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Aldermore -- How Easy to set up, How Easy to use

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    Aldermore -- How Easy to set up, How Easy to use

    So, I need to open a new business savings account. The comparison sites seem to rank Aldermore at the top.

    But time is money, and I don't want to waste a lot of time I could be invoicing with hassles setting up a new account. The last bank account I opened was a nightmare. I'm willing to sacrifice a few pounds of interest to save an hour or five.

    So, questions.

    1. HOW EASY TO OPEN THE ACCOUNT?

    A) Has anyone recently (in the last year or two) opened an Aldermore account, and if so, how easy was it?
    B) Has anyone else recently opened a business savings account elsewhere, and if so, how easy was that? I'd like to hear the bad stories of places to avoid as well as the good ones.

    2. HOW EASY TO USE THE ACCOUNT? (for those who already have an Aldermore instant access account)

    A) How easy is their web access to use? I like to think I'm pretty smart about the things I know, but I don't like to have to become an expert on how to use my bank's web site, I want it to be easy.
    B) Any issues with Faster Payments? Are funds credited the same day when transferred from another bank, and do payments from Aldermore arrive the same day when transferred to another bank?
    C) Any other pros/cons?

    #2
    Originally posted by WordIsBond View Post
    So, I need to open a new business savings account. The comparison sites seem to rank Aldermore at the top.

    But time is money, and I don't want to waste a lot of time I could be invoicing with hassles setting up a new account. The last bank account I opened was a nightmare. I'm willing to sacrifice a few pounds of interest to save an hour or five.

    So, questions.

    1. HOW EASY TO OPEN THE ACCOUNT?

    A) Has anyone recently (in the last year or two) opened an Aldermore account, and if so, how easy was it?
    B) Has anyone else recently opened a business savings account elsewhere, and if so, how easy was that? I'd like to hear the bad stories of places to avoid as well as the good ones.

    2. HOW EASY TO USE THE ACCOUNT? (for those who already have an Aldermore instant access account)

    A) How easy is their web access to use? I like to think I'm pretty smart about the things I know, but I don't like to have to become an expert on how to use my bank's web site, I want it to be easy.
    B) Any issues with Faster Payments? Are funds credited the same day when transferred from another bank, and do payments from Aldermore arrive the same day when transferred to another bank?
    C) Any other pros/cons?
    I have used it recently, apart from the normal cater allen 24 hour delay with money transfer I haven't had any issues. You can only transfer back to a nominated account, not flexible, and you can't set up future transfers from my experience though. but I use it for tax/war chest and is perfect for that.

    Comment


      #3
      Easy to open, straightforward to operate. No frills account and they're consistent with their rate @ 1.1% easy-access, no chopping and changing.

      No complaints, but two minor quibbles: online access is a little slow and it isn't possible to download a CSV file of transactions, but both are very minor. Would recommend.

      Comment


        #4
        I use it, the website is only really usable on PC. Site very slow - has the general 'feel' of a very overworked web server.

        Transfers in or out seem to take about 30 minutes to appear on either side. Once I had a payment take the full Faster Payments limit of 2 hours or so. But never longer than that.

        All in all, worth doing for the market beating 1.1% interest rate
        Last edited by PerfectStorm; 23 January 2016, 15:36.
        ⭐️ Gold Star Contractor

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          #5
          Originally posted by Pherlopolus View Post
          I have used it recently, apart from the normal cater allen 24 hour delay with money transfer I haven't had any issues. You can only transfer back to a nominated account, not flexible, and you can't set up future transfers from my experience though. but I use it for tax/war chest and is perfect for that.
          +1 exactly

          Comment


            #6
            Which account options has everyone used?
            'CUK forum personality of 2011 - Winner - Yes really!!!!

            Comment


              #7
              Originally posted by northernladuk View Post
              Which account options has everyone used?
              I have the Easy Access Business Savings at 1.09% plus a Customised Fixed Rate at 1.27% for 6 months where I put my Corporation Tax until it's time to pay it.

              Comment


                #8
                Originally posted by northernladuk View Post
                Which account options has everyone used?
                Here's what I had in mind.

                1. End of each quarter, estimate my corporation tax for that quarter and plug that amount into a customised fixed rate account, to come due in time to pay the tax. So for the first quarter of my year, I'll be looking at a year and a half, second quarter fifteen months, etc. So if I follow this plan, I'll have four different ones all maturing just before my corporation tax due date. I'll probably do this even if I go elsewhere for the easy access account.

                2. Use the easy access account to get interest on operational funds and dividends prior to payout. I'll have my tax mule (as you impolitely call her when you are feeling grumpy :P) put most of each invoice, when it comes in, into the easy access savings, then pull out what is needed (plus a little for cushion) when she does payroll / pays bills each month, or when she pays dividends quarterly.

                I need to have at least some of this in a different bank from my main business account, because I now have six working for me, and if multiple invoices hit all at once and the savings is built up just prior to paying CT, I could breach £75K. I could keep the easy access account in my main bank but the interest is paltry and the bank has me irritated, I'll probably be changing sometime.

                Comment


                  #9
                  Originally posted by WordIsBond View Post
                  Here's what I had in mind.

                  1. End of each quarter, estimate my corporation tax for that quarter and plug that amount into a customised fixed rate account, to come due in time to pay the tax. So for the first quarter of my year, I'll be looking at a year and a half, second quarter fifteen months, etc. So if I follow this plan, I'll have four different ones all maturing just before my corporation tax due date. I'll probably do this even if I go elsewhere for the easy access account.

                  2. Use the easy access account to get interest on operational funds and dividends prior to payout. I'll have my tax mule (as you impolitely call her when you are feeling grumpy :P) put most of each invoice, when it comes in, into the easy access savings, then pull out what is needed (plus a little for cushion) when she does payroll / pays bills each month, or when she pays dividends quarterly.

                  I need to have at least some of this in a different bank from my main business account, because I now have six working for me, and if multiple invoices hit all at once and the savings is built up just prior to paying CT, I could breach £75K. I could keep the easy access account in my main bank but the interest is paltry and the bank has me irritated, I'll probably be changing sometime.
                  I've been doing this for the last couple of years

                  Comment


                    #10
                    For some reason withdrawals on a sunday/out of hours don't seem to happen 'fast' - I made a large withdrawal for my corporation tax last night and it still hasn't appeared in my business current account as of this morning. Glad I didn't wait till the 31st...

                    It could also be that they give larger payments more scrutiny. They do specify 2 days for all transactions, maybe they're going to use the full SLA for big ones?
                    ⭐️ Gold Star Contractor

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