Business savings account

6-month fixed term savings account

Save your money with us for a fixed-term and know exactly how much you'll earn with a rate that's guaranteed.

Apply now See product summary

Before you apply, make sure you read the summary and Terms and Conditions for this account.




FSCS Protected
2024-04-11 15:44:20
At a glance

Rate guaranteed

Know exactly how much you'll get back at the end of the term.

Apply online

No need for any unnecessary paperwork.

FSCS protected

Eligible deposits are covered by the FSCS up to £85k.

Name of the product: 6-month fixed term savings account (Issue )
Gross annual interest: %
Months: 6
Issue ID 5 (From March 13, 2024)
AER 5.00%
Product Summary

Account name

6-month fixed term savings account (Issue 5)

What is the interest rate?

  AER* Gross annual interest
6-month fixed term savings account 5.00% 4.94%


Interest is calculated daily and paid at maturity.


*AER stands for annual equivalent rate and illustrates the interest rate if it was paid and compounded once each year.

What is the minimum and maximum I can invest?

You can invest between £20,000 and £2,000,000 into this account.

Can Allica Bank change the interest rate?

No. In a fixed-term account, we guarantee the interest rate you’ll receive for the duration of the fixed term.

What would the estimated balance be after 6 months based on a £20,000 deposit?

Opening deposit Balance at maturity Interest earned
£20,000.00 £20,494.00 £494.00


This assumes interest is paid into this savings account and does not take into account individual circumstances.

How do I open and manage my account?

To open your account:

  • You can open and manage your account online. We will accept instructions in relation to the account through our Internet Banking Service.
  • Once you have opened your account, you have 14 calendar days to deposit your funds.
  • You must deposit the minimum amount of £20,000.
  • Your business must be UK based and registered with Companies House.
  • Your application must be made by either a director of the company or the company secretary. You must have the authority to open an account on behalf of the company and obtain consent from the owners and directors of the business.
  • We will do the appropriate data checks of the owners and directors of your business to validate their identity.
  • You will need to nominate another UK bank account in the same business name that will be used to fund your Allica Bank savings account. This is also where we’ll send your money if you choose to make a withdrawal at maturity.

Also, bear in mind:

  • You can open and manage your account online.
  • Communications can be handled through our internet banking service.
  • You can fund using Faster Payments and CHAPS payments.

Can I withdraw money?

As this is a fixed-term account, we will be unable to accept requests for a withdrawal before the end of the term.  Please note there is no 14-day cooling off period for this account.

What happens at maturity?

We will get in touch around 30 days before your fixed term ends to let you know what options are available to you.

Additional information

We will pay you your interest in full, without the deduction of income tax.

This savings account is a limited offer and can be withdrawn at any time prior to you funding your account.

sheild orange left whole Right hand square whole

Things you should know before applying:

  • You won't need to change your business's existing current account.
  • You can deposit between £20,000 and £2,000,000.
  • We don't charge any fees for using our savings accounts.
  • Applications are made entirely online. So make sure you have access to the internet, and also a mobile phone in order to complete our security checks.
  • Read the Terms and Conditions for this account.

To be eligible you must:

  • Be based in the UK
  • Business must be registered with Companies House
  • Have a UK business bank account

In addition, all controlling persons and significant owners must be resident in the UK and over 18 years' old.

Download the product summary as a PDF

FSCS protected

All our savings accounts are covered by the Financial Services Compensation Scheme (FSCS). This means that, should anything happen to Allica Bank, any eligible deposit of up to £85,000 will be protected.

Find out more about your eligibility for FSCS coverage here.

Open your business savings account today!

You can apply to open your account right away using our online application form. To do so, we'll just need to know a little about your business and any controlling persons or significant owners.

circle square pink and orange left
About Allica

Allica Bank was built with the vision to empower small businesses to succeed.

Since being granted our banking licence in September 2019, we now number over 100 employees – and are still growing fast.

We have offices in Milton Keynes, Manchester and London, and a team of expert relationship managers out on the road across England, Scotland and Wales, providing personal support to small and medium-sized businesses in their local communities.

No matter where we are, though. Every one of us is committed to our four core values of:

  • Integrity
  • Collaboration
  • Being straightforward
  • Delivery

Any questions? Get in touch

If you can't find the answer you're looking for in our FAQs, then we'll be happy to help you directly.

Call us

0330 094 3333

Monday to Friday (excl. Wednesday) from 9.00am to 5.00pm, and Wednesday 9.30am to 5.00pm.

Fill in the form and we’ll be in touch

Existing customers

If you already have an Allica Bank account, we recommend sending us a message through online banking.

Log in to Online Banking

circle square pink and orange right blue-shield