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Allica Bank Business Savings
Launched in 2019, London-based Allica Bank, mainly serves small and medium-sized enterprises (SMEs) by offering a range of financial products including business savings accounts. This brief guide aims to provide a comprehensive analysis of Allica Bank’s business savings accounts, considering various aspects such as interest rates, account features, customer service, and overall convenience.
Allica Bank Business Savings Review
Who is Allica Bank?
Allica Bank, launched to specifically address the banking needs of SMEs, positions itself as a challenger bank. It blends technology with traditional banking values to provide a tailored experience for businesses. Recognizing the unique challenges faced by SMEs, Allica aims to fill the gap left by traditional banks, focusing on personalized service and innovative financial solutions.
Interest Rates and Account Types
Allica Bank offers a range of business savings accounts including notice accounts and fixed-term deposits, catering to the diverse financial needs of businesses. Their interest rates are generally competitive, particularly in the fixed-term deposits, which are designed for businesses that can set aside funds for longer periods. These higher interest rates make Allica an attractive option for companies looking to maximize their returns on surplus cash.
The notice accounts provide more flexibility, offering slightly lower interest rates but allowing quicker access to funds. This is advantageous for businesses needing a balance between earning interest and having cash readily available for operational needs.
Account Features
Allica Bank’s business savings accounts are characterized by their ease of online management. The bank’s digital platform is user-friendly, facilitating easy account setup, management, and monitoring of savings. This digital-first approach is particularly beneficial for businesses that prefer the convenience and efficiency of online banking.
Moreover, Allica emphasizes transparency in its account terms and fees, a feature that resonates well with SMEs that value straightforward financial products. The absence of hidden fees and clear communication of terms is a significant plus for businesses.
Customer Service
Customer service is a critical component of Allica Bank’s offering. The bank has received positive feedback for its customer support, which combines digital efficiency with a personalized touch. Customers appreciate the accessible and knowledgeable support team, which is crucial for businesses that may require assistance in managing their financial products.
Security and Reliability
As a licensed and regulated entity, Allica Bank adheres to the standards set by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the UK. Furthermore, deposits in Allica’s business savings accounts are covered by the Financial Services Compensation Scheme (FSCS), providing a safety net of up to £85,000 per business. This regulatory framework underlines Allica’s commitment to security and trustworthiness in its banking practices.
In Summary
Allica Bank’s business savings accounts offer a compelling blend of competitive interest rates, digital convenience, transparent terms, and dedicated customer service. The bank’s focus on SMEs and understanding of their unique needs makes it a strong contender in the business banking space. While Allica might not have the long history of traditional banks, its innovative approach and commitment to serving the specific needs of businesses make it an attractive option for SMEs in the UK. As with any financial decision, businesses should consider their specific requirements and conduct thorough research before selecting a banking partner. Allica Bank, with its focus on combining technology with personal service, is certainly worth considering for businesses seeking a modern banking solution.
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Interest Rate
4.56% AER (Fixed) -
Minimum Deposit
£20,000 -
Maximum Deposit
£2MFSCS protected to £85,000 -
Access Type
Fixed Rate -
Access Methods
App/Online
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Fixed rate guaranteed
- Apply online today
Eligibility Criteria
- Minimum Initial Deposit – £20,000
- Minimum Age 18 Years
- Available for registered companies based in the UK
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Interest Rate
4.70% AER (Variable) -
Minimum Deposit
£20,000 -
Maximum Deposit
£2MFSCS protected to £85,000 -
Access Type
Notice -
Access Methods
App/Online
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Apply online today
Eligibility Criteria
- Minimum Initial Deposit – £20,000
- Minimum Age 18 Years
- Available for registered companies based in the UK
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Interest Rate
4.50% AER (Fixed) -
Minimum Deposit
£20,000 -
Maximum Deposit
£2MFSCS protected to £85,000 -
Access Type
Fixed Rate -
Access Methods
App/Online
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Fixed rate guaranteed
- Apply online today
Eligibility Criteria
- Minimum Initial Deposit – £20,000
- Minimum Age 18 Years
- Available for registered companies based in the UK
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Interest Rate
4.60% AER (Variable) -
Minimum Deposit
£20,000 -
Maximum Deposit
£2MFSCS protected to £85,000 -
Access Type
Notice -
Access Methods
App/Online
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Apply online today
Eligibility Criteria
- Minimum Initial Deposit – £20,000
- Minimum Age 18 Years
- Available for registered companies based in the UK
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Interest Rate
4.08% AER (Variable) -
Minimum Deposit
£50,000 -
Maximum Deposit
£5MFSCS protected to £85,000 -
Access Type
Easy Access -
Access Methods
App/Online
Product Features
- FSCS Protected for eligible deposits up to £85,000
- Unlimited withdrawals
- Manage your money easily via app or online banking, all backed up with UK-based phone support.
Eligibility Criteria
- Minimum Initial Deposit – £50,000
- Minimum Age 18 Years
- Business must be incorporated for at least 12 months or have a loan product with Allica