Businesses should start expecting more from their business current account

Established businesses with 10 to 250 employees are a vital part of the UK economy. They account for around half of the UK’s economic activity and jobs, are a driving force behind British innovation and creativity, and are central to our local communities.

However, despite this, most of them tell us they’re getting a raw deal from their bank. High fees, clunky technology and an impersonal, untransparent service can often seem like a drag on a business. Certainly, few businesses in this segment tell me their bank actively helps them thrive and grow.

This is especially the case when it comes to business current accounts. They’re often a pain to open, with complex and time-consuming applications (often taking months to open), and with little personal support available if it’s needed. Banks will also often make businesses pay for the privilege of simply having an account, and add many other fees on top for even the most basic of services, making bank charges themselves one of the most common transactions on their bank statement!

Many business owners also tell me that, while the fees remain high, they no longer get the support of a dedicated relationship manager. Someone they used to rely on for their banking product expertise, or support when making an application.

Instead, if they want to talk to their bank, they’ll often be forced to speak to a faceless call centre adviser who likely won’t even know who they are. This has created a vacuum in financial expertise available to business owners, and filling it will be critical to helping businesses grow in today’s challenging financial climate.

Introducing: the Business Rewards Account

At Allica Bank, we think things should be different. We fully embrace the perks that modern technology can bring – such as fast decision-making, intuitive online banking and easy communication. Indeed, we have award-winning business banking technology! But we don’t think this should come at the expense of real human support and expertise. And we certainly don’t think businesses should be penalised simply for having a current account with us.

That’s why we launched our Business Rewards Account. A business current account built especially for established businesses with 10-250 employees. It’s designed to reward businesses for using it, not penalise them. While we also give every customer access to a dedicated relationship manager to help them with applications or talk to them about their business. Here’s how it works:

1. A current account that rewards you – with Allica Bank's Business Rewards Account, you can get an instant access Savings Pot offering 3% interest a year on your excess company cash.
   
   You can also earn 1% cashback on your everyday business card spending, such as office supplies or Facebook advertising (you can find a list of what isn’t eligible and more information on our cashback rewards here).
2. With a dedicated relationship manager – you’ll have the support of a named relationship manager, who can provide tailored expertise and personal support specific to your business.
3. Quick and convenient – once you’ve made an application, we’ll get you set up in a matter of days. Then you can easily manage your account on the web or with our mobile app, and soon you’ll be able to link your account directly with popular accounting software.
4. No monthly fees – there’s absolutely no subscription fees. Why should you pay simply for having a bank account?

Over 3,000 businesses are already using Allica Bank. If you think your business could benefit, then join the waiting list for our business current account now and we’ll be in touch to set you up. Alternatively, speak to one of our relationship managers.