Any eligible savings of up to £85,000 per person are protected by the Financial Services Compensation Scheme.
Find out more below.
|Product Summary Box|
|Account name||12 Month Fixed-Term Personal Savings Account (Issue 10)|
|What is the interest rate?||
Interest is calculated daily and paid monthly or on the maturity of the account.
You can choose to have your interest paid into your Allica Bank savings account, or your nominated account.
On opening your account, we give savers up to 14 days to deposit all their funds before the fixed-term begins. During those two weeks, you will earn interest at the rate stated above in 'Initial 14 Day Funding Period' on anything deposited in the account.
|What is the minimum and maximum I can invest?||
You can invest between £1,000 and £250,000 into this account.
Should you want to open more than one account, we may ask that the maturity dates are different for each one.
|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 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?||
To open your account:
Also, bear in mind:
|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. Note that your term ends on the anniversary of the day after the end of the 14-day funding window (if the maturity date falls on a weekend, it will roll over to the next working day).
|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.
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This savings account is a limited offer and can be withdrawn at any time prior to you funding your account.
*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 Personal Savings Account, remember that:
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 aboutyour 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.