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Aldermore Business Savings
Aldermore is a bank that offers small and medium sized businesses financial products, from savings to finance solutions, with the aim to fulfil their customers' hopes and dreams. They are a relatively new bank in the UK market, founded in 2009, but have no branch network, instead offering convenient savings at your fingertips.
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Interest Rate
4.51% AER fixed -
Minimum Deposit
£1000 -
Maximum Deposit
£1MFSCS protected to £85,000 -
Access Type
Fixed Rate1 Year Fixed Rate -
Access Methods
App/Branch
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Nominate a business current account for deposits and interest, no need to change provider
- Open in under 15 minutes
Eligibility Criteria
- Minimum Initial Deposit £1000
- Over 18 years of age, UK resident and only tax resident in the UK – this applies to all controlling persons, significant owners and directors
- A limited or unlimited company (Aldermore do not provide accounts for limited partnerships, limited liability partnerships, partnership, sole trader, clubs, societies or charities)
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Interest Rate
4.50% AER fixed -
Minimum Deposit
£1000 -
Maximum Deposit
£1MFSCS protected to £85,000 -
Access Type
Fixed Rate6 Month Fixed Rate -
Access Methods
App/Branch
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Open in under 15 minutes
- Nominate a business current account for deposits and interest, no need to change provider
Eligibility Criteria
- Minimum Initial Deposit £1000
- Over 18 years of age, UK resident and only tax resident in the UK – this applies to all controlling persons, significant owners and directors
- A limited or unlimited company (Aldermore do not provide accounts for limited partnerships, limited liability partnerships, partnership, sole trader, clubs, societies or charities)
Aldermore Business Savings Review
In recent years Aldermore Bank has established itself as a notable player in the UK banking sector, particularly in the realm of business savings accounts. Here we provide a brief overview of Aldermore’s business savings accounts, assessing various aspects such as interest rates, account features, customer service, and overall convenience.
Interest Rates and Account Types
Aldermore Bank offers a range of business savings accounts designed to cater to different needs. Currently these include easy access accounts and fixed-rate accounts. The interest rates offered by Aldermore are generally competitive, especially in comparison to major high-street banks. The fixed-rate accounts often provide higher interest rates, suitable for businesses that can afford to lock away funds for a set period. Meanwhile, the easy access offer more flexibility, albeit usually at slightly lower interest rates.
Account Features
A key feature of Aldermore’s business savings accounts is the online management capability. Business owners can easily set up and manage their accounts online, which is a significant convenience for those who prefer digital banking solutions. Additionally, Aldermore’s accounts are known for their transparency, with clear terms and no hidden fees. This straightforward approach is particularly appealing to small and medium-sized enterprises (SMEs) that value simplicity in financial management.
Customer Service
Customer service is an area where Aldermore has received mixed reviews. While many customers appreciate the bank’s efficient online services and helpful customer support team, some have reported issues with slow response times, especially during peak periods. However, it’s important to note that Aldermore has been making efforts to improve its customer service, including investing in training and technology.
Security and Reliability
Aldermore is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. This regulatory framework ensures that Aldermore adheres to strict standards of financial conduct and risk management. Additionally, deposits in Aldermore’s business savings accounts are protected up to £85,000 per business by the Financial Services Compensation Scheme (FSCS), providing an essential safety net for businesses.
Accessibility and Inclusivity
Aldermore has made strides in ensuring its services are accessible to a wide range of businesses, including sole traders, partnerships, and limited companies. The bank does not discriminate based on the size or type of business, making its savings products available to a diverse clientele.
In Summary
Overall, Aldermore’s business savings accounts offer a compelling option for UK businesses looking for competitive interest rates, online convenience, and transparent banking practices. While there is room for improvement in customer service responsiveness, the bank’s commitment to enhancing its services is evident. For businesses seeking a reliable and straightforward savings solution, Aldermore is certainly worth considering.
However, it’s crucial for businesses to conduct their own research and consider their specific financial needs and circumstances before choosing a savings account provider. Interest rates, fees, and terms can change, and what might be an excellent choice for one business may not suit another.