Aldermore Bank and Cashplus Bank today announced an exclusive partnership that offers an easy-to-manage commercial savings solution for time-strapped SMEs with returns 50 times higher than those offered by the biggest banks on the street .
Cashplus selected Aldermore as the best partner for its 150,000 business customers for the highly competitive proposition they offer, great rates, a fast onboarding process and the ease of managing business savings 24/7. 7 without 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 checking account to their Aldermore savings account, making it easier to manage, deposit and withdraw.
Cashplus enables SME customers to bank through their user-friendly digital platform, with a business checking account opened in just four minutes. Cashplus business current accounts offer a range of benefits, including 24/7 online and application access, safe and secure banking with 24-hour fraud monitoring, as well as range of other benefits for smooth, fast and secure corporate banking.
The benefits of the partnership include:
• Competitive savings rates that allow SMEs to make the most of excess corporate cash flow by generating valuable income to meet their business needs. For example, Aldermore’s easy-access product pays £ 375 out of a savings balance of £ 75,000 held for 12 months, compared to just £ 7.50 offered by many bank savings accounts, which is $ 50. times the yield1
• 24/7 online access to Aldermore Easy Access and fixed rate corporate 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 almost 65% expressing a preference for the type of easy-to-access savings accounts offered by Aldermore Bank but don’t have the time to research the best supplier or product.
Cashplus PME customers hold nearly £ 400million in deposits with the bank and the partnership announced today will allow these small businesses to make their money work harder for them, while minimizing tedious administrative tasks and saving money. removing the need to shop because they can be guaranteed a competitive price.
Paul Schooley, Commercial Director of Cashplus Bank, said: “We understand the challenges facing SMEs and we are focused on continuously improving and transforming our commercial banking platform into the ultimate all-in-one solution. for small businesses. We surveyed our business customers, and many told us they wanted the types of savings options Aldermore offers to help them get the most out of their surplus and savings. That’s why we’ve partnered with Aldermore to help our clients enjoy the benefits of holding money in a corporate savings account, while also managing their day-to-day banking with Cashplus Bank.
Ewan Edwards, Director of Savings, Aldermore comments: “This partnership represents Aldermore’s continued commitment to support SMEs so that they can emerge stronger from the pandemic and focus on growth opportunities.
“Running an SME comes with many challenges, so it’s critical for business owners to put their excess cash to work harder to provide additional financial support and build financial resilience. The relationship will allow Cashplus customers to get the most out of their money and receive an attractive return, while benefiting from the high levels of service and convenience that Aldermore can offer.