Aldermore ups interest rates

[Fred Bloggs]

Hello PerfectStorm

I was thinking about opening a new business saving account (now I use MetroBank and the interest they give is almost zero).

At the moment I see 2 that have a good interest rate:

Aldermore 1.25%
https://www.aldermore.co.uk/business...s/easy-access/

Virgin 1%
https://uk.virginmoney.com/business/...ess%20accounts

Personally I had a bad experience with Virgin Broadband and the support team. Don't know about this bank.

Why do you say "I wouldn't give them more than £85k though"? Is it because Aldermore is not a good bank or crappy?

Do you have any other recommendation?

Thanks a lot.

£85k is simply the government compensation limit if a UK registered bank goes belly up. It's perhaps something to bear in mind when seeking off the High Street accounts.

You might recall what happened when the Icelandic banks arrived here offering tempting interest rates. It didn't end well. To be clear though, I am not directly comparing Aldermore to those failed overseas based banks.

[PerfectStorm]

Virgin do faster transfers than Aldermore - 10 mins vs 2 hours/overnight.