Applications

Am I eligible to open a Business Savings Account and what opening checks will you do?

To open a business account with us you must be:

  • A limited company, limited partnership, limited liability partnership, partnership or sole trader
  • A business that is only tax resident in the UK
  • Over 18 years of age, UK resident and only tax resident in the UK - this applies to all controlling persons, significant owners and directors
  • You can't be a US citizen
  • You need to own a mobile phone and have an email account

 

You must also have a business current account provider that's a UK bank or building society authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. It must allow electronic transfers to be made and received.

We can't accept client money or hold accounts in trust.

We need to check your identity and address before we can open an account for you. This will mostly be done electronically, but we may need you to send some identification to us.

If we ask you to provide identification documents, we'll include details about how to do this when we get in touch.

 

What's a controlling person or a significant owner?

You may come across different terminology relating to business owners.

Someone who holds more than a 25% share in the business, including directors, partners, shareholders or sole traders may be referred to as a controling person, beneficial owner, key account party, or a significant owner.

For tax reporting purposes, we need to know about the structure of your business so will ask for details relating to ownership.

Do I need to link a current account to my accounts(s) with you?

When you apply to open an Aldermore account you must give us details of a current account in your business’s name. We call this your linked nominated account.

It needs to be held with a UK bank or building society that’s fully licensed and authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. This is a safety measure and means you can only transfer money into your Aldermore account from your linked nominated account or from an existing Aldermore Business Savings Account that allows transfers out.

There are certain types of bank account you can’t link to because they aren’t fully licensed and regulated. These include e-money providers such as Tide and Revolut.

If you’re not sure about your bank’s status please give us call to find out.

Can I save my application and complete it later?

As long as you complete the first two screens of the online application, you'll be able to return and complete it at any time.

When you've completed the first two screens, you'll receive an email from us. This will contain a unique PIN that'll allow you back into your application.

If you don't receive this email, please check your junk folder. It may also mean that you've not quite given us the information we need to register your account. If the email isn't in your inbox or junk folder, please give us a call on 01733 821 321 and we'll be happy to help. We're open between 8am-6pm on business days.

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.

If you're an existing customer just log in to your internet banking and choose 'apply online'. You'll need your password, but don't worry if you've forgotten this, it can be re-set in a few easy steps.

What's a certified document?

A certified document is one that's been notarised by someone from the list below:

  • Mortgage or finance broker (individuals representing an FCA authorised firm)
  • Minister of religion
  • Dentist or doctor
  • Chartered accountant
  • Solicitor or notary
  • Qualified teacher or lecturer (i.e. not a teacher’s assistant)
  • Post Office / bank / building Society official

 

You can choose who certifies your documentation, but they must be a professional (or retired professional) person from this list. Please note they can't be related to you, be a named party on the account, live at the same address or be unemployed.

For the paperwork to be certified, you should take original paperwork and any photocopies to your chosen person. They must then:

  • Sign the copy document
  • State their name
  • Date the document
  • State their profession and either their full business address or their telephone number (not mobile)
  • State that they have ‘seen the original'
  • If your document contains a photograph, they must state that “it's a true likeness” of you or the individual that it applies to

 

Will I have a cooling off period?

Yes, you'll have 14 days from the day you open your fixed rate account to close it without any penalties or giving us any notice.
If you've opened an easy access account you can close it at any time with no notice or penalties.

What's the rate guarantee?

We give you a rate guarantee for 14 days from the date you open your account to make your first payment. If the rates go down during this time we guarantee to pay you the higher rate quoted when you opened your account. If it goes up we'll give you the higher rate. If your first payment reaches us after more than 14 days, you'll get the current rate if it's changed since you opened it.

What's a financial institution?

A financial institution is a business that:

  • Accepts deposits in the ordinary course of banking or a similar business, for example, banks and credit unions.
  • Holds financial assets for other people's accounts as a substantial portion of its business, for example, brokerages or custodians.
  • Its primary business is investing, reinvesting, or trading in money market instruments, individual or collective portfolio management, for example, mutual funds, private equities and hedge funds.

We also don't allow you to open accounts for companies that are involved in holding client funds.

Does my business have active or passive income?

Active and passive income is accounting terminology used to describe how your business generates its income. We ask this because we need to know if 50% or more of your income comes from providing a service or trading.

Active businesses typically generate 50% or more of your income from trading or providing a service or trade and that you’re actively participating in. Active businesses may include manufacturing, buying and selling products. Some typical examples of active businesses are consulting, manufacturing, accountancy services, farming, retailing.

Passive businesses generally earn more than 50% of your income from passive sources such as rent or from assets that produce passive income like interest or dividends from shares. Examples of this would be investment management, rental income, royalties, landlords.

What proof of identity and address will you accept?

If you’re applying for an account and we can’t complete our electronic checks we may ask you to send us some documents to help us confirm your identity.

This will normally be one proof of identity from List A and one proof of address from List B for the directors and business owners. Please note we can't accept originals for documents marked with an *, you’ll need to send us certified copies of these.

List A - Proof of identity

  • Valid UK Passport*
  • Valid UK Driving Licence* - photo card, full or provisional
  • Valid Non-UK passport* or National ID Card*
  • HM Forces/Police Warrant Card
  • Firearms certificate or shotgun licence
  • Identity card issued by the Electoral Office for Northern Ireland
  • Letter from Benefits Agency/other Government Agency confirming a right to or receipt of state benefits/tax credits. Issued within the last 6 months or valid for current tax year
  • HMRC document such as tax notification/tax assessment/statement of account/notice of coding/NI contributions bill. Issued within the last 6 months, or valid for the current tax year, P45s and P60s aren’t acceptable.

 

List B - Proof of residential address

  • Valid UK Driving Licence* - photo card, full or provisional (if not used in list A), or an old-style paper
  • Current bank or credit/debit card statement issued by a UK regulated financial sector firm and less than 90 days old – includes bank or building society savings books
  • Current mortgage statement issued by a UK regulated financial sector firm, the latest statement issued within last 12 months
  • Utility bill or landline telephone bill showing the landline number, as quoted on the application, and less than 90 days old
  • Council Tax Bill for the current financial year
  • Letter from Benefits Agency/other Government Agency confirming a right to or receipt of state benefits/tax credits (if not used in list A). Issued within the last 6 months or valid for current tax year
  • HMRC document such as tax notification/tax assessment/statement of account/notice of coding/NI contributions bill (if not used in list A). Issued within the last 6 months, or valid for the current tax year, P45s and P60s aren’t acceptable.