Personal savings account

5-year 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

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


2.80% AER*

FSCS Protected
2023-12-04 19:19:08
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.

Product Summary

Account name

5-year fixed term savings account (Issue 1)

What is the interest rate?

  AER* Gross annual interest
5-year fixed term savings account 2.80% 2.80%


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 £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 5 years based on a £10,000 deposit?

Opening deposit Balance at maturity Interest earned
£10,000.00 £11,480.63 £1,480.63


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 get in touch around 30 days before your fixed term ends to let you know what options are available to you.

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.

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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


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 account today!

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

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About Allica

Allica Bank was built with the vision to empower small businesses to succeed.

We combine modern technology with local relationships and advice to provide the tailored support we know our customers need.

Most of us are based in our Milton Keynes and London offices, although we have team members out on the road across the country.

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

9:00am - 5:00pm Monday-Friday

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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