What is a nominated account?

POSTED: 22nd July 2020
IN: Business Savings FAQs

nominated account is the UK business bank or building society account you register with us when you open your Aldermore account. 

When you apply to open an Aldermore account you must give us details of a current account in your business’s name. This will be known as your linked nominated business current account. It needs to be held with a UK bank or building society that’s fully licenced 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 nominated account or from an existing Aldermore Business Savings Account that allows transfers out.

There are certain types of bank account that aren’t fully licenced and authorised that you can’t link to. These include emoney providers such as Tide and Revolut.

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

To transfer money from your nominated account, simply contact your bank or building society and ask them to transfer the amount you require (deposits can be made by Faster Payments, BACS, CHAPS or Standing Order).

You will need to provide your Aldermore Business Savings Account number (once you’ve opened your account, you’ll find this eight digit number on the first screen in Internet Banking, under 'accounts'), Sort Code (23-33-43) and Beneficiary/Payee Name (your business name).


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