Last Updated on: 22nd November 2023, 01:07 pm
Specialist Bank, Aldermore, has today announced it has increased rates across a range of retail and business savings products.
Aldermore has increased rates on its Fixed Rate Cash ISAs and these new rates are available immediately. The new rates are:
1 Year ISA – increase from 1.40% to 1.60%
2 Year ISA – increase from 1.65% to 1.80%
3 Year ISA – increase from 1.80% to 1.90%
Aldermore has also increased rates across its Fixed Rate and Customised Fixed Rate (CFRA) business savings accounts:
1 Year Fixed Rate – increase from 1.50% to 1.70%
- 1 Year CFRA – increase from 1.50% to 1.70%
- 18 Month CFRA – increase from 1.52% to 1.80%
- 2 Year CFRA – increase from 1.55% to 1.95%
- 3 Year CFRA – increase from 1.65% to 2.05%
- 4 Year CFRA – increase from 1.85% to 2.10%
- 5 Year CFRA – increase from 2.00% to 2.25%
Ewan Edwards, Head of Savings, Aldermore comments:“We are pleased to announce a rate increase on our Fixed Rate Cash ISAs at a time when savers are struggling in a low interest rate environment. Our latest annual Savings Tracker highlights this struggle as we found the rate of saving has fallen across the UK, despite incomes increasing1. Therefore it is important for savers to make a small change to their saving habits and shop around for the best rates on offer. At Aldermore we pride ourselves on offering competitive rates, so we are pleased that our latest increase provides savers with an additional return in a challenging environment.
“In addition, we have increased rates across our Fixed Rate and Customised Fixed Rate business savings accounts. Our recent research found over three fifths (62%) of SMEs are not earning any interest on business savings2. Running a business comes with a whole host of challenges, so it is vital business owners make their surplus cash work harder for them. We encourage all business owners to shop around to find the best account on offer, as this can make a positive difference in the long term.”
