Aldermore has increased the interest rates on a range of its fixed rates savings and ISA accounts.

The boosted savings rates are mostly effective immediately with the one year fixed rate saver now at 4.85 percent while the one fixed year fixed rate ISA has a rate of 4.8 percent.

Alex Myers, director of savings at Aldermore, said: “Our fixed rate products offer a guaranteed rate of interest, with a range of different terms, giving savers a real choice of how long they want to invest their hard-earned money with us. We hope this provides a little more peace of mind in uncertain times.”

The new rates include:

For new and existing customers

Fixed rate savers

• 1 Year Fixed Rate – from 4.75 percent to 4.85 percent
• 2 Year Fixed Rate – from 4.2 percent to 4.35 percent
• 3 Year Fixed Rate – from for percent to 4.05 percent
• 4 Year Fixed Rate – from 3.8 percent to 3.9 percent
• 5 Year Fixed Rate – from 3.8 percent to 3.9 percent.

 – from 4.75 percent to 4.85 percent

For existing customers only

Fixed Rate savers (effective from February 3)

• 18 Month Fixed Rate – from 4.45 percent to 4.55 percent.

All other savings rates with Aldermore remain the same at the time of writing.

The Bank of England decided to hold the base rate at 5.25 percent again this week. Some savings providers have dropped their rates in recent weeks as the climb in the base rate has halted.

Andrew Bailey, governor of the Bank of England, said as the decision was announced: “We’ve held rates because even though there has been good news on inflation, we need to be sure that it falls back to our two percent target and stays there sustainably.

“That means we need to see more evidence that inflation will fall further, and stay low before we are able to lower interest rates.

“Getting inflation down, and keeping it there, is the best thing we can do for households and businesses that we speak to up and down the country.”

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