Aldermore makes waves as it launches new SME deals

Wednesday 6th June 2012

British ‘challenger’ bank Aldermore has launched new products designed to shake up the business savings market and which are also paying market-leading rates.

With a one-year fixed rate account paying 3.25% and a six-month fixed rate account starting at 2.35%, the new business accounts can be opened online in 15 minutes.
 
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 makes it possible to open business savings accounts without the prerequisite of moving a company’s existing accounts in order to benefit from these good rates.
 
Aldermore decided to launch these straightforward and dynamic business savings accounts following commissioned research by YouGov, which surveyed more than 1,000 small firms and revealed:

* 89% of SMEs feel the interest rate they receive for their 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 that 60% of SMEs are holding on to an average of £190,000 in the bank to act as a buffer for any unpredicted financial difficulty.

Phillip Monks, Aldermore’s CEO, said: “Aldermore’s new business accounts will flip many poor practices on their head, as we are offering great rates and true online access, 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.”