Aldermore is increasing the interest rates on a range of savings accounts for the second time this week.
The boosted rates will be available to savers immediately as the bank works to provide customers “competitive returns on their hard-earned money”.
The latest rate increases include boosted rates for both new and existing customers, for both fixed rate bonds and ISAs.
Ewan Edwards, director of savings at Aldermore, said: “We’re always searching for ways to offer savers even better returns on their money.
“Our fixed rate products are a handy option for those saving for short to mid-term goals, such as a deposit for a home, a wedding or doing up a house.
“These accounts offer a higher rate of interest than typical easy access accounts to help you reach your savings goals sooner.
“We’re also pleased to enhance our savings offering for business customers, helping SMEs to grow and plan ahead for the future.”
READ MORE: Thousands of savers could get a better interest rate – today’s top-paying savings accounts
Below is the full list of the latest interest rate increases from Aldermore:
Fixed rate bonds
For new customers only:
- One Year Fixed Rate Bond – from 4.85 percent to 5.05 percent
- Two Year Fixed Rate Bond – from 4.90 percent to 5.10 percent.
For existing customers only:
- One Year Fixed Rate Bond – from 4.85 percent to 5.10 percent
- Two Year Fixed Rate Bond – from 4.90 percent to 5.15 percent.
For new and existing customers:
- Three Year Fixed Rate Bond – from 4.75 percent to 4.90 percent
- Four Year Fixed Rate Bond – from 4.75% to 4.90 percent
- Five Year Fixed Rate Bond – from 4.75% to 4.90 percent.
ISAs
For new and existing customers:
- One Year Fixed Rate ISA – from 4.25 percent to 4.44 percent
- Two Year Fixed Rate ISA – from 4.30 percent to 4.50 percent
- Three Year Fixed Rate ISA – from 4.30 percent to 4.50 percent.
Business customers
For new and existing customers:
- Six Month Fixed Rate Bond – from 2.52 percent to 3.17 percent
- One Year Fixed Rate Bond – from 3.00 percent to 4.20 percent.
Aldemore also increased the rates on several easy access accounts and on its notice savings accounts and ISAs earlier this week.
The changes came into effect from June 6, with the rate on all issues of the easy access savings account increasing from 3.4 percent to 3.7 percent.
The rate on the double access account went up from 3.55 percent to 3.85 percent. The reversionary rate for this account has also gone up from 0.1 percent to one percent.
Mr Edwards said of the previous rates increases: “With saving rates constantly changing it’s a good idea to review your accounts regularly and to ensure your money is working as hard as it can.
“The increases announced today will benefit those who are setting future short, medium or long-term goals to help grow their money.”
The group also increased its rates on a range of notice accounts and ISAs. These are the new rates:
Notice accounts
- 30-day notice (all issues) – increasing from 3.45 percent to 3.75 percent
- 45-day notice (all issues) – increasing from 3.50 percent to 3.80 percent
- 60-day notice (all issues) – increasing from 3.50 percent to 3.80 percent
- 90-day notice (all issues) – increasing from 3.55 percent to 3.85 percent
- 120-day notice (all issues) – increasing from 3.60 percent to 3.90 percent.
ISA accounts
- 30-day notice cash ISA (all issues) – increasing from 3.20 percent to 3.60 percent
- 60-day notice cash ISA (all issues) – increasing from 3.25 percent to 3.65 percent
- Help-to-Buy ISA (all issues) – increasing from 2.75 percent to 3.05 percent.
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