whenever you like
Are willing to give notice to achieve a higher variable interest rate

Useful links for savers

Personal Savings FAQs

Financial Services Compensation Scheme

Personal Savings Literature and Downloads

Double Access Account