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
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