Cashplus Partners With Aldermore To Offer Seamless Savings

 

6th October 2021: Aldermore Bank and Cashplus Bank have today 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 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.”

-ends-

Notes to editors:

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.

 

Bank

Easy Access Business Savings Account

Interest Rate AER%

Santander

Business Everyday Saver

0.01%

Barclays

Business Premier Account

0.01%

NatWest

Business Reserve Account

0.01%

Lloyds

Instant Access Account

0.01%

HSBC

Business Money Manager

0.01%

 

Average

0.01%

Aldermore

Easy Access Business Savings Account

0.50%

For further information, journalists can contact:

Gareth Hill, Aldermore

Email:              [email protected]

Mobile:             07721 127514

Twitter:             @aldermorenews

Alex Moorhouse, Cashplus

Email:              [email protected]

Mobile:             07834 780299

Aldermore group

Aldermore Group’s purpose is to back people to fulfil life’s hopes and dreams. It has two operating companies Aldermore Bank PLC and MotoNovo Finance Limited. Aldermore Bank was established in 2009 and provides financing to back UK small and medium sized enterprises (“SMEs”), and supports investors and homebuyers with mortgage finance, while offering a dynamic online savings proposition. The Bank services customers and intermediary partners predominantly online and by phone. MotoNovo Finance Limited, based in Cardiff, helps UK consumers by bringing straightforward finance to people looking to buy their next car, van or motorcycle. It owns and operates the online platform findandfundmycar.com.

Aldermore Group is part of FirstRand Group, the largest financial services group in Africa by market capitalisation. For more information, please visit www.aldermore.co.uk www.motonovofinance.com

Follow us on Twitter: @AldermoreBank @AldermoreNews @motonovofinance @findfundmycar.com

Follow us on LinkedIn: Aldermore bank MotoNovo Finance

About Cashplus

Cashplus is a leading UK challenger bank with a 15-year track record of digital innovation, dedicated customer service and strong financial performance. A true fintech pioneer, we offer faster, smarter, simpler banking services for the entrepreneurs, independent businesses and consumers that power the UK economy, yet are too often overlooked by high street banks. Since 2005, we’ve created easier ways for more than 1.6m customers to pay, bank and borrow through our user-friendly digital platform, delivered a string of fintech firsts and built a sustainable, growing business providing more than 250 jobs in the UK with locations in London, Liverpool and Birmingham.

  • 1.6m customers served
  • 7% share of all new UK businesses
  • 20bn in payments processed
  • 10 years + of strong revenue growth
  • £690m total lending
  • 9 straight years of operating profit

 

 

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