Allica Bank Unveils Profitability and High-Yield Savings Amid Expansion

Fintech challenger Allica Bank has rewarded savers with a 5% return on its 12-month fixed-rate bond personal savings account. The bank responded to the Bank of England’s base rate change with a market-leading offer for its personal customers, showing resilience and adaptability in a competitive market.

Recently, Allica reported its 2022 annual results, marking its entry into profitability. This milestone makes it one of the fastest fintech companies to achieve such a feat, a testament to its innovative approaches and robust business model.

In a bold move, Allica launched a proprietary new business current account – the Business Rewards Account. This launch uniquely positions Allica as the UK’s only full-service bank dedicated to serving established Small and Medium Enterprises (SMEs). This initiative underscores Allica’s commitment to supporting the growth of SMEs, a sector often overlooked by conventional banking institutions.

Further, Allica offers a mix of market-leading, straightforward, and secure personal and business savings accounts. These products are designed with no-faff, simplifying banking and making it more accessible for users. The offering includes a 95 and 180-day notice account, as well as 6, 12, and 24-month fixed-rate accounts.

Allica’s robust banking suite has not only made it a go-to destination for SMEs but also a trusted provider of secure, high-yield savings options for individuals. The bank’s innovation, dedication to its customers, and its swift entry into profitability make it a formidable player in the fintech industry.