Aldermore launches new business savings accounts to shake-up SME banking
By Bridging Loan Directory -
British challenger bank, Aldermore, has launched new products, which will not only shake-up the business savings market with their innovative approach, but are paying market leading rates.
With a 1 Year Fixed Rate account paying 3.25% AER and a 6 Month Fixed Rate Account at 2.35% AER, the new business accounts can be opened online in 15 minutes, meaning SMEs can kick start their savings within a quarter of an hour.
Furthermore, the accounts are operational the instant the account is live, allowing for deposits to be transferred from other lower paying accounts, with immediate effect.
As the SME champion, Aldermore’s business savings accounts can be opened without the prerequisite of moving a company’s existing accounts in order to benefit from these great accounts.
Aldermore decided to launch these straightforward and dynamic business savings accounts following commissioned research by YouGov, who surveyed more than 1,000 small firms and revealed:
- 89% of SMEs feel the interest rate they receive for the business savings is unfair
- Only 9% of SMEs are satisfied with their business savings accounts
- Four in five (80%) of SMEs think that banks do not make it easy for them to switch accounts
The survey also highlighted a staggering 60% of SMEs are holding on to an average of £190,000* in the bank to act as buffer for any unpredicted financial difficulty. Additionally, it identified online account opening is three times as important to businesses as being able to open an account in branch.
Phillip Monks, Aldermore’s CEO, said: “Aldermore’s new business accounts will flip much of the poor practices on its head, as we are offering great rates and true online access, which is also supported by a UK based call centre.
“As the SME champion, we are here to meet small business needs and we hope this announcement means we are going to shake-up the British savings market. This step-change for the bank is just the start, as there are other new initiatives which will follow throughout this year.
“Our mantra has always been to offer straightforward products with no bonuses or gimmicks, and so by giving SMEs what they deserve – an effortless experience – these accounts will allow them to get on with the day-to-day running of their own business.”