Aldermore has raised the interest on its 60-day notice Cash ISA to 4.3% AER, earning an “excellent” Moneyfacts rating.

The new deal currently holds a “competitive” position in the top table, and savers can launch the account with £1,000. Notice accounts act as a middle ground between easy access and fixed-rate savings accounts. These accounts allow people to withdraw money whenever they need to, but they must give the bank an agreed-upon amount of notice or face penalties. Commenting on the deal, Caitlyn Eastell, spokesperson at Moneyfactscompare, said: “This week Aldermore has changed the issue number and increased selected rates across a range of its variable rate accounts.

“The 60 Day Notice Cash ISA (Issue 7) is now paying a competitive 4.30% AER on its anniversary, and for savers looking for an income boost, there is also a monthly interest option.”

Ms Eastell continued: “Savers will need to invest at least £1,000 to receive the headline rate. Withdrawals are permitted, and savers must give 60 days’ notice.

“Or, they can get instant access, subject to 60 days loss of interest. But working in its favour, further additions are permitted at any time. On assessment, this account earns an Excellent Moneyfacts product rating.”

The account can be opened online by UK residents aged 18 or over.

What else is out there?

The Stafford Building Society tops the board of 60-day Notice Cash ISAs with an interest rate of 4.35% AER. Savers can launch the account with a minimum deposit of £100, and interest is paid annually. Up to four withdrawals are permitted with 60 days’ notice per year.

For fewer days’ notice, Paragon Bank is offering savers an interest rate of 4.15% AER on its 40-day Notice Cash ISA. The account can be opened with a minimum deposit of £500, and interest is paid on the anniversary. There are no withdrawals on the number of restrictions, but 40 days’ notice must be given beforehand.

Tipton and Cosely Building Society is also offering savers a 4.10% AER on a 60-day Notice ISA. The account can be launched with a minimum deposit of £1,000, and interest is paid yearly. Withdrawals are permitted if 60 days’ notice is given, or savers can get instant access, subject to 60 days’ loss of interest.

The number of savings products on the market has reached a record high, new data from Moneyfacts shows. The increase has been largely attributed to the influx of challenger banks entering the market.

However, average savings rates have dropped, making it imperative for Brits to review their accounts and switch if they’re not receiving a competitive rate.

Rachel Springall, finance expert at Moneyfacts, said: “Savings product choice has reached a record high, and this has been largely fuelled over time by the increase of new challenger banks entering the market. New brands bring positive energy into the arena, as they typically fight harder for savers’ deposits to fund their future lending.

“However, with the Moneyfacts Average Savings Rate falling slightly to 3.50%, there is no denying that lower interest rates will dampen the sentiment of savers, but they must ensure to compare deals and switch regularly, and not to let apathy win.”