Help & FAQs
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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 | £20,802.00 | £802.00 |
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.
