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Allica Bank Business Bank Account Review

Allica Bank Business Current Account - Apply Online Today.

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Get 4.08% AER (variable) on savings & up to 1.5% cashback on eligible card spend*

Allica Bank Business Current Account

  • Monthly Fee
    Free
  • Card Purchases
    Free
  • Bank Transfers
    Free
    Fees apply CHAPS, SWIFT and SEPA transactions.
  • Overdraft
  • Access
    App/Online
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More Info
Product Features
  • 4.08% AER* (variable) instant access Savings Pot. Savings Pots are an exclusive feature of the Business Rewards Account
  • Up to 1.5% cashback on eligible card spend. View Business Rewards Account Terms and Conditions on Allica bank website
  • UK based dedicated relationship manager
  • Eligible customers are covered by FSCS up to £85,000
  • Direct accounting integrations with Sage and Xero
Eligibility Criteria
  • Businesses must be incorporated for at least 12 months
  • Businesses keeping less than £50,000 in the account may earn a reduced rate of interest and incur fees
*Terms and conditions apply.
Businesses keeping less than £50,000 in the account may earn a reduced rate of interest and incur fees

Allica Bank Business Banking Overview

Allica Bank is a UK-based banking institution that has emerged in the banking sector with a focus on small and medium-sized enterprises (SMEs). The bank aims to bridge the gap in services offered to SMEs by traditional banks, combining technological solutions with banking services.

The business bank accounts at Allica Bank are tailored to meet the requirements of the SME sector in the UK. These accounts typically feature competitive interest rates, low transaction fees, and services geared towards businesses’ specific financial needs. Allica Bank’s approach is to offer banking solutions that are aligned with the demands and challenges faced by SMEs.

The bank adopts a digital-first strategy, providing an online platform and a mobile application for business banking. These digital tools are designed to facilitate efficient management of business finances and enable access to banking services remotely. Despite its focus on digital solutions, Allica Bank also offers personal service through dedicated account managers, aiming to provide support and guidance to its business clients.

In terms of lending, Allica Bank provides a variety of lending products aimed at supporting business growth. This includes commercial mortgages, asset finance, and working capital solutions, which are intended to be flexible to accommodate different business requirements. Allica Bank’s lending approach includes understanding each business’s unique situation and needs.

Security is a key priority for Allica Bank, especially in protecting customer data and financial transactions. The bank employs security measures aimed at ensuring safe and secure banking for its clients.

Feedback from customers indicates an appreciation for Allica Bank’s combination of digital banking tools and personal customer service, as well as its focus on SME-specific needs. The bank has been recognized for its efforts to understand and support the growth of small and medium-sized businesses.

Allica Bank’s services are primarily focused on the UK market, with a concentration on domestic business banking services. The bank does not extensively offer international banking services but provides products and services suitable for UK-based businesses.

In conclusion, Allica Bank offers business banking services in the UK, focusing on serving the SME sector with a blend of technology and personal banking services. The bank’s business accounts, lending products, and emphasis on security are aligned with the needs of SMEs. Allica Bank positions itself as a banking partner for domestic businesses, integrating traditional banking approaches with modern digital solutions.

Allica Bank Business Banking FAQs

  • How do I open a business bank account with Allica Bank?

    To open an account, businesses typically need to provide identification, proof of address, and business documentation, such as registration details and financial statements. The application process can usually be started online, with some steps potentially requiring additional documentation or in-person verification.

  • What types of business accounts does Allica Bank offer?

    Allica Bank provides various business bank accounts, primarily targeting small and medium-sized enterprises (SMEs). These accounts are designed to cater to different business needs and may vary in features like transaction fees, interest rates, and account management options.

  • Does Allica Bank offer online banking for business accounts?

    Allica Bank provides online banking services for business accounts. This service allows business owners to manage their finances, including viewing account balances, making transactions, and managing payments. Online banking can be accessed through Allica Bank’s website or mobile app.

  • Can businesses get an overdraft with an Allica Bank account?

    Allica Bank offers overdraft facilities for certain business accounts, subject to approval. These facilities are designed to help manage cash flow and can vary in terms of limits and interest rates, based on the business’s financial situation and the specific account terms.

  • What lending options does Allica Bank provide for businesses?

    Allica Bank offers a range of lending products for businesses, including commercial mortgages, asset finance, and working capital solutions. These products are tailored to support the growth and operational needs of SMEs, with flexibility to suit different business requirements and financial circumstances.

Services offered by this provider may change over time. Always check Ts&Cs.

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