Aldermore To Withdraw Two "Best Buy" Accounts

2010

Aldermore Bank is set to withdraw its best buy Easy Access Account Issue 6 paying 1.70% gross/AER and 60 Day Notice Account Issue 3 paying 2.10% gross/AER tomorrow (Wednesday 15th May). The accounts can both be opened online or by telephone with a minimum of £1,000, so if you are interested, you still have time to snap them up.

poolforever

Phew - my application arrived this morning.

Alex92_2

Can someone explain to me how this is a best buy, when it is only 1.70%?

badger09

Alex92 wrote: »

Can someone explain to me how this is a best buy, when it is only 1.70%?

Because others' rates are even lower?

david78

I would give my plate of mince tonight for a savings account earning 1.70%.

innovate

Think outside the box and you can easily get more than 1.7%.

poolforever

I have higher obviously (well a little in these desperate times) but thought I should grab it thinking that in 6 months time we'll all be lucky to get 1% or less maybe

2010

Alex92 wrote: »

Can someone explain to me how this is a best buy, when it is only 1.70%?

Now it`s being withdrawn the next one can only be lower.

Blame the government and it`s crazy FLS.
Now it`s being extended for another year, until at least Jan 2015, it`s a green light for all the providers to cut even lower than their already crap rates.

The way things are heading, like in Japan, you won`t get any interest and could actually get charged by the greedy banks to have your savings with them.

2010

innovate wrote: »

Think outside the box and you can easily get more than 1.7%.

Correct, you can get 2.1% until tomorrow.

If anyone has got fixed rates, bonus accounts, etc., coming to an end shortly, opening the 60 day could prove a smart move in this dire savings market.

And yes we all know about, shares, corp bonds, gold bars, BTL, FTSE trackers, property, fine wine, buy an ostrich, etc., etc,

Some people just like to know they`ve got cash and don`t want to gamble with it.

innovate

2010 wrote: »

Correct, you can get 2.1% until tomorrow.

2.1% if applied by/before tomorrow is obviously a bit better than 1.7%. That's not what I was taking about though. I am thinking of 3, 5, 6%/

2010

innovate wrote: »

That's not what I was taking about though. I am thinking of 3, 5, 6%/

I know but that involves risk as I mention above.

It`s alright saying speculate to accumulate but some people simply don`t want risk.

You may get 3% if you tie your money up for five years but 5/6% involves a risk to your capital.
I personally wouldn`t tie up for more than two years.