Aldermore ups interest rates

[PerfectStorm]

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

[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.

[Ricardo19ip]

A bit of good news, Aldermore have upped their easy access interest rate from 0.5% to a whopping 0.75% (which is probably in itself the best on the market), and backdated to March 25

I wouldn't give them more than £85k though, if you're fortunate enough to do so.

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.

[chineseJohn]

But, yeah, rates are heading up, gradually.

Just like inflation

[PerfectStorm]

1% now, let the good times roll!

[SimonMac]

Doesn't sound like a lot, but cash deposited this way up to the FSCS limit would earn £53 a month interest, enough to halve your accountancy costs for example.

It's the only income MyCo has at the moment

[mudskipper]

yep I'm using the HL Active savings - not quite 1.5 for easy access, but definitely worth a look

[jamesbrown]

You can now get a whopping 1.5% easy access from Chase for your non-business banking!

But, yeah, rates are heading up, gradually.

[Fred Bloggs]

Doesn't sound like a lot, but cash deposited this way up to the FSCS limit would earn £53 a month interest, enough to halve your accountancy costs for example.

Fair comment.

I own shares in a few energy companies and the dividends pay my energy bills. Similar line of thinking.

[PerfectStorm]

Don't spend the interest all at once.......

Doesn't sound like a lot, but cash deposited this way up to the FSCS limit would earn £53 a month interest, enough to halve your accountancy costs for example.

[Fred Bloggs]

Don't spend the interest all at once.......

[PerfectStorm]

A bit of good news, Aldermore have upped their easy access interest rate from 0.5% to a whopping 0.75% (which is probably in itself the best on the market), and backdated to March 25

I wouldn't give them more than £85k though, if you're fortunate enough to do so.