What is the interest rate?
Interest rate (*AER)
Gross annual interest
4.40%Gross monthly interest
4.31%Gross annual interest
2.90%Gross monthly interest
2.86%*AER stands for annual equivalent rate and illustrates the interest rate if it was paid and compounded once each year.
Your interest rate depends on how many times you take money out in any anniversary year. An anniversary year is the 12 month period commencing on the opening date of your account and then renewing on each annual anniversary. The lower interest rate will apply from the day of your second withdrawal to the day before the anniversary of your account opening. From your anniversary date, your interest rate and withdrawals reset. Interest is calculated daily, and paid monthly or annually. You can choose to have your interest paid to your Rewards ISA Single Access Account, any other Personal Savings account you hold with us that allows deposits, or your nominated UK bank or building society account. A payment of interest away from your Reward ISA Single Access Account won’t count as a withdrawal.
Summary box - Reward ISA Single Access Account (Issue 3)
Yes, the interest rate is variable. We can increase or decrease the rate for any of the reasons set out in our Personal Savings Terms and Conditions.
| Number of withdrawals | Deposit at Account Opening | Balance After 12 Months | Interest Earned |
|---|---|---|---|
| No withdrawals | £1000 | £1044.00 | £44.00 |
| No withdrawals | £15,000 | £15,660.00 | £660.00 |
| Two withdrawals | £1000 | £824.26 | £24.26 |
| Two withdrawals | £15,000 | £15,241.76 | £441.76 |
The examples above assume that one lump sum is deposited at account opening, that no further deposits are made and that interest earned is paid to the account annually.
The examples showing two withdrawals assume that withdrawals of £100 are made on the 14th and 21st day from account opening. The lower interest rate is applied from the day of the second withdrawal and then applies until the day before the anniversary date of the account being opened.
These are only examples and do not take into account your individual circumstances.
- To open an account you need to be aged 18 years or over, resident in the UK and only tax resident in the UK. Our accounts cannot be held in trust or by US Persons (meaning US citizens, residents, green card holders or taxpayers in respect of their worldwide income).
- This account can be held in one name only
- You can open and manage your account online. We will accept instructions in relation to the account through our Internet Banking Service
- The minimum deposit required to open this account is £100
- The maximum deposit for this account is the 2025/2026 ISA allowance of £20,000. In addition or alternatively, you may transfer existing ISAs from other providers into this account, up to the amount held. These limits are subject to HM Revenue & Customs rules
- You can only open one Reward ISA Single Access Account
- Yes, you can make unlimited withdrawals. Your money can be returned to your nominated account, transferred to any other Personal Savings accounts you hold with us that allow deposits or transferred to another ISA provider
- Our Cash ISAs are flexible. You can withdraw money from this tax year or previous tax years if you need to. You can replace the money you’ve withdrawn without the replacement counting towards your annual ISA subscription limit, providing you replace the funds in the same tax year you withdraw them
- If you make two or more withdrawals in any anniversary year, you'll get a lower rate as shown above until the next anniversary date when the interest rate and withdrawals reset
- Interest is paid gross without the deduction of income tax and doesn’t count towards your Personal Savings Allowance
- If you change your mind within 14 days of opening your account we will cancel your account without penalty or notice
- You can request to transfer in ISAs held with other providers at any time
- AER stands for annual equivalent rate and illustrates the interest rate if it was paid and compounded once each year
To view all current and previous rates for our personal savings accounts variable rate products, please click here.
Opening an account
Our accounts are open to a wide range of people for a wide range of needs, just so long as you:
- have a UK bank or building society account, on which you’re named as an account holder. This is your nominated account and you’ll need the sort code and account number to hand when you open your new account with us. You can only transfer money into your Aldermore account from this account, or by transfer from another ISA provider
- are aged at least 18
- are resident in the UK and only tax resident in the UK. Our accounts cannot be held in trust or by US Persons (meaning US citizens, residents, green card holders or taxpayers in respect of their worldwide income)
- have read the Reward ISA Single Access Summary Box and Personal Savings Terms and Conditions
ISA Transfers
When you open your account, you’ll be asked at the start of the application if an existing ISA is to be transferred. If it is, towards the end of the application you’ll be asked to provide the details of the ISA to be transferred.
Where your existing provider subscribes to the electronic Cash ISA transfer platform, your request will be submitted electronically.
If your existing provider doesn’t subscribe to the electronic platform, you’ll need to print and send us a completed ISA transfer form, which is provided to you at the end of your application.
Please make sure that any ISA Transfer Forms are returned within 14 calendar days from the date of application.
Cash ISA FAQs
You can split your annual ISA allowance across the different ISA types - Cash ISA, Stocks and Shares ISA, Innovative Finance ISA and Lifetime ISA - or save the whole allowance in one type of ISA (apart from the Lifetime ISA, which has a limit of £4,000).
Aldermore offers Cash ISAs only. You can split your Cash ISA allowance between any of our Cash ISA products. This will be classed as one Cash ISA for the purposes of tax-free allowances and HMRC reporting.
Following changes announced in 2024, you can now invest your current year’s ISA allowance across multiple cash ISA providers. So, if you’ve invested part of your current year’s ISA allowance with another bank or building society, you can invest the remainder of the allowance in an Aldermore cash ISA.
If you’ve got existing ISAs with other providers from previous tax years, these don’t count towards your £20,000 annual allowance so you can transfer these to us in full. By bringing all of your ISAs together in one place, you can manage your ISA portfolio with ease.
The current tax year allowance (ends 5 April 2026) is £20,000.
You can transfer an ISA by following the usual transfer process. All of our Cash ISAs are flexible but if you transfer them to another provider, the provider that you transfer to may not offer flexibility in which case your ISA will no longer be flexible when it moves to them.
If you transfer an ISA from another provider into one of our cash ISAs, it will automatically become flexible.