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Aldermore has launched a series of new products aimed to shake-up the business savings market. With a one year fixed rate account paying 3.25% AER and a six month fixed rate account at 2.35% AER, the new business accounts can be opened online within 15 minutes. The accounts are operational as soon as they become live, allowing for deposits to be transferred from other lower paying accounts, with immediate effect. These product launches come after research by YouGov found that 89% of SMEs feel the interest rate they receive for business savings is unfair, and just 9% of SMEs are satisfied with their business savings accounts. The survey of more than 1,000 small firms also revealed that four in five SMEs think that banks do not make it easy for them to switch accounts. Phillip Monks, Aldermore’s CEO, said: The new business accounts will flip much of the poor practices on its head, as we are offering great rates and true online access, which is also supported by a UK-based call centre. “We hope this announcement means we are going to shake-up the British savings market. This step-change for the bank is just the start, as there are other new initiatives which will follow throughout this year.” Other Business Money News
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