Why a new 'challenger bank' is rewarding established customers for everyday banking
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Allica Bank is targeting established small businesses with a banking account that combines everyday spending with cashback and savings benefits
For many of us, everyday banking has become a source of irritation. Traditional high-street banks have reduced branch access, shifted services online, and often offer interest rates that struggle to keep pace with inflation.
That leaves plenty of established customers running accounts that work perfectly well, but don’t actively reward them for using them.
One newer name in business banking aiming to address that gap is Allica Bank.
It focuses on established small and medium-sized businesses that may feel overlooked by both digital-only challengers and the largest high-street banks.
Its account is designed to combine everyday banking with incentives for card use and savings, although, as with all financial products, the benefits depend on how the account is used and whether a business meets the eligibility criteria.
One feature that may appeal to regular card users is cashback of up to 1.5% on eligible card spending.
There’s no stated spending cap, and cashback applies across a wide range of purchases, including supplier payments and business travel, subject to the account terms.
Alongside this, the account includes an instant-access Savings Pot paying up to 4.08% AER.
Rates are variable and may change, but for businesses holding surplus cash, this offers a way to earn interest while keeping funds accessible. Additional rate boosts may be available for regular transfers or for switching using the Current Account Switch Service, where eligible.
Allica’s mobile app also connects with popular accounting platforms such as Xero, Sage and QuickBooks, allowing businesses to sync transactions, manage payroll and monitor cash flow in one place.
Employers can issue employee cards, set spending limits and control permissions, which may help with day-to-day expense management.
Unlike many app-only banks, Allica assigns customers a dedicated relationship manager.
This provides access to human support for queries around the account, lending options or general banking needs, rather than relying solely on automated help.
Account opening typically takes under two weeks, with no requirement to visit a branch, although approval times and availability depend on individual business circumstances.
To out more about the Business Rewards Account, including full eligibility criteria, rates and terms, click here.
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