Business Savings Account FAQs

  • Saving With Aldermore

    • Why should I save with Aldermore?
    • We've been championing personal savers with straightforward savings accounts and providing specialist finance to small and medium sized businesses. Now we're offering Business Savings Accounts with great rates. You don't even need to have your main business bank account with us to benefit.
      Here are some other facts about saving with us:
      •    We offer flexibility, great rates and great value, with no fees or charges for our day to day account services. 
      •    We make business savings personal, with highly experienced staff all based in our UK call centre.
      •    For our retail savings we've been awarded with the 'MoneyFacts Highly Commended 'Best Fixed Rate Provider 2010', the 'MoneyFacts Highly Commended "Best Notice Account Provider" 2011' and the 'MoneyNet "Highly Commended" Best ISA Provider' in 2012. All proving that we've got what it takes to satisfy our customers' needs and continually provide customer service that's second to none.

    • Who are Aldermore?
    • In just 3 years since our launch we've grown into a bank with assets of over £1.9 billion.

      We offer competitive rates and terms and provide a refreshingly straightforward service, founded on real market expertise. We've been championing savers with straightforward savings accounts and now have over 70,000 retail savings accounts opened with us.  We've also been supporting homeowners with much needed mortgages.  And we've been providing specialist finance to small and medium size businesses.

      To date Aldermore's total lending book to SME's is £850 million, taking the time to understand and advise each business individually to provide the products and support they need.

    • How do I know my money is safe?
    • Aldermore is backed by leading global investors such as Goldman Sachs Asset Management, Honeywell Capital Management and Ohio public employees' retirement system. Funds are advised by Ana Cap Financial Partners LLP and Morgan Stanley Alternative Investment Partners.

      In uncertain times we understand the need to protect your hard-earned business savings. Aldermore is covered by the Financial Services Compensation Scheme. Please click here for more information.

    • Is my money covered by the FSCS guarantee?
    • A safe place to grow your business Aldermore is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors - including most individuals and small business are covered by the scheme. Please click here for more information.

    • What makes Aldermore Business Savings Accounts stand out from others in the market?
    • We believe saving should be as simple and rewarding as possible. That's why our Business Savings Accounts offer you a high, safe return on your cash with a choice of Easy Access and Fixed Rate Accounts. All easy to set up and manage online, giving you back precious time to spend on your business.
      With our Accounts you get these benefits:
      •    Competitive rates that aren't inflated by bonuses, gimmicks or introductory offers
      •    With our Fixed Rates you'll always know what interest rate you'll earn over a set period
      •    Fast and easy set up - open an account in less than 15 minutes and manage online.
      •    In the UK to support British homeowners and British business like you.

      So by choosing Aldermore not only can you can be sure of straightforward products and exceptional service, you'll also be receiving consistently good rates.

  • Opening an Account

    • Who can open a Business Savings Account?
    • To be eligible to open a Business Savings Account you must be:

      - A Limited Company, Limited Partnership, Limited Liability Partnership, Partnership or Sole Trader.

      - A UK registered business for tax purposes.

      - A UK resident aged 18 or over

      - Have a business bank account with a sort-code and account number

      - Own a mobile telephone that can receive text messages. This is how Aldermore will send you your account password and without it you will be unable to log into your account

    • Can I open more than one Business Savings Account?
    • You can open an unlimited number of accounts provided that these are all set up in the same way, with the same users.

    • How do I return to complete my online savings application?
    • You'll be sent an email containing a unique reference number and a PIN as soon as you've completed the first two screens of the application process. You can use these to return to your application at any time.

    • How do I check the progress of my application?
    • Opening your account is simple and straightforward and our experts are on hand to help if you have any questions.  Once you've opened your Business Savings Account with us we'll send you:
      •    An email detailing your account username(s)
      •    A text messages(s) detailing users password(s) to the mobile number(s) provided
      •    Your Welcome Pack can be located in "My Documents" when you log onto your account.

      If we need some further identification after you've completed your application, we'll let you know.  If the account opening criteria haven't been met, we'll inform you and confirm our requirements.

    • What if I don’t receive my account opening application reference (for an incomplete application?)
    • You'll be sent an email containing a unique reference number and PIN as soon as you have completed the first two screens of the application process. You can use these to return to your application at any time.  If you haven't received either or both of these, please check your junk mail box as it may have been sent there.  It may also mean that you've not completed the first two screens or provided us with the details we require to register an account. Just call our UK-based call centre during opening hours on 01733 821 321 and we'll be happy to help.

