Aldermore Business Banking

About Aldermore

Aldermore is a bank that offers small and medium sized businesses financial products, from savings to finance solutions, with the aim to fulfil their customers' hopes and dreams. They are a relatively new bank in the UK market, founded in 2009, but have no branch network, instead offering convenient savings at your fingertips.

See our full review of Aldermore business savings accounts, comparing rates, fees and features against other UK banks and building societies.

Aldermore pros & cons

Pros of Aldermore

• Award-winning business savings accounts
• Competitive interest rates, up to 4.51% AER
• Apply online with quick decisions
• Deposits are protected by the FSCS

Cons of Aldermore

• No business notice accounts available
• No mobile app at the moment
• Do not offer a business current account

Aldermore business savings

Aldermore offers the choice of an easy access savings or two fixed rate business savings accounts:

• Easy Access Account - opened with £1,000, businesses can save for a return of 3.66% AER with unlimited fee-free withdrawals. Account limited to a maximum balance of
• 6 Months Fixed Rate - provides a fixed interest rate of 4.25% AER but funds need to be locked away for six months with no access. The minimum deposit needed to open an account is £1,000 and you can save up to £1 million.
• 1 Year Fixed Rate - this account offers Aldermore's best interest rate, of 4.51%. A £1,000 deposit is required to open and no withdrawals are permitted for 12 months. Maximum balance limits, of up to £1 million, apply.

Here is a summary of the interest rates available with Aldermore's business accounts:

Eligibility

To be eligible for Aldermore business savings account you must:

• Either be a sole trader or your business is a limited company, partnership, limited partnership, or limited liability partnership
• Have registered your business in the UK and have no trustees or accounts held in trusts
• Be UK residents and over 18
• Be able deposit a minimum of £1,000
• Have a nominated business current account, provided by a UK bank or building society that is authorised and regulated by the PRA and FCA (e-money accounts are not accepted)

Opening an account

Here's how to open an Aldermore business account:

1. To open online find their online application form
2. Complete their application - Aldermore will confirm your eligibility
3. Verify your ID - with photo ID such as a passport or photocard driving licence
4. Once approved (usually same day) you can start saving

Aldermore reviews

Aldermore has an excellent 4.6 star rating on Trustpilot, from over 4,300 reviews, with 81% rating them 5 stars.

Information correct as of 29th May 2024.