Aldermore (Ruffler) Bank Reducing ISA rate from 3.15% to 2.80 %

darren72

I currently hold an Aldermore Cash ISA (was Ruffler Bank) at a rate of 3.15% Gross AER.

I've just been informed that they are reducing the rate to 2.80%.

Where is everyone else moving to ? - Or is this still a reasonable rate ?

Thanks in advance,

Mikeyorks

If that's 'easy access' then it's still a very good rate. Or is it a maturing 'fixed'? In which case you can get circa 3% for 1 year with eg Julian Hodge.

But I wouldn't fix above a year as rates will improve in the interim. If the 2.8% is easy access I'd be tempted by that and look afresh after April. But the only easy access (30 day notice) they advertise is at 2.65% .... but that's still about the best available. The 2.8% might be a maturity only offer?

http://www.aldermore.co.uk/savings/cash-isa.aspx

jem16

It's the 30 day notice account.

However the 2.8% down from 3.15% was for those who were originally Ruffler Bank customers and got a more preferentail rate than new customers.

I haven't decided what to do as yet.

darren72

Sorry, yes it is a 30 day account.

I can't decide what to do either

mr_fishbulb

How were you informed of the rate reduction? Nothing about it on their site - http://www.aldermore.co.uk/savings/historic-rates.aspx

lynzpower

i havent heard of this either and have 2x years worth in cash with aldermore/ruffler

jem16

mr_fishbulb wrote: »

How were you informed of the rate reduction? Nothing about it on their site - http://www.aldermore.co.uk/savings/historic-rates.aspx

Received a letter about it yesterday.

Old_Slaphead

Rate reduces 12/2/2010 so no need to make a decision before then. They're also offering a 3.15% 1 year fix to those ISA issue holders.

Depending on what happens to rates in next month, I might split my funds.

OneADay

Same boat here - didn't see this thread before typing a new one http://forums.moneysavingexpert.com/showthread.html?t=2193443 :eek:

lynzpower

Oh great- weve had no post today

mind you 3.15fix isnt bad really...??

OneADay

3.15% is not great for 12 months if there is an improvement offered close to start of new financial year in April.

Halifax are offering 4.25% for 4 years fixed but only 2.5% for 1 year.

I really do not want to fix. Its becoming a headache trying to shuffle from place to place.

Come on Branson - start offering some good deals with your new bank!!!!!!!!!!!!!