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Business savings just got ‘easier’
Aldermore, Britain's leading challenger bank, today announces the launch of its Business Savings Easy Access Account.
The Business Savings Easy Access Account is paying a rate of 1.50% AER*, and is being launched to complement Aldermore's existing Business Savings accounts, which include a One Year Fixed Rate Account, a Six Month Fixed Rate Account and a One Year Fixed rate Account with 25% access.
This product is being launched in response to demand from SMEs for a more attractive place to put their surplus money, coupled with the ability to access it when required, as research from an earlier survey from another organisation found that 60% of SMEs are holding at least £190,000 on deposit in preference to investing.
Research commissioned recently by Aldermore also found that nearly 80% of businesses say their bank has never proactively suggested the best account for their money and only 20% of businesses have the confidence to consider banking products from other banks, other than the one they hold a current account with.
Simon Healy, Managing Director of Savings at Aldermore, said: "Businesses have told us that they want to earn money on their savings and have access straight away to their cash when they need it; however, too often banks are offering only one of these things.
"The account is fully operational online and offers a fast and simple online account opening - open an account, complete ID checks and arrange funding all in just 15 minutes -with no need to fill in paper based forms. This simple and straightforward approach helps SMEs get on with running their business
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.
Simon Healy concludes: "Unlike many financial institutions, Aldermore does not require the customer to move their business bank account - a factor which we have found deters many from moving their savings balance."
*AER stands for annual equivalent rate and illustrates the interest rate if it was paid and compounded once each year
For further information journalists can contact:
Andy Donald, Maitland 0207 379 5151, firstname.lastname@example.org
Duncan Browne, Maitland 0207 379 5151, email@example.com
Notes to Editors
Aldermore is a new British bank and one of the best capitalised banks in the UK. With backing provided by AnaCap and Morgan Stanley Alternative Investment Partners, Morgan Stanley's Private Equity Fund of Funds business and new investment from the consortium of funds managed by Goldman Sachs Asset Management, Honeywell Capital Management and the Ohio Public Employees Retirement System, Aldermore raises deposits from consumers and lends to homeowners and small and medium sized businesses.
Aldermore does not depend on the wholesale, securitisation or international capital markets and has not been involved in any banking activities or the marketing of any exotic products which have been the cause of problems for so many financial institutions.
As a British bank, Aldermore is regulated by the Financial Services Authority and is registered under the Financial Services Compensation Scheme, which means customers' savings are protected up to the statutory limit of £85,000 per person. Aldermore is also a member of the Council of Mortgage Lenders.
Aldermore markets its lending products via professional financial advisers and specialist commercial finance brokers located throughout England and Wales.
About AnaCap Financial Partners
Established in 2005, AnaCap is Europe's largest specialist private equity investment advisor in the financial services sector. Based in London and investing across Europe, AnaCap advises funds with more than €1 billion under management. AnaCap's funds invest in businesses with high growth potential and strong management teams. AnaCap works with management teams to improve infrastructure and business processes. It employs sophisticated, twenty-first century technology to create low cost, scalable, sustainable and highly digital based platforms. AnaCap's day-to-day support allows management to pursue growth strategies in the most efficient and effective manner.
AnaCap's team of professionals also assists investee companies in assessing and reducing key credit and market risks. This expertise in risk and liability management is a key factor in the strong performance of AnaCap's portfolio.
The success of AnaCap's investment strategy and team has attracted investment from highly regarded global institutional investors including Goldman Sachs, Allianz, Morgan Stanley Alternative Investment Partners, Honeywell, State of New Jersey and Adams Street Partners.