Aldermore launches new business 1 year fixed rate account
By Bridging Loan Directory -
Challenger bank Aldermore, which recently launched its business savings proposition, has today launched a further product to boost the range.
Aldermore is offering a 1 Year Fixed Rate Account with access that is paying a market-leading rate of 2.75% AER. It allows fee-free instant access to up to 25% of the account balance in one withdrawal during the term of the product. This is an added benefit for SMEs, who receive a great rate whilst knowing they can access up to a quarter of the funds deposited if they need it.
The account is fully operational online, with the account opening process usually taking no more than 15 minutes. Businesses can deposit funds into this account by Faster Payments, BACs or CHAPs – meaning they can be earning interest on the same business day as they open the account.
With the continued economic uncertainty as a result of the Eurozone Crisis driving businesses to hoard more cash, this account combines the financial benefit of a great rate of interest with the peace of mind that comes with easy access to funds.
Aldermore has launched this latest business savings account following extensive independent research, revealing that customers weren’t active within the business savings market, as 90% felt interest rates on their savings’ accounts were not competitive.
The research also identified that 80% found there was no incentive to move to an alternative provider, as the process of switching is too complicated. As a result of these findings, Aldermore offers a straightforward solution and unlike many financial institutions, does not require the customer to move their business bank account – a factor which deters many from moving their savings balance.
Simon Healy, Aldermore Head of Savings, said: “Businesses have told us that they want to earn a great rate on their savings but are concerned that changes in economic conditions mean they may want access to their cash quickly. Our 1 Year Fixed Rate Account with access gives them just that.
Historically, complicated account opening has deterred time-poor businesses from making more of their savings but our 15 minute online account opening process means that this is no longer an issue. It can all be done quickly, whenever and wherever they like.
The combination of great rates with really easy, simple online account opening has already proved very popular with small businesses and this new account should add to the appeal.”