Aldermore 1 year fix at 1%

Retired717

I opened up a 1yr fixed with Aldermore yesterday no issues, transfered the min initial deposit from 
my Nationwide account which recognised the receiving bank. The deposit as stated earlier was acknowledged by Aldermore. It is a bit of a pain having to wait for a ID code to use the online facility, as post dependent on arrival.
Also had cause to phone them today on the 0345 number on another matter got through in about 12 mins which compared to others was quick.

HHarry

It looks like the curse of MSE has struck anyway as the rate is now 0.75%.  I should have got in quicker!

parcival

Yes, need to move quickly on these things but a good sign that interest rates might be trending upwards a little.
Worth keeping an eye on Aldermore but also Paragon and Shawbrook. All tend to have some of the best rates plus efficient customer service.

Ricshaw007

Aldermore just changed their 1 year fixed rate to 0.75%,  missed it !

FatherTireseus

If you have an Active Savings account with Hargreaves Lansdown, you can get a 1 year fix with Aldermore at 0.85%, or BLME (expected profit rate) at 1% at the moment.

ivormonee

FatherTireseus said:

If you have an Active Savings account with Hargreaves Lansdown, you can get a 1 year fix with Aldermore at 0.85%, or BLME (expected profit rate) at 1% at the moment.

I believe HL get 0.25% so Aldermore pays a total of 1.10% (but you only get the 0.85% - the 0.25% is commission to HL). Makes you wonder why doesn't Aldermore (or any of the other users of the HL platform) just not pay the full amount to customers.

FatherTireseus

ivormonee said:

FatherTireseus said:

If you have an Active Savings account with Hargreaves Lansdown, you can get a 1 year fix with Aldermore at 0.85%, or BLME (expected profit rate) at 1% at the moment.

I believe HL get 0.25% so Aldermore pays a total of 1.10% (but you only get the 0.85% - the 0.25% is commission to HL). Makes you wonder why doesn't Aldermore (or any of the other users of the HL platform) just not pay the full amount to customers.

I did wonder that myself in the past, but I can only presume the banks who raise money through Hargreaves Lansdown (and AJ Bell offer a similar 'cash savings hub') find it worth their while to do so.  If they go down the route of trying to raise £x million from individual savers, they will have to open up hundreds if not thousands of different accounts (a few of which may still be funded by cheque, so involve a degree of manual processing); they will require customer service capacity to deal with queries, and will have to send out maturity packs and deal with maturity instructions at the end of the term.  I know a lot of these are automated with emails sent out and maturity instructions given online but some institutions, like Kent Reliance, still seem to rely on paper instructions.

Whereas if they ask Hargreaves Lansdown or AJ Bell to raise £xm, HL or AJB promote it on their website, potentially reaching customers they might not otherwise reach, and presumably HL / AJB just pass over a lump sum of the total amount raised to the bank concerned.  I have a few accounts through HL in their 'active savings' hub and you don't even get an account number with your accounts, so I am guessing that HL or AJB do a lot of the admin, hence the hefty commission fee.

inspectorperez

Found application procedure very straightforward and response times from Aldermore were excellent.

Managed to open 3 accounts for self, wife and joint, before the rate dropped from 1%.

Impressed with website which I find user friendly and easy to navigate.

Suspect this product has been very well subscribed.

Customer ID letters were issued promptly and delivered by First Class post.

Bettie

I had no problems with the first account I set up so I had the ID number anyway that was 0.75 % . I missed the  .85 % by two weeks.  Then I missed the 1% by 2 days as I was still funding the 2nd account  but I set up the 1% and emailed them from the website, had an answer in two days. They've transferred my money to the 1% as I was in the 14 days and allowed to cancel the .85 one. So very happy with Aldermore and the service I received

snowqueen555

Keeps asking me to post in photo id, sounds like some people didn't need that. 
I'm probably going to try another provider.