Review of Aldermore Fixed Rate ISA
Aldermore offer a wide range of savings options including flexible fixed rate and variable ISAs. Check our tables for more details on rates and comparison.
Adermore is the five time winner of ISA Provider of the Year as awarded by ‘Consumer Moneyfacts Awards 2011 – 2015’.
Aldermore Group PLC is a specialist lender and savings bank offering their products to small and medium-sized Enterprises), homeowners, landlords and individuals. They don’t have branches but serve customers and intermediary partners online, by phone and face to face through our network of twelve regional offices located around the UK. They were founded in 2009.
As this is a flexible cash ISA, you can choose how long to tie your money up for. They offer 1,2 and 3 year contracts.
- All interest tax free for the duration of your term
- Maximise your ISA allowance – you can split your ISA allowance between any of our Cash ISA products, as long as you don’t exceed your annual ISA allowance
- Flexibility. Their Cash ISAs are flexible regarding withdrawals.
- Peace of mind. Their Fixed Rate Cash ISAs have a fixed interest rate for a set period and they will write to you before your account matures
- Fast and easy set up. You can open an account, complete identity checks and move your money in minutes
- Easily transfer ISAs from other providers. They will process the transfer electronically or provide an ISA Transfer Form for you to complete and return
The Minimum deposit for this account is £1,000. You can request to transfer in an ISA held with another provider at account opening stage only, it must be completed within 20 business days.
You can withdraw money from this tax year or previous tax years if you need to, although there will be an interest deduction.
You can also replace money you’ve withdrawn without the replacement counting towards your annual ISA subscription limit, providing you replace the funds in the same tax year you withdraw them which makes it a very flexible fixed ISA.
Why use a Fixed Rate ISA?
Typically, a fixed-rate Isa account will pay more interest. In exchange for a higher rate, banks will ask you to tie up your cash. Generally, the longer you give up access, the higher the return. As it is a guaranteed amount, you know what you will end up with at the end which makes it a lot safer than investing.
ISAs are a good idea whatever your savings goal. With certain types of cash ISAs, you have instant access to your money, which makes it a flexible way to plan your finances.
It’s also important to remember that ISA allowance limits apply to everyone on an individual basis, so if you’re married or in a relationship, you can both hold your own ISA, each with the full allowance, meaning you can save over £30,000 between you.