Aldermore Bank

Daliah

susanann_2 said:

Thanks everyone for your kind replies. I think I must really dip my toe into some of these newer unheard of banks as they are paying such better rates. I am looking at Chase Bank as well not sure if they use the same format for paying in. None of my current savings are earning more than 0.84-1% so I can do a lot better,  but have always been nervous of the ones I’ve not heard of but as you say they play on this fear and offer not such good rates.  

Chase savings is essentially a current account without a debit card - so no, they are not using the same paying in format as Aldermore. But like the Aldermore-type banks, the "Confirmation of Payee" checks don't work for Chase, which scares off some people, for absolutely no good reason.

Chase is the trading name of JP Morgan, a huge bank, and of course they have FSCS protection, like all UK banks must have. Lots of discussions about them in other threads on this forum.

Audaxer

susanann_2 said:

Thanks everyone for your kind replies. I think I must really dip my toe into some of these newer unheard of banks as they are paying such better rates. I am looking at Chase Bank as well not sure if they use the same format for paying in. None of my current savings are earning more than 0.84-1% so I can do a lot better,  but have always been nervous of the ones I’ve not heard of but as you say they play on this fear and offer not such good rates.  

I think it's worth considering an HL Active Savings account if you are looking at savings products in a few of the lesser known banks - see link below. You need to scroll down the page to see all the products and latest rates:
Savings rates: Compare the latest rates on Active Savings | HL

Albermarle

Audaxer said:

susanann_2 said:

Thanks everyone for your kind replies. I think I must really dip my toe into some of these newer unheard of banks as they are paying such better rates. I am looking at Chase Bank as well not sure if they use the same format for paying in. None of my current savings are earning more than 0.84-1% so I can do a lot better,  but have always been nervous of the ones I’ve not heard of but as you say they play on this fear and offer not such good rates.  

I think it's worth considering an HL Active Savings account if you are looking at savings products in a few of the lesser known banks - see link below. You need to scroll down the page to see all the products and latest rates:
Savings rates: Compare the latest rates on Active Savings | HL

Also they have a ( small) cashback offer for new customers,

Daliah

Audaxer said:

susanann_2 said:

Thanks everyone for your kind replies. I think I must really dip my toe into some of these newer unheard of banks as they are paying such better rates. I am looking at Chase Bank as well not sure if they use the same format for paying in. None of my current savings are earning more than 0.84-1% so I can do a lot better,  but have always been nervous of the ones I’ve not heard of but as you say they play on this fear and offer not such good rates.  

I think it's worth considering an HL Active Savings account if you are looking at savings products in a few of the lesser known banks - see link below. You need to scroll down the page to see all the products and latest rates:
Savings rates: Compare the latest rates on Active Savings | HL

Yeah but they don't ever offer the best rates. You get a much better choice by going direct and pick your rates from https://moneyfacts.co.uk/savings-accounts/

Audaxer

Daliah said:

Audaxer said:

susanann_2 said:

Thanks everyone for your kind replies. I think I must really dip my toe into some of these newer unheard of banks as they are paying such better rates. I am looking at Chase Bank as well not sure if they use the same format for paying in. None of my current savings are earning more than 0.84-1% so I can do a lot better,  but have always been nervous of the ones I’ve not heard of but as you say they play on this fear and offer not such good rates.  

I think it's worth considering an HL Active Savings account if you are looking at savings products in a few of the lesser known banks - see link below. You need to scroll down the page to see all the products and latest rates:
Savings rates: Compare the latest rates on Active Savings | HL

Yeah but they don't ever offer the best rates. You get a much better choice by going direct and pick your rates from https://moneyfacts.co.uk/savings-accounts/

Maybe not the best rates, but still fairly decent rates if you want to fix for 9 months and above. I just thought it might be an option for the OP to have one easy sign-on through HL, if she wants to put savings in a few of these banks without applying to each one directly.

TheWoodler

I agree that the cashback and one-stop shop element certainly make HL an attractive potential option to consider in building confidence in saving with the lesser-known banks.

HL was a big help to me when I started out in the savings market (as were Moneyfacts, MSE itself and this forum).

HL doesn’t *always* have the best offers but the odd good offer does pop up from time to time - besides the rates themselves, deposit thresholds may be lower, or terms shorter, than those available direct - which can also meet people’s needs. 

And the rates they offer beat the big high street names. So they’re definitely worth considering, if only as a starter to gain familiarity with the options out there.

Daliah

TheWoodler said:

HL doesn’t *always* have the best offers but the odd good offer does pop up from time to time - besides the rates themselves, deposit thresholds may be lower, or terms shorter, than those available direct - which can also meet people’s needs. 

I have *never* seen HL (or similar one-stop savings gateways) having offers that cannot be bettered. The only reason for me to go with them once was an introductory bonus at the very beginning of their savings business. Even that has now lost its attraction, IMO.

TheWoodler said:

I agree that the cashback and one-stop shop element certainly make HL an attractive potential option to consider in building confidence in saving with the lesser-known banks.

I think it is a rather sad situation if people choose their savings accounts by paying one of the largest UK companies for the confidence they apparently instil. When all that should really count is FSCS and best rates.

Albermarle

Currently HL active savings offers 2.05% for a 9m fix with Charters and their claim that is a 'market leading  rate ' seems to be valid.
Best available from Charters direct is 2.05% for 12 M 

Active savings offers a 2.1% 12M fix from Alicia bank, also claimed to be a 'market leading rate' It is not available direct from Alicia but is topped by 2.15% from Bank of Jordan via Flagstone ( although they may have their own charge ) 

Audaxer

Albermarle said:

Currently HL active savings offers 2.05% for a 9m fix with Charters and their claim that is a 'market leading  rate ' seems to be valid.
Best available from Charters direct is 2.05% for 12 M 

Yes, 2.05% is a really good rate for a 9 month fix, which isn't available direct. It just shows you can get good rates from going via HL.

Aldermore also have a 9 month fix via HL at 1.51%, but that also does not seem to be available from them direct. 

TheWoodler

There’s also an 18 month fix on HL at 2.35%, comfortably beating the next top  fix at 2.16% and not far off the 2.40% top 2-year fix. 

I’ve been pleased with HL Active Savings and Aldermore, along others, as part of my diversified savings portfolio. 

I have other considerations, such as accessibility - a key issue for me for personal reasons - and HL fulfils part of that brief for me where the banks themselves may not have such accessible platforms or practices. I don’t have to deal with their interfaces or lack of accessibility policies (for example), HL handles that aspect for me!

(Accessibility in finance is quite an issue one way or another, but is off topic here - I might start another thread!)