Aldermore offers 4.60% interest despite ongoing economic uncertainty
Interest rates: Rocketing peaks demonstrated in Sky News graphic
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The digital only bank has increased the interest rates on a range of fixed rate savings products, to help reassure customers during ongoing economic uncertainty. It now offers some of the best savings rates currently available.
Challenger banks are giving high street banks a run for their money by offering competitive interest rates on savings.
Savers looking for a good return on their savings may be interested in the range of fixed rate accounts on offer from Aldermore.
The bank’s fixed rate savings account have been rated as “top” picks by experts at Moneyfacts.
They could be an option for Britons who can afford to lock their savings away.
While higher interest rates aren’t good news for everyone, they can benefit savers as long as banks pass them on.
Ewan Edwards, director of savings at Aldermore said: “Recent market conditions have resulted in financial stress across the country; it’s only natural that many are feeling anxious and uncertain at the moment.
“We’re pleased to announce this latest increase across our Fixed Rate savings range, helping customers’ money go that extra bit further in these challenging times.”
Aldermore now offers an interest rate of between 4.35 and 4.60 percent depending on whether customers can commit to a one-year or five-year fixed term.
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Aldermore’s Fixed Rate Accounts offer:
1 Year Fixed Rate increasing from 3.75 to 4.35 percent
2 Year Fixed Rate increasing from 3.90 to 4.60 percent
3 Year Fixed Rate increasing from 3.95 to 4.60 percent
4 Year Fixed Rate increasing from 3.97 to 4.60 percent
5 Year Fixed Rate increasing from 4.00 to 4.60 percent.
However, it’s not the only bank to offer a much better interest rate of late.
Barclays customers can get 5.12 percent interest on their savings and they will be able to ccess their money whenever they need it.
Savers can put away as much money as they can afford but it’s worth noting the interest rate drops to 0.15 percent for balances over the £5,000 limit.
The Rainy Day Saver account Savers can be opened with just a £1 deposit.
Meanwhile, Aldermore’s new Fixed Rate ISAs will offer:
1 Year Fixed Rate ISA will increase from 3.00 to 3.65 percent
2 Year Fixed Rate ISA will increase from 3.30 to 4.00 percent
3 Year Fixed Rate ISA will increase from 3.50 to 4.10 percent.
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