CASS Partial Switch | Allica Bank

Feature	Full switch	Partial switch
Payment arrangements	All your regular payments are transferred to your new account	You choose which regular payments you want transferred to your new account
Closing balance transfer	Yes	No
Old account closed	Yes	No
Transaction redirection and forwarding (Automatically transferring money received by the old account into the new account)	Yes	No
How long does it take?	Guaranteed in seven working days	No guaranteed time, but three to ten working days typically

Already bank with us?

Once you've given us details of your old account, we'll contact your bank to ask for details of your standing orders, Direct Debits and payees. Once we have them, you can log in to your Allica account and choose which payments you'd like to switch.

Start switch already_bank_with_us

New to Allica?

If you don’t bank with us yet, you’ll need to open our Business Rewards Account, then apply to switch in the same way.

Apply for an account Switch_new_to_allica

Step one

Request to switch

Log in to your Allica online banking, go to ‘Manage account’, select ‘Start switch’ then choose ‘Partial switch’ and follow the steps.

Step two

Let us do the work

After receiving your regular payment details from your old bank, you'll choose which to transfer. Transfers usually take three working days, but Direct Debit transfers may take up to ten.

Step three

Select payments and payees

To switch regular payments to your Allica account, log in to your business banking, go to ‘Manage account’, select a payment type and choose payments to switch.

Am I eligible to switch my business current account?

For partial switching, your old bank must be signed up to the Current Account Switch Service. You can check if they are here.

Can I switch my savings account?

Savings accounts cannot be switched.

Do I have to close my old account?

If you choose a partial switch, your old account will stay open.

Can I choose my switch date?

With partial switching, you cannot choose your switch date.

How long will switching payments take?

On average, three to five working days from the day you select which payments you’d like to transfer. However, this is not guaranteed.

What if my switch doesn't go through?

A switch is most commonly rejected because of a data mismatch (for example, directors' details or business address), or because the old account isn't eligible for switching. If this happens, we'll email you explaining the reason — you may need to contact your old bank for more information.

Could my old bank stop me from switching?

Some banks limit how many payees you can switch, and this varies by bank. If you have a lot of payees, check with your current bank before you start. If your switch is refused for this reason, you'll need to reduce your payees with your old bank first.

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Criteria	Description
Loan size	£150,000 to £15 million
Repayment type	5-year interest only 5-year partially amortising
Arrangement fee	2.0%
Debt service cover	Commercial: 130% Semi-commercial: 120% Repayment cover calculated at pay rate for fixed rate mortgages and pay rate plus 2% for variable rates.
Early repayment charges	5 year fixed: 5%, 4%, 3%, 2%, 1% (years 1–5) Variable: 3% for the first 5 years

Criteria	Description
Loan size	£150,000 to £10 million
Repayment type	30 year capital & interest 5-year interest-only available at the start of the loan term for loans up to 75% LTV
Arrangement fee	1.5%
Debt service cover	130% Calculated on the rate not including the current account discount Repayment cover calculated at pay rate for fixed rate mortgages and pay rate plus 2% for variable rates
Early repayment charges	5 year fixed: 5%, 4%, 3%, 2%, 1% (years 1–5) Variable: 3% for the first 5 years
Owner-occupied hotels	Loans over 80% of VP value must be fully amortising from day one Personal guarantee to be given for any amount in excess of 70% of VP value

Criteria	Description
Loan size	£200,000 to £15 million
Repayment type	5-year interest only
Arrangement fee	2.0%
Interest cover	130% standard, 145% higher rate taxpayer Gross rent used for residential/ MUFB applications if; evidence of 3 months' loan repayments in cash via bank statements and one UBO/director with Experian Consumer score of 881+ plus a supporting personal guarantee. Otherwise we will use net rent assumption of gross rent minus 10%. HMO properties will always be assessed using gross rent minus 25%
Early repayment charges	5%, 4%, 3%, 2%, 1% (years 1–5)

Criteria	Description
Loan size	£500,000 to £15 million £5 million maximum loan for first time buyers
Repayment type	Capital and interest Experienced operators: 30 years First time operators: 20 years
Arrangement fee	1.5%
Debt service cover	130% adjusted EBITDA for children’s nurseries and experienced care operators 150% adjusted EBITDA for care first-time buyers Repayment cover calculated at pay rate for fixed rate mortgages and pay rate plus 2% for variable rates
Minimum size	Care homes: 20 bedrooms Specialist care: 4 bedrooms, if one or two properties, and flexible if there are three or more properties Children's nurseries: 40 places
Early repayment charges	5 year fixed: 5%, 4%, 3%, 2%, 1% (years 1–5) Variable: 3% for the first 5 years
Specialist care operators	Children’s learning disability care Adult learning disability residential care Adult supported living Minimum of three years as a specialist care home owner-operator required

Criteria	Description
Loan size	£150,000 to £10 million
Maximum loan to value	75% for residential and semi-commercial properties, 70% for commercial
Term	Up to 24 months
Fees	Arrangement fee of 2%, deducted from advance
Borrowers	UK registered limited companies, LLPs, partnerships and sole traders
Security	First legal charge over freehold or long leasehold title(s)
Insurance	Title insurance and search indemnity applied where possible
Valuations	AVMs and desktop valuations available up to 70%
Interest	Retained or serviced

Criteria	Description
Borrowers	UK registered limited companies, LLPs, partnerships and sole traders
Cost plan	Cosmetic: Higher of 15% of OMV, or £50,000 per property. Light: Higher of 50% of OMV, or £75,000 per property. Medium: Higher of 100% of OMV, or £100,000 per property.
Monitoring	Cosmetic and Light refurbishment to be monitored by our asset manager. Medium Refurbishment to be monitored by our QS.
Valuations	Full RICS valuation
Interest	Rolled. Rates are fixed and charged daily in arrears
Refurbishment type	Cosmetic: Works to improve speed of letting and compliance with regulations. Examples include redecoration, EPC improver works, compliance with utility regulations, boiler upgrades, modernisation. Light: As with Cosmetic, but higher cost plan. Medium: Loft conversions, reconfigurations, single story extensions, commercial to residential schemes.

Criteria	Description
Borrowers	UK registered limited companies, LLPs, partnerships and sole traders
Cost plan	Cosmetic: Higher of 15% of OMV, or £50,000 per property. Light: Higher of 50% of OMV, or £75,000 per property. Medium: Higher of 100% of OMV, or £100,000 per property.
Monitoring	Cosmetic and Light refurbishment to be monitored by our asset manager. Medium Refurbishment to be monitored by our QS.
Valuations	Full RICS valuation
Interest	Rolled. Rates are fixed and charged daily in arrears
Refurbishment type	Cosmetic: Works to improve speed of letting and compliance with regulations. Examples include redecoration, EPC improver works, compliance with utility regulations, boiler upgrades, modernisation. Light: As with Cosmetic, but higher cost plan. Medium: Loft conversions, reconfigurations, single story extensions, commercial to residential schemes.

Partial switch

What’s the difference between a partial and full switch?

How to switch your business account

Request to switch

Let us do the work

Select payments and payees

Frequently asked questions