    • What’s the minimum amount I can save in a Business Savings Account?
    • The minimum amount you can save in a Business Savings Account is £1,000.

    • What’s the maximum amount I can save in a Business Savings Account?
    • The maximum amount you can save in a Business Savings Account is £1 million.  If you'd like to save more please contact us.

    • What’s the cooling off period?
    • If you change your mind within 14 days of opening your new business savings account we'll be happy to cancel your account and refund any deposits you have made. No notice periods or penalties will apply.

    • How long have I got to put money in my account once I’ve opened it?
    • For Fixed Rate Accounts, you have 30 days from the date your account is opened to fund your account. All deposits must be received within the first 30 days of the account being opened, as we will not be able to accept any further deposits after this time. If funding is not received the account will be closed.

      For Easy Access Accounts, you have 45 days from the date the account is opened to make your initial deposit. You can then make additional deposits at any time. If no deposit is received within the first 45 days of the account being opened, the account may be automatically closed.

      For the Customised Fixed Rate Account, you have 14 days from the date your account is opened to fund your account. All deposits must be received by us by 2pm on the last banking day within this period and we will not be able to accept any further deposits after this time. If funding is not received the account will be closed.

    • What is the rate guarantee for Fixed Rate Accounts?
    • Your Fixed Rate Account comes with a 14 day rate guarantee, to benefit from this please send your deposit within this time. This way if we have increased our rates by the day we receive your deposit, we'll pay you the higher rate without you even having to ask! (After this time we will pay the prevailing rate).

    • What account opening checks do you carry out?
    • All UK savings accounts require your identity and address to be checked before you open it. To make this as easy as possible for you we do this by checking a number of electronic databases. In a minority of cases we may sometimes need to ask you to send some identification to us. We accept scanned certified copies or documents which can be sent to us by post. All documents must be sent to the address below.

      Aldermore Bank Plc

      Freepost RSCS-ETYS-TCHY

      1st Floor, Block B, Western House

      Lynch Wood

      Peterborough

      PE2 6FZ

    • How do you verify my identity?
    • To verify your identity we'll perform electronic checks on both the personal and Business details you provide. In some circumstances we may require additional documentation to validate these details.  We'll need two forms of documentation.  We will notify you of the documents required as and when required.

    • What’s a certified document?
    • A certified document is a black and white photocopy signed by a recognised professional (i.e. an official of a financial institution or bank, a Notary Public, a Lawyer or an Accountant). To confirm that it is a true copy of the original document the certifier must do the following:

      1)      Sign and date the document

      2)      State their full name and profession

      3)      State their full business address and contact details

    • What is a nominated account?
    • Your nominated account is the only account money can be paid to or come from. Your nominated bank account must be in the same business name as that on the business savings account.

    • What’s a significant owner?
    • A significant owner is someone who holds a 25% share or greater in the business including shareholders, partners or sole traders.

    • Why do you need to know about significant owners?
    • We are required to understand the structure of your business including details of all significant owners.

    • Which services can I access online?
    • Online banking allows you to manage your account online, including the options to view your transactions, change personal or business details and much more.  Alternatively you can manage your account over the phone with our UK-based call centre.

    • How can I access my account?
    • You can access your account online anytime using your personal log-in details provided at the time of account opening, or by calling our UK-based call centre during opening hours on 01733 821 321.

  • Paying Money Into My Account

    • What methods can I use to fund my account?
    • You can make your initial deposit using one of the following options:

      CHAPS

      Faster Payments

      BACS

      Standing order

      Payments by cheque or banker's draft are not accepted.

    • How do I make my opening deposit and any additional deposits?
    • You can make deposits by Faster Payments, BACS, CHAPS or standing order. Simply contact your bank or building society and give them the following information:

      Account Number: Your Aldermore Business Savings Account Number (this is an 8 digit number that you can find on the first screen in Internet Banking, listed under accounts).

      Sort Code: 23-33-43

      Beneficiary Name: Your Business' Name

      Payment Reference: You can choose your own payment reference and we suggest you choose a name that'll help you easily identify your transactions on your bank statements. e.g. Aldermore Business Savings.

      Please make sure your bank correctly quotes the account number and sort code when they make this payment. Without it your payment may be rejected and returned to you without interest.

