Aldermore has slightly decreased the rate of its one-year fixed rate ISA, but it has maintained a place in the Moneyfacts charts thanks to its ongoing competitiveness.
1 Year Fixed Rate ISA now pays a competitive rate of 1.60% yearly (1.59% monthly), which enables it to remain among the top 10 accounts of its sector.
This account can be opened and operated online, by post and by phone with a minimum investment of £1,000.
Although further additions are not permitted, this account does allow transfers in of existing cash and stocks & shares ISAs. Early access prior to maturity is permitted subject to 120 days' loss of interest, a penalty that also applies to transfers out.
This account has retained its competitive spirit in spite of the slight rate reduction, and is likely to remain a popular choice among savers. The option of a monthly interest rate will appeal to those who wish to secure a regular income, while the possibility of accessing funds early will reassure those who are unsure about locking their money away. However, savers must bear in mind that withdrawing funds will result in a hefty interest penalty, so the decision to withdraw must be weighed up carefully.
Moneyfacts rating: Excellent
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