Are you considering Aldermore business banking? Aldermore Bank PLC was founded in 2009, and rapidly gained a reputation as a sterling challenger bank dedicated to assisting SMEs. In many respects, Aldermore can be considered an online opponent to the high street heavyweight Nationwide Building Society – but will your business needs be satisfied by this new kid on the block?
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Does Aldermore offer business banking?
Aldermore is a registered bank, but it does not offer current account facilities. Instead, Aldermore specialises in savings accounts for SMEs, alongside business finance facilities that enable small companies to maintain a cash flow and business mortgages for companies looking to expand.
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What services does Aldermore offer?
There are two primary services available to any business owner that opens an Aldermore account.
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Business savings accounts
Company owners looking for a safe place to store their business savings could do far worse than Aldermore. This bank offers three savings accounts.
- Fixed Rate Accounts can be taken out for six months at an average AER of 2.52%, or for one year at an average AER of 3%.
- Easy Access Accounts are completely flexible – you can add or remove funds at any time. Interest is calculated daily, monthly, or annually, at an average AER of 2.0%.
- Corporate Treasury Accounts are for high-rollers that will be depositing funds in excess of £1,000,000. Ts and Cs and interest rates for these accounts are assigned upon applicable and tailored to your needs.
These are impressive interest rates in 2024, making Aldermore among the more competitive business savings providers on the market.
Business finance and loans
If your company does not have access to savings, or you’re reluctant to disturb the interest rates available, you may instead wish to take advantage of the business finance offers provided by Aldermore.
The first option is invoice financing, in which Aldermore will loan you up to 90% of the value of an open invoice and take over credit control. Once the invoice is settled, Aldermore releases the remainder of the value, minus a service fee.
Alternatively, you may wish to consider asset financing. This comes in three possible forms.
- Hire purchase, which means Aldermore will purchase an asset that you identify as business-critical and you pay them back over an agreed period, taking ownership of the asset at the conclusion of the term.
- Leasing, which would see Aldermore purchase an asset and lease it to your business for a set period for a monthly fee. At the end of the term, you can renew the lease, sell the asset on behalf of Aldermore and keep a percentage of the proceeds, or simply hand the asset back to Aldermore to do with it as they wish.
- Refinancing, which enables you to use assets that belong to your business as collateral in a secured loan arrangement.
While there are specialist lenders out there that exclusively offer invoice financing or asset financing, these remain impressive services from Aldermore.
Will I be eligible to open an Aldermore account?
If you wish to open an Aldermore business savings account, you need to be named as a director of a company or registered with HMRC as a sole trader. Aldermore does not offer savings accounts to charities or non-profit societies.
The minimum deposit to open an Aldermore business savings account is £1,000, and the maximum balance your account can hold without upgrading to a Corporate Treasury account is £1,000,000.
Applications for business finance are only open to businesses, and will be assessed on an individual basis to be approved or declined based on affordability.
How do I apply for an Aldermore account?
You can open an Aldermore savings account online. Have the following information to hand, as it will be required for your application to be accepted.
- Proof of your identity and UK taxpayer status
- Company or sole trader name and address
- Company registration number or personal tax identification number
- Details of your existing business current account – you may be asked to confirm this by uploading a statement
If successful, and you have the minimum £1,000 deposit available, your savings account can be opened in as little as 15 minutes.
If you wish to apply for business finance through Aldermore, fill in the online query form and request a callback from Aldermore, who will discuss your needs in greater detail.
What are the advantages of using Aldermore for business finance?
Interest rates on an Aldermore savings account are highly competitive – you’re unlikely to find anything better on the high street and will need to hunt high and low to match these rates online.
The addition of business finance is a welcome safety net for any SME that does not necessarily wish to dip into savings to resolve a short-term cash flow concern.
Alderley is a registered bank, so deposits of up to £85,000 are protected by the FSCS.
What are the drawbacks of using Aldermore for business finance?
It’s hard to find the catch to working with Aldermore. If you have the money to invest in savings, there is a lot to love about what this bank has to offer. The only deterrent for some will be Aldermore’s challenger status, which means that no branch banking is available – everything is conducted online or over the phone.
Are there any fees involved with an Aldermore account?
Aldermore does not charge a monthly fee for its savings accounts, and if you choose an Easy Access Business Account or wait for the maturation of a Fixed Rate Business Savings account, you will not be penalised for making withdrawals from your balance.
Business financing will attract fees and interest rates that vary according to your personal circumstances. Interest rates will be discussed and agreed upon ahead of any contracts being issued.
What is Aldermore’s reputation among customers?
Aldermore enjoys an Excellent rating on TrustPilot, thanks to a score of 4.3 from 5, drawn from over 3,000 reviews. Most commentators praise Aldermore for their customer service and the knowledge of the team, though as always, a handful of naysayers dispute these positive testimonials and point to issues with making contact.
Summary
As a business savings hub, Aldermore is hard to beat. Throw in the addition of business finance services too and you have the makings of a very impressive bank that any SME owner should seriously consider working with. Aldermore offers a wide array of products, and seems determined to make them accessible for anybody that may need them.