      For Fixed Rate Accounts, once you've made your opening deposit you have a further 14 days to put more money into your account and benefit from the same interest rate. For the Customised Fixed Rate Account, the initial deposit and any additional deposits you wish to make must be received with 14 days of the account being opened.

  • How Your Account Works

    • How do you calculate the interest on my account?
    • Interest is calculated on a daily basis on the cleared account balance. You'll earn interest until the day prior to (but not including) withdrawal, up until maturity.  You may chose the frequency with which your interest is paid and the account to which it's paid to from the options available when opening your account. If under the terms of your account you make a partial withdrawal resulting in the account balance falling below £1000, a gross interest rate of 0.05% will be paid.

    • How do you calculate the interest on my Easy Access business savings account?
    • Interest is calculated on a daily basis on the cleared account balance. You may chose the frequency with which your interest is paid and the account to which it's paid from the options available when opening your account. If you make a withdrawal resulting in the balance falling below £1000, a gross interest rate of 0.05% will be paid.

    • Where can I have my interest paid to?
    • Interest can be added to your savings account or paid into your nominated bank account.

    • When can I have my interest paid?
    • Interest is calculated on a daily basis and is applied monthly or on maturity as you request.

    • How does the rate guarantee for Fixed Rate Accounts work?
    • Your account comes with a 14 day rate guarantee, to benefit from this please send your deposit within this time. This way if we have increased our rates by the day we receive your deposit, we'll pay you the higher rate without you even having to ask! (After this time we will pay the prevailing rate).

    • What’s the cooling off period?
    • If you change your mind within 14 days of opening your new business savings account we'll be happy to cancel your account and refund any deposits you have made. No notice periods or penalties will apply.

    • Are there any charges for operating my account?
    • There are no charges for the day to day operation of your account. However there may be a small charge for some non-standard services. Please click here to see the Tariff of Charges.

    • Can I receive interest without tax deducted?
    • Depending on your business type we may be obliged to deduct tax at source. For further guidance we would suggest consulting your tax adviser or the Inland Revenue at www.hmrc.gov.uk

    • I have a complaint. What’s the process for getting it resolved?
    • We always do our best to provide a quality service to our customers. If in the unlikely event you have cause for a complaint, we will equally do our best to resolve this as quickly and efficiently as possible.

      Please call us on 01733 821 321 for further information.

  • Internet Banking

    • How secure is your website?
    • We take protection of your personal information very seriously and we use the latest technology and rigorous security measures to safeguard your account. This includes:
      •    Encryption technology
      •    Firewall protection
      •    Secure log-in
      •    System time-out
      •    Last log-in date and time
      •    Online certificates
      •    Telephone help encryption technology

    • What are the different levels of user access on an account?
    • •    Signatory - is a trusted person who is entitled to execute and authorise financial transactions and make changes to the account details.
      •    Administrator - is a trusted person who has administrative rights in an account and is entitled to execute non financial activity in the account
      •    Read only user - is a trusted person who can view only activity in the account.

    • How far back can I view my account history?
    • You can view all your transactions on your account right back to the time you opened it.

    • How do I set up other users to access my account?
    • It's easy to set up other users. Just log-in to your Aldermore online banking account and select the Manage Users link.  Any users you add will also receive unique Usernames and Passwords in order to access the account. If the change you'd like to make isn't accessible through the online banking pages, please call our UK-based call centre on 01733 821 321 and we'll be happy to help you.

    • How do I make changes to my account?
    • You can update or amend most information relating to your account online. We may ask you to send us supporting documentation by post or email once a change has been requested

      If the change you'd like to make isn't accessible through the online banking pages, please call our UK-based call centre on 01733 821 321 and we'll be happy to help you.

    • How do I make my opening deposit and any additional deposits?
    • You can make deposits by Faster Payments, BACS, CHAPS or standing order . Simply contact your bank or building society and give them the following information:

      Account Number: Your Aldermore Business Savings Account Number (this is an 8 digit number that you can find on the first screen in Internet Banking, listed under accounts).

      Sort Code: 23-33-43

      Beneficiary Name: Your Business' Name

      Payment Reference: You can choose your own payment reference and we suggest you choose a name that'll help you easily identify your transactions on your bank statements. e.g. Aldermore Business Savings.

      Please make sure your bank correctly quotes the account number and sort code when they make this payment. Without it your payment may be rejected and returned to you without interest.

      For Fixed Rate Accounts, once you've made your opening deposit you have a further 14 days to put more money into your account and benefit from the same interest rate. For the Customised Fixed Rate Account, the initial deposit and any additional deposits you wish to make must be received with 14 days of the account being opened.

