Aldermore increased its rates across a range of personal savings products today.
These changes have been made to give savers more competitive returns on their hard-earned money.
Savers can earn higher interest on their Easy Access, Notice and Fixed Rate accounts.
Their Four Year Fixed Rate Bond has increased from 4.45 percent to 4.65 percent which is currently the “market-leading rate”.
As the cost of living crisis continues, Britons may be looking for ways to get their money to work harder for them.
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Although inflation sits above 10 percent, savers are urged to get the highest rate possible in the banks for their immediate cash.
Ewan Edwards, director of savings, Aldermore said: “At Aldermore, we’re continually monitoring our savings rates as we want to help people meet their financial goals in life.
“Offering customers good value on their savings is incredibly important right now, and with these increases, savers can rest easy knowing their hard-earned cash is working hard for them.
“Our increases today are across a range of different account types so you can get a great rate no matter what your saving goal is.”
The following increases to personal savings products will be available immediately:
Easy Access
- Easy Access (all issues) to increase from 3.15 percent to 3.40 percent
Notice (Non-ISA)
- 30 Day Notice Non-ISA to increase from 3.20 percent to 3.45 percent
- 45 Day Notice Non-ISA to increase from 3.25 percent to 3.50 percent (existing customers only)
- 60 Day Notice Non-ISA to increase from 3.25 percent to 3.50 percent (existing customers only)
- 90 Day Notice Non-ISA to increase from 3.30 percent to 3.55 percent (existing customers only)
- 120 Day Notice Non-ISA to increase from 3.35 percent to 3.60 percent
Notice (ISA)
- 30 Day Notice Cash ISA to increase from 2.80 percent to 3.20 percent
- 60 Day Notice Cash ISA to increase from 2.85 percent to 3.25 percent
Fixed Rate
- One Year Fixed Rate Bond to increase from 4.35 percent to 4.60 percent
- Two Year Fixed Rate Bond to increase from 4.45 percent to 4.65 percent
- Three Year Fixed Rate Bond to increase from 4.45 percent to 4.65 percent
- Four Year Fixed Rate Bond to increase from 4.45 percent to 4.65 percent (currently the market leading rate)
- Fiver Year Fixed Rate Bond to increase from 4.45 percent to 4.65 percent
Rachel Springall, personal finance expert at Moneyfactscompare.co.uk, commented on the current market: “Savers may find it encouraging to see positive sentiment surrounding the top cash savings rates this month.
“The Bank of England Base Rate rises and competition among savings providers has led to higher returns over the past year and, compared to a year ago, savers get a return of almost three percent more on the top one-year fixed bond.”
However, she noted that while there are other longer-term interest rates to consider, there may be a “dividing sentiment” among consumers and providers as to whether interest rates are destined to reduce in the months to come.
She added: “It will be interesting to see how the top rate deals fluctuate and how demand impacts the shelf life of the best deals over the next quarter.”
Britons are encouraged to shop around and find the best deals for them.
For more information, people can visit the Aldermore website.
