Aldermore
History
Aldermore is a relative newcomer to the UK financial scene. This company was established in 2009 as a result of a merger between Ruffler Bank Plc. and Base Commercial Mortgages Ltd.
While it may appear that Aldermore has little history or experience to bring to the table, the background of the two companies that formed this entity date back much further. Ruffler Bank was originally established in 1969 and provided savings schemes to consumers. Base Commercial Mortgages began in 2007 through AnaCap. AnaCap saw the benefits of combining these two companies, and it did so to form Aldermore just two years later.
Current Information
Today, Aldermore is a young but thriving financial institution, offering mortgages and deposit accounts to its customers. In 2009, Aldermore acquired Absolute Invoice Finance, which allowed the company to diversify its services even more.
In recent months, Aldermore has announced plans to expand its services in the UK mortgage market by adding a group of residential mortgage specialists to its team. The company plans to launch a major mortgage lending service later this year.
Because the company focuses on specialized sectors of the financial market, it can offer its customers expertise that is above what many financial institutions can provide today.
Cash ISAs Available
Currently, Aldermore offers a number of different types of cash ISAs to meet the wide range of its customers’ needs. These products can be broken down into fixed-rate and notice ISAs.
- Fixed-Rate Cash ISA – These accounts come in a range of terms, from one year to three years. All of the terms require a minimum opening deposit of £1,000, and no additional deposits are allowed during the term. Interest is calculated daily, and customers can choose between having interest payments made monthly or annually. Interest payments can be made directly to the ISA or to another Aldermore account. Withdrawals made during the term will be subject to an interest penalty, which varies based on the length of the term. Customers have the option of operating their account by post, phone or Internet.
- 30-Day Notice Cash ISA – This notice ISA allows you to make unlimited, penalty-free withdrawals from the account with 30 days notice. If withdrawals are made without the 30-day notice, the customer is assessed an interest penalty. The account requires a minimum opening balance of £1,000, and additional deposits can be made at any time, subject to the ISA contribution limits established by the government. Interest is calculated daily and can be paid out monthly or annually. Customers can also opt to have interest payments go directly into another Aldermore account. Accounts are managed by post, phone or Internet.
Both of the cash ISAs available through Aldermore allow transfers into the accounts from other qualified ISA providers. Customers have easy access to their accounts at times that are convenient for them, thanks to the online banking option.
While Aldermore may not boast the long history of other UK financial institutions, their financial stability and host of cash ISA options make them a good choice for many Brits looking for a savings plan with tax benefits today.