Bank increases rates on savings accounts and ISAs

Aldermore is increasing the interest rates on a range of easy access and notice savings accounts and for its ISAs.

The group said the increased rates will help savers “maximise their returns” and work towards their savings goals.

Customers will be able to enjoy the new rates from today, June 6, so they may want to check how their account is affected.

The rate for all issues of its easy access savings account is increasing from 3.4 percent to 3.7 percent.

For the double access account, the rate is going up from 3.55 percent to 3.85 percent. The reversionary rate for this account is also increasing from 0.1 percent to one percent.

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Aldermore is also increasing rates on its 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.

Ewan Edwards, director of savings at Aldermore, said: “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.”

Many savers have enjoyed increasing interest rates over the past year. The Bank of England has continually hiked the base rate with many banks and building societies passing on the increases to their customers.

The base rate is currently at 4.5 percent with some analysts predicting it could go up again as inflation remains high.

With the current high rates, savers who are loyal to a particular bank may want to look around to see if they can get a better rate.

Sarah Coles, head of personal finance at Hargreaves Lansdown, previously told Express.co.uk savers who currently have easy access accounts may want to consider if they can get a better deal with another group.

She commented: “If you haven’t switched easy access accounts for some time, it’s worth checking what else is out there.”

The savings expert added: “You could wait for rates to peak before doing this, but if your money is in an unrewarding high street account in the interim, you risk missing out on significant interest in the interim.”

At the time of writing, these are the top-paying easy access savings accounts, as listed on moneyfactscompares.co.uk:

• Chip – Instant Access powered by ClearBank – 3.82 percent
• Investec Bank plc – Online Flexi Saver – 3.82 percent
• Paragon Bank – Triple Access Savings Account – Issue 13 – 3.75 percent
• Shawbrook Bank – Easy Access Issue 35 – 3.75 percent
• Monument Bank – Easy Access Savings – 3.75 percent.

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