Money comparison website Moneyfacts.co.uk monitors the different interest rates being offered on a wealth of savings options. Each week, the firm showcases some of the best of the latest products or rate changes on the consumer finance market via its Pick of the Week.
This week, Moneyfacts’ resident Finance Expert Eleanor Williams has analysed some of the top deals, along with their perks, of note.
In terms of savings, it’s the 30 Day Notice Cash ISA Issue 11 from Aldermore Bank which Ms Williams flagged.
This product pays a rate of 0.40 percent gross/AER, payable on anniversary.
There is also a monthly interest option though, which also pays 0.40 percent gross/AER.
With this account, those making withdrawals will need to give notice, of a 30 day term.
Another limit to note is the minimum opening amount, with this being £1,000.
At the other end of the scale, the maximum investment amount is the annual ISA allowance.
The annual ISA allowance is £20,000 per tax year, and it applies across the four different types of ISAs.
It’s only possible to pay money into one of each type per tax year.
“This week sees Aldermore relaunch its 30 Day Notice Cash ISA,” Ms Williams said.
“Paying 0.40 percent on anniversary, investors who are looking to supplement their income may be pleased to note that there is the ability to take a monthly interest option as well.
“When compared against other variable ISAs currently on offer, this account earns a position in our top rate tables and may be an attractive option for those able to meet the £1,000 minimum investment amount and who are looking to use their tax-free ISA allowance.
ISA stands for Individual Savings Account and there are four types of adult ISA.
- Cash ISAs
- Stocks and shares ISAs
- Innovative finance ISAs
- Lifetime ISAs.