Fintech challenger bank Allica Boosts Business Savings Rates for SMEs

Allica, the fintech challenger bank, is rewarding SME business savers with increased rates on its business savings range. Instant-access Savings Pots rate up to 4.33% AER.

Allica, a fintech challenger bank, has announced that it will be rewarding SME business savers with increased rates across its business savings range. The Business Rewards Account instant-access Savings Pots rate will see a boost from 3.85% to 4.33% AER (variable), while the easy-access business savings account rate will increase from 3.65% to 4.00% AER (variable). Additionally, the one-year fixed-term business savings account rate will rise from 5.10% to 5.15% AER (variable).

This move comes as Allica continues to prioritize offering competitive rates to SMEs, following a recent report that highlighted a significant savings gap between big businesses and SMEs, resulting in £7.5 billion in missing interest. Allica is the UK's only full-service fintech bank that is dedicated solely to established SMEs. Over the past three years, it has been recognized as the UK's fastest-growing tech company and the fastest-growing fintech in the country.

Last year, Allica launched its Business Rewards Account, which includes cashback rewards, competitive savings rates, relationship manager support, and no monthly fees. This latest increase in savings rates further solidifies Allica's commitment to supporting SMEs and providing them with the tools they need to thrive in today's competitive business landscape.

Allica's decision to boost rates across its business savings range demonstrates its dedication to helping SMEs grow and succeed. By offering competitive rates and valuable rewards, Allica is positioning itself as a key player in the fintech industry, providing much-needed support to the backbone of the UK economy.