Business savings account

Easy Access savings account

Get a great return on your company cash without tying it up for a fixed term.

Apply now See product summary

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

Earn

3.65%

AER*

FSCS Protected
2024-02-26 13:53:17
At a glance

Easy access

Flexible saving. Withdraw anytime.

Apply online

No need for any unnecessary paperwork.

FSCS protected

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

Name of the product: Easy Access savings account (Issue )
Gross annual interest: %
Months: 0
Issue ID 1 (From December 20, 2023)
AER 3.65%
Product Summary

Account name

Easy Access savings account (Issue 1)

What is the interest rate?

  AER* Gross annual interest
Easy Access savings account 3.65% 3.65%

 

Interest is calculated daily and paid annually, we will pay any interest due on the anniversary of the date you opened your account.

*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 £100,000 into this account. ​

You can make as many deposits as you like during the lifetime of the account up to a total of £100,000.

Can Allica Bank change the interest rate?

Yes we can. The interest rate on this account is variable. See section 8 in your Terms & Conditions for more information.​

What would the estimated balance be after 12 months based on a £20,000 deposit?

Opening deposit Balance at maturity Interest earned
£20,000.00 £20,730.00 £730.00

 

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 your account using our online form at www.allica.bank
  • You must deposit the minimum amount of £20,000. If your account hasn’t reached the minimum deposit
    amount by the end of the 14 days funding period then the account will be closed and your funds will be returned.
  • 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.

To manage your account:

  • The account can be managed using our online banking service.
  • You can instruct withdrawals, view your balance, transactions and communicate through our online banking service.
  • Please note you can view your balance and communicate using our mobile app.

Can I withdraw money?

  • You can make unlimited withdrawals to your nominated account.
  • To request a withdrawal, simply log in to our online banking service.
    Please note withdrawal cannot be instructed via our mobile app. 
  • Withdrawals made before 3.30pm usually happen straightaway but could take up to the end of the same business day.
  • Withdrawals made after 3.30pm could take up to the end of the next business day.
  • When we say business days, we mean Monday to Friday but not UK bank holidays.

Note that, should your balance fall below our minimum deposit, we will need to close your account.

When can I close the account?

You can close the account at any time by withdrawing the full balance to your nominated account. 

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 opening your account.

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Things you should know before applying:

  • You won't need to change your business's existing current account.
  • You can save between £20,000 and £100,000 in this account.
  • We don’t charge any fees for using our savings accounts.
  • Applications are made entirely online. So you’ll need access to a mobile phone and an internet connection.
  • You can request a partial or full withdrawal, through our internet banking service. 
  • 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.

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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

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