Is Aldermore the right savings account provider for you and your savings?
Aldermore is a retail bank which specialises in providing financial services to Small and Medium-sized Enterprises (SMEs), homeowners, landlords and individuals. The company was founded in May 2009 and it’s now listed on the London Stock Exchange. The company has a dynamic executive team with deep experience in financial services leadership.
By offering straightforward financial solutions to meet customers’ needs, Aldermore delivers banking as it should be. It offers a range of Saving accounts and Individual saving accounts (ISAs) with attractive interest rates to customers.
Continue reading to find out more about the retail bank Aldermore.
Aldermore savings accounts
- Fixed rate accounts
- Easy access accounts
- Fixed rate cash ISAs
- FSCS protected
What savings accounts does Aldermore offer?
Aldermore offer a variety of savings accounts:
Personal Savings Accounts
Fixed Rate Accounts
- Fixed interest rates for a set period
- Open an account with just £1,000
- No fees or charges for day-to-day account services
Easy Access Account
- Variable interest rate
- Open an account with just £1,000
- Add to your savings whenever you like
- Access your money whenever you need it
Notice Accounts
- Variable interest rate
- Open an account with just £1,000
- Add to your savings whenever you like
- Access your money whenever you need it
Cash ISAs
Fixed Rate Cash ISAs
- Split your ISA allowance between any of the Cash ISA products
- Fixed interest rate for a set period
- Make withdrawals whenever you need to
- Open an account in minutes
- Easily transfer ISAs from other providers
Notice Cash ISAs
- Split your ISA allowance between any of the Cash ISA products
- Make withdrawals whenever you need to
- Open an account in minutes
- Easily transfer ISAs from other providers
Easy Access Help to Buy: ISA
- Only need £1 to open the account
- Government bonus of 25% for purchase of property
- Receive interest in addition to the Help to Buy bonus
- Open an account in minutes
- ISA flexibility doesn’t apply
- For Government bonus, the property must have a purchase price of up to £250,000 (£450,000 in London).
- Manage it online, by phone or by post
What is a 'cash ISA'?
A cash ISA is a savings account where you don’t pay tax on the interest you earn. That’s it! The tax-free bit is the only real difference.
Is it easy to switch to Aldermore?
Aldermore aims to make switching your account to them as straightforward as possible. To transfer your account to Aldermore, all you have to do is set up a new account with them and transfer your funds across from your account.
How do I decide which account is for me?
You need to work out what it is you need from your bank account. Are you looking to put a bit of money away each month? Do you want to put some money away and restrict access to it? Are you after rewards or hoping to maximise interest?
You need to work out what you need before comparing the different offers available for certain types of bank account. Once you’ve done that, useful guidelines to compare include:
- Interest rates
- Fees (if there are any)
- Access to cash (if you need quick access for instance)
- Rewards and loyalty schemes (if you’re into the add-ons or switching bonuses)
Does Aldermore offer online or mobile banking?
Aldermore offers online banking, but does not have a dedicated mobile app.
Here are some of the basic features of Aldermore’s online banking service:
- View rates and current balances for all of your accounts
- View and print a transaction statement at any time.
- Request withdrawals or transfers between your accounts
- Open another account
- Set a savings goal to help you work towards a target
- Personalise accounts by changing the names or adding images
What are the benefits and drawbacks of banking with Aldermore?
The benefits
- Online Banking. Your Aldermore savings account can be accessed online through the website. Even though it doesn’t currently have a dedicated mobile app, it’s website is optimised to perform on any device type.
- Flexibility. Aldermore’s variety of accounts offers flexible options no matter what kind of savings you’re looking for.
- Effortless and accessible. You can open an Aldermore savings account in just a few minutes.
- FSCS protection. With Aldermore you have the peace of mind that comes from knowing your money is protected up to a total of £85,000 by the UK’s deposit guarantee scheme.
The drawbacks
- Better rates elsewhere? Interest rates have risen slight in recent months, but banks are typically slow to pass on the rise to savers. It helps to shop around to find out where you can get the best deal.
- No high street presence. The era of high street banking is seemingly being replaced by online banking even for traditional banks. But if a high street presence is important to you perhaps Aldermore isn’t the way to go.
I have a savings account with you. I would like to add to it by cheque, could you email me the best way? Do I write the cheque to me or you?
Hi David,
Thanks for leaving a question on finder.
Please note that we are a comparison website and we do not represent any of the providers on our page. For your specific concern, you will have to contact Aldermore directly by going to the “contact us” section in their website.
Cheers,
Joel