    • What should I do if I don’t recognise a transaction on my account?
    • If you suspect any fraudulent activity on your account, you should call us immediately on 01733 821 321 with the transaction details.  We'll immediately investigate this activity on your behalf. We may need to block your account for security purposes.

    • How do I set up security?
    • Just log-in to your Internet Banking account using your username and password. You'll be prompted to change your password the first time you log-in. You can choose a new preferred password and select 5 predetermined security questions from the options available. Once this information is set up, you can proceed to use your account securely. If the change you'd like to make isn't accessible through the online banking pages, please call our UK-based call centre on 01733 821 321 and we'll be happy to help you.

    • How do I change my password or username?
    • Once you've opened your Business Savings Account with us we'll send you:
      •    An email detailing your account username(s)
      •    A text messages(s) detailing users password(s) to the mobile number(s) provided
      •    A secure message with your welcome pack which has all the information needed to get the most out of the account

      You can change your password by logging in to your Internet Banking account with the details provided and changing to a new password of your choice. However, there is no option to change your username. If the change you'd like to make isn't accessible through the online banking pages, please call our UK-based call centre on 01733 821 321 and we'll be happy to help you.

    • What happens if I’m trying to reset my password and enter my security details incorrectly?
    • If you're trying to reset your password online, you'll be prompted to answer 2 of 5 security questions. If you enter your security details incorrectly your access will be locked to protect your account.  To unlock your account you'll need to call us on 01733 821 321 and we'll help you reset your password.

    • I’ve forgotten my password or memorable details – what do I do?
    • You can reset your password in minutes. Just go on to our Internet Banking website and click on 'Reset Password' If the change you'd like to make isn't accessible through the online banking pages, please call our UK-based call centre on 01733 821 321 and we'll be happy to help you.

    • Someone else may know my password or memorable details – what do I do?
    • Please call us immediately on 01733 821 321. We'll check your account for you and set up a new account or change your security details straightaway.

    • How do I change my personal details?
    • Online banking will allow you to manage your account online and make various changes to your personal details once your account details have been set up. Some changes may require supporting documentation to be sent to us by post or email once a change has been requested. We'll advise you at the time if this applies. If the change you'd like to make isn't accessible through the online banking pages, please call our UK-based call centre on 01733 821 321 and we'll be happy to help you.

    • How do I change my business or company details?
    • Online banking will allow you to manage your account online and make various changes to your business details.  Some changes may require supporting documentation to be sent to us by post or email once a change has been requested and we'll advise you at the time if this applies.

    • How do I change the nominated Bank Account that I have set up?
    • You can change your nominated bank account online once the account has been opened. Just log-in to your account and select the 'Change Nominated Account' option.

      In order to comply with UK Anti-Money Laundering and Fraud regulations, we require the new nominated account to be in the same name as your Business.  We'll need a recent bank statement to confirm this.

    • How do I close my Easy Access business savings account?
    • You can close your Easy Access business savings account by logging in to our Internet Banking website. Once you are logged in select  "Account Tools and  then  "Close Account".

    • Can I still see the details of my closed business savings account?
    • You can view your closed accounts for 12 months following closure. All you need to do is log-in to your account via Internet Banking. You will need the user identity and password security information which we sent you when you opened your account. Once logged-in simply click on 'Closed Accounts'.

    • Can I change where my interest is paid to?
    • You can change where your interest is paid to by logging into your internet banking account and selecting the 'change interest payment instruction' tab.

    • How do I receive statements?
    • Your statement will be available via Internet banking as a PDF that you can both print and save.

    • How do I print statements?
    • Statements will be sent to you via secure message as PDF files that you can download, save or print.

    • How do I close my Fixed Rate Account or Customised Fixed Rate Account - and what happens if I close it?
    • No withdrawals are permitted until maturity. However, we understand that in a small or medium sized business circumstances can quickly change. So in cases of severe financial hardship funds may be released on an individual basis, this will be subject to a deduction of interest as follows:

      - 1 Year Fixed Rate Account - 180 days interest
      - 6 Month Fixed Rate Account - 90 days interest
      - 1 Year Fixed Rate Account with access - 180 days interest
      - Customised Fixed Rate Account - 30 days interest for terms of less than 6 months, 90 days interest for terms between 6 and 12 months, and 180 days interest for terms over 12 months