Aldermore account offers consistency for savers
Aldermore's instant-access account may not have a rate to shout about, at 2.75%, but it comes with something far more important – consistency.
While not at the top of any instant-access charts, its rate has not been artificially inflated by a bonus or introductory offer.
When the majority of table-topping accounts come with a 12-month 'booster', Aldermore's Easy Access Issue 2 is a rare find.
Yes, it may not pay as much as Derbyshire Building Society's NetSaver Issue 4, which currently has a 3.06% rate on offer. However, this rate is only available until 30 November 2013 - after that it drops to a lowly 1%.
Of course, you can move your money after that but what banks and other savings providers rely on - and make a massive profit on the back of - is that you won't remember to do so.
So, for anyone who is after an account that hasn't got a massive bonus inflating its rate, Aldermore's Easy Access could be for you.
The interest rate is guaranteed to be at least 1.7% above Bank of England base rate (currently 0.5%) until 1 March 2013. The minimum investment is £1,000 and it allows unlimited withdrawals. You can access it online, by post of over the telephone.
More information can be found at aldermore.co.uk.
This is a mutual organisation owned by its members and not by shareholders. These societies offer a range of financial services but have historically concentrated on taking deposits from savers and lending the money to borrowers as mortgages, hence the name. In the mid-1990s many societies “demutualised” and became banks. One academic study (Heffernan, 2003) found demutualised societies’ pricing on deposits and mortgages was more favourable to shareholders than to customers, with the remaining mutual building societies offering consistently better rates. In 1900, there were 2,286 building societies in the UK; in 2011, there are just 51.
Also referred to as the bank rate or the minimum lending rate, the Bank of England base rate is the lowest rate the Bank uses to discount bills of exchange. This affects consumers as it is used by mainstream lenders and banks as the basis for calculating interest rates on mortgages, loans and savings.