1 Year Fixed Rate Business Savings Accounts

When you save with Aldermore you have the added peace of mind that comes from knowing your money is protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Please bear in mind that any deposits you have above the limit are unlikely to be covered.

Summary Box
Opening an account
Frequently asked questions

1 Year Fixed Rate Savings Account

What is the interest rate?

Gross Annual Interest	Gross Monthly Interest	AER*
0.55%	0.55%	0.55%
Interest is calculated daily, and paid monthly or at maturity. You can choose to have your interest paid to either your Fixed Rate Account or your nominated UK bank or building society account.

Can Aldermore change the interest rate?

No, the interest rate is fixed and will not change for the term.

What would the estimated balance be after 12 months based on two different deposit amounts?

Deposit at Account Opening	Balance at Term End	Interest Earned
£1,000	£1,005.50	£5.50
£75,000	£75,412.50	£412.50
These are only examples and do not take into account your individual circumstances. The examples assume that no further deposits or withdrawals are made and that interest earned is paid to this account at maturity.

How do I open and manage my account?

To open an account you must be a UK-based business, where all directors and beneficial owners of that business are aged 18 or over, resident in the UK and only tax resident in the UK
Business Savings does not accept client money nor provide accounts to be held in trust, and our accounts cannot be held by US Persons
You can open and manage your account online. We will accept instructions in relation to the account through our Internet Banking Service by secure message, by telephone or by post
The minimum deposit required to open this account is £1,000
The maximum balance for this account is £1,000,000
If you change your mind within 14 days of opening your account you can close your account without penalty or notice

Can I withdraw money?

No withdrawals, transfers out or closures permitted before the maturity date
In exceptional circumstances we may permit early withdrawals from or closure of the account prior to the maturity date but this is at our discretion, subject to evidence we will request, and we are not obliged to do so. In the event that we grant permission, we may deduct 90 days’ interest as a condition
We will contact you 21 days before your account matures detailing your options and enabling you to give us your maturity instructions. An additional reminder will be issued around 14 days prior to your account maturing
If you do not advise us of your maturity instructions, your account will roll into another Fixed Rate Account of the same term or similar term

Additional information

*AER stands for annual equivalent rate and illustrates the interest rate if it was paid and compounded once each year
Interest is paid gross without the deduction of income tax

More about the 1 Year Fixed Rate Savings Account

Available to UK businesses without the need to change your existing bank current account
Rate Guarantee - we guarantee to pay the interest rates shown (or the higher rates if we've increased them) provided that we receive your deposit within 14 calendar days of opening the account. After this time, we will pay the prevailing rate on the day that we receive your deposit
You have 30 days in which to make your initial deposit. Once you have done so you have a further 14 days to put more money into your account and benefit from the same interest rate. After this date any additional deposits must be placed into a new Fixed Rate Account at the interest rate offered at the time
There are no fees or charges for standard account services. We may make a charge for any exceptional non-standard services which are made available to you on a discretionary basis
Easy to add or remove names or change user levels

What you need to open an account

You need to be a UK-based Limited Company, Limited Partnership, Limited Liability Partnership, Partnership or Sole Trader.

To be eligible to open a Business Saving account, the controlling person and all significant owners need to be resident in the UK, over 18 years of age and only tax resident in the UK. Our accounts cannot be held by US Persons.

Your business needs to be based in the UK, only tax resident in the UK and have no trustees or accounts held in trust.

Please make sure you have internet access, because all of our business savings accounts are online accounts and are opened and managed online.

What you'll need to open your account:

Your business details (Name, Address and if you have one, your Company Registration Number)
The sort code and account number for your business' bank or building society account (your nominated account). This needs to be held with a UK bank or building society that’s fully licenced and authorised by the PRA and regulated by the FCA and the PRA. We cannot accept money from e-money providers
Address and date of birth for all owners
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
To have read the 1 Year Fixed Rate Savings Account Summary Box and the Business Savings Terms and Conditions

Once your account is open arrange to transfer money to us and make the most of your savings.

FAQs

> View all Business Savings FAQs

*AER stands for annual equivalent rate and illustrates the interest rate if it was paid and compounded once each year.

Open an account

Can we help with anything else? Email Us Call Us: 01733 821 321

We are open 8am-6pm, Monday to Friday, excluding Bank Holidays. Calls may be recorded for training and monitoring purposes.

We reserve the right to withdraw these accounts from sale at any time.

Published:01/02/21

1 Year Fixed Rate Savings Account

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