UK businesses holding significant cash reserves could be missing out on thousands of pounds in potential earnings by keeping funds in standard accounts, according to a fast-growing challenger bank.
A Simple Path to Significant Returns
Allica Bank, recently crowned Europe's fastest-growing startup, has launched a business account designed to turn idle money into active revenue. The product combines a competitive interest rate on balances with a cashback reward system on everyday card spending, all managed through a digital platform.
The bank states that the returns can be substantial for companies that maintain healthy balances. For instance, a firm with an average balance of £250,000 could generate close to £10,000 in interest over a single year. This gain is achieved without the need to move capital into risky investments or undertake complex financial management.
Cashback and Seamless Digital Management
Beyond interest, the account provides an additional income stream through cashback on routine purchases. Businesses can earn up to 1.5% back on eligible spending, covering costs like fuel, utilities, and office supplies. This means daily operational expenses can subtly contribute to the company's bottom line.
The account is built for convenience, featuring a clean online dashboard and a mobile app. Users can track balances, manage payments, and integrate directly with major accounting software such as Xero and Sage. While the system is digital-first, each business customer is also supported by a dedicated relationship manager.
Designed for a Hassle-Free Switch
Allica Bank emphasises a straightforward onboarding process. Businesses can open an account online in a few steps, and switching is facilitated through the Current Account Switch Service to minimise disruption. The bank also confirms there are no hidden charges that could erode the earned returns.
This offering from Allica Bank presents a compelling case for UK business owners to review where their surplus cash is held. By opting for an account that actively rewards both savings and spending, companies can unlock significant value from their existing finances with minimal effort.
