Did you know? You could get a better rate in a fixed-term account.
|Product Summary Box|
|Account name||95-Day Notice Business Savings Account (Issue 1)|
|What is the interest rate?||
Interest is calculated daily and paid monthly or annually.
Interest will be paid into your Allica Bank savings account.
|What is the minimum and maximum I can invest?||
You can invest between £1,000 and £250,000 into this account.
You can make as many deposits as you like during the lifetime of the account up to a total of £250,000.
|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 £1,000 deposit?||
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?||
You must deposit the minimum amount of £1,000. 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 returned.
|Can I withdraw money?||
You can request a withdrawal at any time, providing you give us 95 days’ notice. You cannot withdraw your funds earlier than this. The 95-day notice period is based on calendar days and begins the day we receive your request.
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, providing you give us 95 days’ notice.
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This savings account is a limited offer and can be withdrawn at any time prior to you opening your account.
If you change your mind within 14 days of opening your account, you can cancel your account without penalty or notice.
*AER stands for annual equivalent rate and illustrates the interest rate if it was paid and compounded once each year.
Before applying for an Allica Bank Business Savings Account, remember that:
To be eligible for an Allica Bank Business Savings Account, you should:
In addition, all controlling persons and significant owners must be resident in the UK and over 18 years' old.
All our savings accounts are covered by the Financial Services Compensation Scheme (FSCS).
This means that, should anything happen to Allica Bank, any deposit of up to £85,000 will be protected.
Find out more about your eligibility for FSCS coverage here.
Allica Bank exists to empower small and medium UK businesses to succeed. Built using innovative technology, real human relationships and trust will always sit at the heart of what we do.
We are based in Milton Keynes and London, and were granted our UK banking licence in September 2019. Acting with integrity, working collaboratively and being straightforward are the values Allica Bank lives by. We are expert banking for business Britain.