- New concept in savings allowing 5 million SMEs to save on their own terms
- Control: Gives businesses greater control over their savings
- Flexible: Choose a maturity date and interest rate that suits your business
- Speed: The account can be opened and funded within 15 minutes
- Maximise return: Select exact date of maturity to maximise returns
- Transparent: No hidden charges or gimmicks
Aldermore, Britain's leading challenger bank, has today launched its Customised Fixed Rate Account (CFRA) for business savers, which marks an exciting new concept in the savings market by allowing SMEs, sole traders and the self-employed to select the exact maturity dates and interest rates to suit their saving needs.
The CFRA is available from today to the 5 million SMEs in Britain who would like greater control, transparency and flexibility in their savings accounts, alongside the ability to generate maximise returns by selecting the maturity date of their choice.
SMEs need to plan ahead for outlays of wages, tax payments and investments at particular dates in the future, so having a flexible online-only account that pays top rates while allowing them to release funds on precisely the right day ensures maximum returns and convenience.
With no hidden charges or misleading introductory offers, the CFRA is a transparent and simple way for both new and existing Aldermore business customers to open bespoke savings accounts on their own terms.
The account can be opened and funded within 15 minutes at any time of day or night and accounts can be opened with a minimum deposit of £1,000 up to a maximum of £1m.
The term dates available range from 60 days to five years. SMEs can select an exact date by using a simple and intuitive dial system that allows customers to design their own Fixed Term account choosing a maturity date that is right for them (as illustrated below).
Alternatively, business owners can select an exact rate, ranging from 1.25% to 3% AER*, and see the corresponding term for that rate.
Aldermore Savings Managing Director Simon Healy says:"We are really excited to be launching this revolutionary concept in savings allowing savers to have complete control and choice over their business savings. Customers no longer have to leave their business savings languishing in a low interest account because they can't find a term that's right for them, they can save on their terms - maximising their returns with a fixed rate of interest until the exact date they want their money back.
"From those who are self-employed or sole traders to SMEs and larger organisations, the Customised Fixed Rate Account represents a speedy and efficient way of maximising returns for the 5 million businesses in the UK.
"For example, if you have an invoice to pay booked in on a certain date, or staff bonuses at the year-end you can put these funds away until they are needed, ensuring they generate the maximum return.
"We are exploring options for a retail launch in the future."
Small business owner and CFRA customer Paul Chiles says:"What makes the Aldermore business account useful is that I can put the money away for as long as I want and it gives me a better return than other High Street banks. For example, I put away money to pay corporation tax that I don't need until November 2014, nine months after my company's year-end, so the CFRA account allows me to specify my own maturity date, which is what I need."
*AER stands for Annual Equivalent Rate and illustrates the interest if paid and compounded once each year.
For further information and case studies journalists can contact:
Office: 0207 297 5965
Mobile: 07841 864 107
Office: 0207 947 5315
Mobile: 07572 730123
For further information about Aldermore, our financial backers and our PR contacts, please review our Notes to Editors page.
Case studies and photographs of CFRA customers are available on request.
Further details (for full product details see here)
- A business must be registered and trading in the UK;
- Multiple accounts can be opened once a customer's first account is open;
- Internet access is essential as all Aldermore's business savings accounts are online accounts and are opened and managed online;
- Customers must be UK residents aged 18 or over;
- At least £1,000 must be kept in accounts at any one time. An interest rate of 0.05% AER is payable on balances below £1,000;
- No withdrawals or closures before the maturity date.
About Aldermore: (www.aldermore.co.uk)