Are big banks quietly costing your business thousands every year? Savvy SMEs are switching
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Millions of UK SMEs are missing out on money they should be earning from their bank account. Here’s why switching could pay off.
Big banks are short-changing Britain’s businesses – and it is costing SMEs thousands of pounds a year. Established firms are being paid far less interest than big corporates, while cashback on business spending is often non-existent. All that hard-earned money just sits there, lining the bank’s pockets instead of yours.
According to Allica Bank – a new challenger aiming to shake up business banking – SMEs can receive up to 2.9 percent less interest on their spare cash than bigger companies. For a typical firm with £75,000 in the bank, that could mean more than £2,100 a year lost in poor returns. And for a business holding £1 million, the shortfall can top £28,000 every year, purely because their bank doesn’t reward them properly.
That is why more business owners are taking a closer look at Allica’s Business Rewards Account. It is designed to give established firms something back for every pound they manage and spend. It includes an instant access Savings Pot paying up to 4.08 percent AER, so spare cash finally starts working for the business rather than gathering dust. And with up to 1.5 percent cashback on business card spend, you earn real money back just by paying the usual bills and expenses that keep things moving.
Owners also say they value being treated like a real customer again. Every business gets direct access to a dedicated relationship manager – not a faceless call centre queue. Account opening is fast too, typically less than two weeks, with helpful support for busy directors who do not have time for paperwork ping-pong.
The technology is built around the realities of managing a growing SME. You can issue employee cards with spending controls, separate funds for payroll, and connect seamlessly to accounting tools including Xero, Sage and QuickBooks for real-time cash flow oversight and less admin drag at month end.
Business owners work too hard for their money to let a bank take more than it gives. If your account has been sitting idle while costs climb, this could be the moment to consider switching to a business current account that pays you back.
- Rates are variable and correct as of publication date. Eligibility criteria and T&Cs apply. Visit https://www.allica.bank/business-rewards-account/product-information
- Cashback is variable and based on card spend. Exclusions apply. Visit https://www.allica.bank/business-rewards-account/product-information
- Eligibility criteria and T&Cs apply. Visit https://www.allica.bank/business-rewards-account/product-information
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