Allica business bank account review

Allica Bank was granted its UK banking licence in 2019 and aims to offer better banking services to established businesses through modern tools and technology. As well as offering personal and business savings accounts, it’s also launching a business bank account (currently only available to existing customers). This review takes a closer look at what you can expect from it.

What is the Allica business bank account?

The Allica Bank Business Rewards Account comes with a dedicated relationship manager to help you manage your business finances. The account has no monthly fees, and you’ll receive a Visa deferred debit card when you apply. However, unlike most deferred debit cards, transactions are deducted from your account balance immediately rather than in one go each month. Note that some merchants might not accept your card.

No interest is paid on account balances, but you earn cashback on every card transaction. You’ll earn:

• 1% cashback on the first £10,000 of monthly card spend
• 1.5% cashback on any spend over £10,000 in a month.

Your cashback is paid into your account each month.

There are no fees for spending or withdrawing cash on your card overseas, and you’ll also have access to an exclusive savings pot paying a competitive rate of interest. This account is instant access, so you can make withdrawals whenever needed.

Because Allica Bank has a UK banking licence, deposits of up to £85,000 per person are protected by the Financial Services Compensation Scheme (FSCS). This means your money is covered if the bank were to cease trading. Remember that this will be across the balance in your business account and any funds you have in the savings pot.

Who is it for?

The Allica business account is designed for established businesses based in the UK. It might suit your business if you want to earn something back on your card spending each month or if you regularly travel overseas and want to avoid foreign transaction charges on card purchases and cash withdrawals.

How to open a business current account with Allica?

If you’re an existing Allica Bank customer, you can open a business current account by speaking to your relationship manager or completing a form on the website. This includes customers transferred over from Allied Irish Bank (AIB) after Allica Bank acquired AIB’s British small business loan book in 2021.

If you’re a new customer, you’ll need to join the waiting list by filling in the short form on the Allica Bank website. Note that businesses need to be registered for at least 1 year and have a minimum estimated annual turnover of £500,000 or at least 5 employees to open a business rewards account.

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