Allica Bank vs Virgin Money: business cashback accounts compared
Important: This guide provides general information, not personalised financial advice. Financial products, rates and eligibility rules can change, so check the provider’s current terms before applying. You can check a firm’s details on the FCA Register.
FSCS protects eligible deposits up to £120,000 per person, per authorised institution.
Quick answer
Both pay cashback on business card spend. Virgin Money’s M Account for Business pays 0.25% uncapped with no monthly account fee for turnover under £1m; Allica pays 1% then 1.5% but is for businesses trading 12+ months with £50,000 to deposit.
Allica charges £25 a month if the average balance falls below £10,000.
Allica vs Virgin Money compared
| Feature | Allica Bank | Virgin Money M Account for Business |
|---|---|---|
| Monthly fee | £0 or £25 (balance-based) | £0 |
| Card cashback | 1% then 1.5% | 0.25%, no cap |
| Interest | Savings pot up to 4.08% AER | Optional savings account |
| Eligibility | 12+ months trading; £50,000+ | Turnover under £1m |
| Software | Sage, Xero, QuickBooks, FreeAgent | Xero, Sage, Shopify |
Figures as of 4 October 2026, taken from the provider’s own website. Rates and fees can change.
Who each suits
- Allica: established businesses with big balances and card spend
- Virgin Money: smaller businesses and start-ups
Who should skip it
These are general points to weigh up, not advice. You may want to look elsewhere if:
- Most of your payments are bank transfers — card cashback won’t help much
Full explanation
On £5,000 of monthly card spend, 0.25% is £12.50 and 1% is £50 — but only if you meet Allica’s eligibility and keep the balance up.
The catch
Check each cashback scheme’s exclusions.
Check each bank’s current terms.
These go straight to each provider’s own website. They aren’t referral links and we don’t earn from them.
FAQs
Which pays more cashback?
Allica’s rates are higher, but its eligibility is much stricter.
Is either free?
Virgin Money’s M Account for Business has no monthly account fee; Allica is free only above a £10,000 average balance.
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