Aldermore offers competitive 2.75 percent fixed rate on savings account

Bank of England increases interest rate to 1.25%

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Customers are guaranteed a fixed interest rate on the three-year ISA, as long as they pay a deposit within 14 days of opening an account. The minimum deposit to open an account is £1,000.

The maximum deposit for the account is £20,000, which can include amounts from existing ISAs from other providers.

Customers have 14 calendar days from the account opening to make as many deposits as they want.

After this time, no more deposits can be made.

Interest is calculated daily, and will be paid monthly or annually.

READ MORE: State pensioners may be able to increase sum by up to £14.75 weekly

Savers have the option to have the interest paid into the Fixed Rate Cash ISA, or into another personal savings account with Aldermore.

They can also arrange for the interest to be paid into another UK bank or building society account.

Funds can be withdrawn from this or previous tax years, but there will be a deduction of 180 days’ interest.

The money can be moved to the customer’s nominated account, moved to another ISA or transferred to another Aldermore account in the person’s name.

Money that has been withdrawn can be replaced without the new amount adding towards a person’s annual ISA subscription limit.

To open an account, a saver must be 18 or over, a UK resident and solely a taxpayer in the UK.

Accounts cannot be held in trust and can be held in one name only.

Customers can open and manage their account online.

Details a person will need to open an account include their name, address, date of birth and National Insurance number.

Additional information may be needed if Aldermore has issues validating these details.

The bank will notify a customer of this at the end of the application.

They must also provide the sort code and account number for their nominated current account.

Details must also be provided for any ISAs from other providers, from which the saver wants to transfer money.

When the account is about to mature, Aldermore will contact the customer at least 21 days to find out what they want to do with the funds.

A reminder will be sent out around 14 days before the account matures.

If the bank does not receive any instructions, they will move the money into a 30 Day Notice Cash ISA.

There is a 14 day period after opening the account where a customer can cancel the account without notice and without incurring a penalty.

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