Aldermore reaches £5bn in savings deposits
British bank Aldermore announces its savings business has surpassed the £5bn milestone in deposits.
Launched in the summer of 2009, the business now has more than 100,000 savers across its personal and SME product ranges.
For the last six years, the Bank has built trust by offering consistently competitive rates. Customers who opened a variable rate account back in 2009, earn exactly the same rate as those who opened an account yesterday.
As well as offering competitive rates, the bank continues to offer its customers innovation across its accounts. Aldermore’s accounts typically take less than 15 minutes to open online and can be managed online, by telephone or by post.
Commenting on the news, Simon Healy, managing director for savings at Aldermore said:
“We are thrilled to have reached this achievement and I am proud of the success we have had to date. Saving should be hassle free and rewarding for individuals and businesses. That’s why we have never offered teaser or bonus rates that can often be misleading and hurt savers in the long term. We also provide clear information on the rate of interest being earned on all our accounts; this may sound obvious but is something that many providers fail to do.
“Innovation and transparency are key priorities and our ratings and reviews feature allows customers to give honest and direct feedback on our products. So far this year, our customers have given our products an average of 4.6 out of 5, which is very positive, but drives us to do more.
“There are plenty of exciting market changes coming down the line for savers over the coming months that we believe will have a positive effect – such as changes to ISAs and the tax treatment of interest. We look forward to helping customers both new and old reach their savings goals and ultimately reward their hard work.”
Aldermore recently conducted research showing the average rate SMEs receive on their business savings account is just 0.6%. To help them, the Bank recently launched with Savings Champion, the SME Rate Checker. Available only through our website it allows SMEs to check the rates of 91 savings institutions to see the current rate of interest being earned on their current or business savings in just a few clicks. This then gives customers an immediate comparison to what they could be earning at Aldermore.