Personal savings account

18-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 PDF

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

Earn

4.00%

AER*

FSCS Protected
2024-11-28 11:17:31
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.

PROTECTING YOUR SAVINGS

You're in safe hands

Our current account and 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.

 

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Name of the product: 18-month fixed term savings account (Issue )
Gross annual interest: %
Months: 18
Issue ID 13 (From October 11, 2024)
AER 4.00%
Product Summary

Account name

18-month fixed term savings account (Issue 13)

What is the interest rate?

  AER* Gross annual interest
18-month fixed term savings account 4.00% 4.00%

 

Interest is calculated daily and paid annually into this account.

 

* ‘AER' means ‘annual equivalent rate' and is designed to make it easy for you to compare savings products. It tells you how much interest you'd earn if you put some money in an account and left it there for a full year. It takes account of things like how often the interest is paid and assumes any interest paid during that year is added to the balance and earns interest.

What is the minimum and maximum I can invest?

You can invest between £10,000 and £250,000 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 18 months based on a £10,000 deposit?

Opening deposit Balance at maturity Interest earned
£10,000.00 £10,608.00 £608.00

 

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 must be a UK resident aged 18 years and over.
  • You will need to nominate another UK bank account in your 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.
  • Once you have opened your account, you have 14 calendar days to deposit your funds.

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, but please note that we don't accept 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 email you with options at least 30 days before your account matures to ask you what you would like us to do with your savings.
  • If we don't hear from you, we'll email you again 14 days prior to your account maturing, to remind you that we're still waiting for your instructions.
  • You will have the choice of reinvesting into a new Allica savings account, withdrawing funds to your nominated account, or a combination of both.
  • If we don't receive maturity instructions at least one day before the maturity date, we will place the funds in an Easy Access holding account ready for you to reinvest or withdraw.
  • If the end of the fixed-term falls on a non-working day, your funds will be made available on the next working day.

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.

If you need additional help and support with your application then please email our customer support team at customer.services@allica.bank or call us on 0330 094 3333.

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Fixed term deposit accounts

Great if

you want a fixed rate of interest
you don't need access to your money for the length of the term

Be aware

no withdrawals are allowed before the maturity date

Things you should know before applying:

  • You can save between £10,000 and £250,000 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.
  • Read the Terms and Conditions for this account.

To be eligible you must:

  • Be a UK resident.
  • Be aged 18 years and over.
  • Have a UK Bank account.

Download the product summary as a PDF

FSCS protected

Your eligible deposits with Allica are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.

Find out more about your eligibility for FSCS coverage here.

Open your account today!

You can apply to open your account right away using our online application form.

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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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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