Savings Interest Rates, Switch Offers and Guides for Aldermore

Who they are

Aldermore is a specialist bank which provides financial services to small and medium-sized businesses and personal customers. It was founded in 2009 and quickly established itself as one of the original challenger banks born out of the 2008 financial crisis. It was a constituent of the FTSE 250 Index until it was acquired by South African banking conglomerate FirstRand in March 2018. Aldermore Group is now part of FirstRand Group, the largest financial services group in Africa by market capitalisation.

Aldermore holds its own banking licence, which is not shared with any other bank. It is a digital bank with no branch network, serving customers and intermediary partners online and by phone.

Savings accounts

Aldermore offers one of the broader ranges you will find among UK challenger banks, covering easy access, notice, regular saver, fixed-rate bonds and cash ISAs - so there is something here whatever your priority.

On the fixed-rate side, the bond range runs from 9 months all the way to 5 years, with a minimum deposit of £1,000 across the board. Rates vary by term - the 2 Year Fixed Rate Savings Account currently sits at 4.68%, while the 1 Year and 3 Year options stand at 4.53% and 4.61% respectively. The 5 Year Fixed Rate Savings Account comes in at 4.65%.

The cash ISA range mirrors this breadth. The 2 Year Fixed Rate Cash ISA pays 4.66% and the 3 Year version pays 4.70%, both needing at least £1,000 to open. If you want more flexibility within an ISA wrapper, the Reward ISA Single Access Account pays 4.15% (up to one withdrawal per year) and the Reward ISA Double Access Account pays 4.03% (up to two withdrawals per year), with a lower £100 minimum.

For those who prefer flexibility outside an ISA, the Double Access Account (limited to two withdrawals per year) pays 4.16%, while the 45 Day Notice Account pays 4.05%. The Regular Saver Account pays 4.20% with instant access and a low £25 minimum - a good fit for building a habit rather than parking a lump sum. The straightforward Easy Access Account is available from £100 but pays a more modest 2.25%, so it is worth checking whether one of the limited-access options suits you better.

All accounts shown here are FSCS-protected up to a total of £120,000.

Is it right for you?

Aldermore tends to suit savers who are comfortable doing everything online or by phone and who want a genuine range of fixed terms rather than a single headline rate. While it is rarely the best buy, Aldermore consistently offers competitively priced savings which are above those available from the big five banks. The £1,000 minimum on most accounts is worth bearing in mind if you are just starting out, though the Regular Saver and some ISA options drop that to £25 or £100.

Rates move frequently, so use the live figures on this page to check exactly where Aldermore stands today before you decide.