Aldermore Bank and Cashplus Bank have announced an exclusive partnership which delivers an easy to manage business savings solution for time-poor SMEs with returns 50 times that of those offered by the largest high street banks1.
Cashplus selected Aldermore as the best partner for their 150,000 business customers for the highly competitive proposition they offer, great rates, fast onboarding process and ease of managing business savings 24/7 with no fees or charges.
Cashplus Bank customers will be able to open an Aldermore savings account with as little as £1,000 and link their Cashplus current account to their Aldermore savings account, allowing for easy management, deposit and withdrawals.
Cashplus allows SME customers to bank through their user-friendly digital platform, with a business current account opened in as little as four minutes. Cashplus business current accounts offer a range of benefits including 24/7 online and app access, safe and secure banking with 24 hour fraud monitoring, alongside a range of other perks for fluid, fast and secure business banking.
Benefits of the partnership include:
- Competitive savings rates that allow SMEs to make the most of surplus business cash generating valuable income to support their business needs. For example, Aldermore’s easy access product pays £375 on a savings balance of £75,000 held for 12 months, compared to just £7.50 offered by many high street bank savings accounts, which is 50 times the return1
- 24/7 online access to Aldermore’s Easy Access and Fixed Rate Business Savings accounts
- Peace of mind, with money up to £85,000 protected by the Financial Services Compensation Scheme (FSCS), the UK’s deposit guarantee scheme
Earlier this year, Cashplus Bank surveyed its business current account customers with nearly 65% expressing a preference for the type of easy access savings accounts offered by Aldermore Bank but lack the time to research the best provider or product.
Cashplus SME customers hold nearly £400m of deposits with the bank and the partnership announced today will allow those small businesses to make their money work harder for them, while minimising time consuming admin and removing the need to shop around, as they can be confident of a competitive rate.
Paul Schooley, Chief Commercial Officer, Cashplus Bank said: “We understand the challenges faced by SMEs, and we’re focused on constantly improving and building our business banking platform into the ultimate all-in-one solution for small businesses. We asked our business customers, and many told us they wanted the types of savings options that Aldermore offer to help make the best use of their surplus and saved cash. That’s why we’ve teamed up with Aldermore to help our customers enjoy the benefits of holding money in a business savings account, whilst still managing their day-to-day business banking with Cashplus Bank.”
Ewan Edwards, Director of Savings, Aldermore comments: “This partnership represents Aldermore’s ongoing commitment to backing SMEs so they can emerge from the pandemic stronger and focused on opportunities for growth.
“Running an SME comes with a whole host of challenges, so it is vital that business owners make their surplus cash work harder to provide additional financial support and to strengthen financial resilience. The relationship will allow Cashplus customers to make the most of their cash and receive a worthwhile return, all while benefiting from the high levels of service and convenience that Aldermore can offer.”
1 Based on the interest rates paid by the five largest high street banks in the UK, as at 22/09/2021, on their business easy access savings accounts compared to Aldermore’s Easy Access Business Savings Account. These banks are Santander, Barclays, NatWest, Lloyds & HSBC.