Bank offers 3.25% interest on savings up to £1 million – rated ‘top’ pick by money experts

Martin Lewis advises on savings accounts and premium bonds

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Savers can benefit from this “excellent” interest rate on savings up to one million pounds. However, they will need to have £1,000 to open the account and they won’t be able to access their savings for three years.

Challenger banks are giving high street banks a run for their money by offering competitive interest rates on savings.

Aldermore’s Fixed Rate saver offers 3.25 percent interest if people can afford to lock their savings away for three years.

This savings account was rated as a “top” pick by Moneyfacts experts who say it is an “excellent” choice.

Commenting on the deal, Eleanor Williams, Finance Expert at Moneyfacts.co.uk, said: “Savers who are happy to lock their nest egg away for a period may be tempted by the three Year Fixed Rate Account from Aldermore.”

She continued: “Following a rate increase this week, this now pays 3.25 percent on anniversary and improves its position in the top 10 when compared against similar bonds currently available.

“As may be expected, earlier access is not permitted, but there is some flexibility to make further additions for 14 days from account opening.

“Also, this account offers a monthly interest option, which may be a plus for those looking to supplement their income.

“Overall, this account receives an Excellent Moneyfacts product rating.”

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The experts at Moneyfacts also highlighted Close Brothers Savings’ Two Year Fixed Rate Bond.

Commenting on the deal, Eleanor Williams, finance expert at Moneyfacts.co.uk, said: “One of the accounts to receive a rate increase from Close Brothers Savings this week is the Two Year Fixed Rate Bond.

“Rising from 3.07 percent to now pay 3.15 percent yearly, this could be an enticing choice for savers with at least £10,000 to invest and who are happy to lock their savings pot away for the term of the account.

“Following the update, this account takes a place in the top tables and receives an Excellent Moneyfacts product rating.”

She also mentioned the 15 Month Bond from United Trust Bank, adding: “This week United Trust Bank has increased selected rates across some products in its fixed rate savings range, including its 15 month option.

“Now paying a rate of 2.95 percent on anniversary, the UTB 15 Month Bond takes a position within the top 10 of its sector and may well entice savers who are comfortable with securing their cash away for a short period in order to achieve a competitive return.

“As neither earlier access nor further additions are permitted, savers must be happy that they can commit their funds for the term from the outset.

“The account receives an Excellent Moneyfacts product rating.”

The Aldermore Fixed Rate saver offers:

  • Rate: 3.25 percent gross / monthly interest option of 3.20 percent gross
  • Minimum opening amount: £1,000
  • Maximum investment amount: £1million
  • Access: Not permitted
  • Further additions: Permitted for 14 days from account opening
  • Opening account: Online
  • Managing account: Online
  • Other information: Minimum applicant age 18. Joint account option available.

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