Allica Bank Business Banking

About Allica Bank

Allica Bank is a relatively new online challenger bank, having secured their banking licence in 2019. Their aim is to empower UK small and medium-sized businesses (SMEs) with their suite of award-winning business products.

See our full Allica Bank business account review of features, fees and how they compare against other digital bank accounts.

Allica Bank pros & cons

Pros of Allica

• No monthly fees & free bank payments
• Dedicated relationship manager
• Multiple business savings, with rates up to 5.01% AER
• 1.50% cashback on card purchases
• Mobile app & desktop management
• Deposits are covered by the FSCS
• Multiple director access & bank cards
• Award-winning lending products
• Savings pot on current account with 4.33% AER & instant access
• International transfers powered by Wise

Cons of Allica

• Need a minimum balance of £50,000 & be trading for more than a year
• Cash & cheque deposits aren't supported
• Overdrafts only available to AIB customers
• No branches for those that prefer in-person banking

Allica Bank business current account

Allica have recently launched a new business current account: the Business Rewards Account, which can be opened and used completely free.

The account comes with free transactions, 1.5% cashback on eligible card purchases and access to an instant savings pot, offering 4.33% AER on idle money.

Here is a summary of costs for Allica's business bank account:

Eligibility

To be eligible for an Allica business current account you must:

• Be registered with Companies House, for at least a year
• Be based in the UK
• Be 18 or older
• Have & maintain a minimum balance of £50,000

Opening an account

Here's how to open an Allica business bank account:

1. Speak to your relationship manager, download the app from the App Store, Google Play, or fill in this form
2. Complete their digital application - Allica Bank will confirm your eligibility
3. Verify your ID - you'll need to upload a picture ID and a video of yourself
4. Once approved you can start banking

Allica Bank business savings accounts

Allica currently offer five business savings accounts, plus their business current account with instant access savings pot. All can be opened with a minimum of £20,000 and hold a maximum balance of £2,000,000:

• Easy Access Business Savings Account: account with easy access offering a variable rate of 4.01% AER. The maximum balance for this account is £100,000.
• 95-Day Notice Business Savings Account: notice account that needs 95 days of notice before any withdrawals are allowed, earns 4.75% AER.
• 180-Day Notice Business Savings Account: notice account that requires 180 days of notice before withdrawals are allowed, earns interest at 5.01% AER.
• 6-Month Fixed-Rate Business Savings Account: fixed term account that yields an interest rate of 4.60% AER.
• 12-Month Fixed-Rate Business Savings Account: fixed term account that yields an interest rate of 4.70% AER.

You will be required to nominate a business bank account to pay in from (it doesn't have to be an Allica business current account).

Here's a summary of all of Allica's business savings accounts:

Eligibility

To be eligible for an Allica business savings account you must:

• Have a business bank account
• Be registered with Companies House
• Be based in & residents of the UK
• Be over the age of 18

Opening an account

Here's how to open an Allica business savings account:

1. Speak to your relationship manager, download the app from the App Store, Google Play or head to their website
2. Complete their digital application - Allica Bank will confirm your eligibility
3. Verify your ID - you'll need to upload a picture ID and a video of yourself
4. Once approved you can start saving

Allica Bank reviews

Allica Bank have an excellent 4.5-star rating on Trustpilot from over 1,000 reviews, with 77% rating them 5-star.

The Allica app is rated 4.7 out of 5 stars, on the App Store, from over 840 ratings.

And then 4.7 stars out of 5 on Google Play, from over than 160 reviews.

Information correct as of 9th September 2024.

Our verdict on Allica Bank

Allica Bank's business accounts are a great choice for UK SMEs, offering enticing interest rates and charging no monthly fees, you'll get all the same features as most high street banks, and more, all in the convenience of 24/7 online and mobile banking.

Frequently asked questions

It's not uncommon to have questions when looking in to business banking, especially for the first time. These are some of the most relevant questions for Allica Bank: