Allica Bank — business account fees, rewards and catches
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.
Quick answer
Allica Bank is built for established businesses. Its Business Rewards Account comes with a savings pot paying up to 4.08% AER variable (including boosts), up to 1.5% cashback on card spend and a named relationship manager, as of 4 October 2026.
To apply, your business must have been running for at least 12 months and be able to deposit £50,000 or more, or have an Allica loan. If the average balance falls below £10,000 in a month, a £25 monthly fee applies.
Who it’s for
- Established businesses (12+ months) holding £50,000 or more
- Businesses that spend heavily on card and would earn cashback
- Businesses wanting a named relationship manager
Who should avoid it
These are general points to weigh up, not advice. You may want to look elsewhere if:
- You’re a start-up or new sole trader — you won’t meet the 12-month rule
- Your balance often falls below £10,000 — a £25 fee applies
- You pay suppliers mainly by bank transfer — cashback is card-only
Key features
- No monthly fee while the average balance stays at £10,000 or more
- Up to 150 free Faster Payments a month
- Linked savings pot up to 4.08% AER variable
- Up to 1.5% cashback on card spend
- Integrations with Sage, Xero, QuickBooks and FreeAgent
- Team access, two-person authorisation and virtual cards
- Current Account Switch Service
- Business savings: easy access, notice and fixed terms
Eligibility
- UK residents aged 18 or over
- Business trading for at least 12 months
- Able to deposit £50,000 or more, or hold an Allica loan
Fees and rates
| Item | Detail |
|---|---|
| Monthly fee | £0 if average balance £10,000+ (or you hold an Allica loan); otherwise £25 |
| Faster Payments | Up to 150 free a month |
| Savings pot | 2.83% AER standard, up to 4.08% AER with boosts (variable) |
| Card cashback | 1% then 1.5% after a monthly spend threshold |
| Business Easy Access | 2.80% AER variable |
| 12-month fixed | 4.00% AER |
Figures as of 4 October 2026, taken from the provider’s own website. Rates and fees can change.
The catch
The 4.08% AER savings pot rate is made up of a 2.83% AER standard rate plus boosts: 0.5% if you made 15 transfers out last month, 0.5% for six months after a full CASS switch, and a 0.25% Welcome Boost for three months if you deposit £50,000+ within 14 days.
Cashback is tiered: 1% on spend up to a monthly threshold, then 1.5%.
Check Allica’s current terms.
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FAQs
Who can open an Allica Bank business account?
UK residents aged 18+ with a business trading at least 12 months that can deposit £50,000 or more, or that holds an Allica loan.
Does Allica Bank charge a monthly fee?
£25 a month if the average balance falls below £10,000 in the previous month, unless you hold an active Allica loan or overdraft.
How does Allica cashback work?
Cashback is paid on card spend: 1% up to a monthly threshold and 1.5% after it. Bank transfers don’t earn cashback.
What is the Allica savings pot rate?
Up to 4.08% AER variable including boosts; the standard rate is 2.83% AER.
Is Allica Bank FSCS protected?
Yes, eligible deposits are protected up to £120,000 across all your Allica accounts combined.
Can I switch to Allica Bank?
Yes, using the Current Account Switch Service. A full switch can add a 0.5% savings boost for six months.
Does Allica integrate with accounting software?
Yes: Sage, Xero, QuickBooks and FreeAgent.
Is Allica good for start-ups?
Not usually. It requires 12 months of trading.
Does Allica offer business savings without the current account?
Yes, it lists easy access, notice and fixed-term business savings.
How long does it take to open an account?
Allica says it aims to open accounts in a few working days.
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