Allica Bank Business Rewards Account Review 2025

Allica Bank’s mission is to combine modern technology with personal service, offering a tailored banking experience for businesses with between 5 and 250 employees. 

The bank offers one business current account, the Business Rewards Account.

In this review, we explore the features, benefits, and limitations of Allica’s Business Rewards Account to help you determine if it’s the right choice for your business.

Allica Bank Business Rewards Account

Monthly Fee

£0

Bank Transfers

£0

Card Purchases

£0

Overdraft

No

FSCS Protection

Yes

Our Rating

Accessibility

Access your Allica Bank account via the web or the mobile app

 

Open Account

On Allica Bank’s Website

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Eligibility Criteria

– You must be a UK resident and aged 18 or older.
– You must have a minimum balance of £50,000 or more in your account or must have a loan product with Allica. Businesses keeping less than £50,000 in their account will earn a reduced rate of interest and may incur fees.
– Your business must be incorporated for at least 12 months.
– Businesses operating from outside the UK are excluded.

Our Verdict

The Allica Business Rewards Account is a cost-effective option for established UK businesses. It offers modern banking features and personalised service. 

One of its most attractive qualities is that it has no monthly fees, making it an affordable solution for businesses that want to avoid unnecessary charges. Additionally, the account offers cashback opportunities on eligible card payments and an Instant Access Savings Pot, helping businesses make the most of their money whilst retaining flexibility. 

The account also includes a dedicated relationship manager who provides businesses with personalised support and advice. This can be particularly beneficial for businesses seeking a more tailored approach to banking.

However, there are a few limitations to consider. The cashback opportunities are limited to certain types of transactions, which may not suit all businesses. Companies need to maintain a balance of £50,000 or more to fully benefit from the account, which could be restrictive for smaller businesses or those with fluctuating cash flow. 

The lack of an overdraft facility means businesses won’t have the same financial flexibility as they would with some other accounts. The account is also unsuitable for start-ups or businesses operating for less than 12 months, as it requires a more established financial history.

Pros & Cons

Allica Bank At A Glance

Item	Allica Bank Details
Bank Accounts	Business Current Accounts 1. Business Rewards Account Business Savings Accounts  1. Instant Access Savings Pot (attached to the Business Rewards Account) 2. Easy Access Savings Account (Issue 2) 3. 95-Day Notice Savings Account 4. 180-Day Notice Savings Account 5. 6-Month Fixed-Term Savings Account 6. 12-Month Fixed-Term Savings Account
Pricing	No monthly account fees whilst you maintain eligibility, plus free Faster Payments, bulk payments, Direct Debits, card payments and ATM withdrawals.
Overdraft	No facility.
Ease of Use	Managed solely through the online banking system or highly-rated mobile app.
Security	FSCS protects eligible deposits up to £85,000. Multi-factor authentication, including biometric verification.
Customer Support	Dedicated relationship manager. Live chat and message through online banking, email and telephone support are available Monday to Friday (excluding Wednesday) from 9 am to 5 pm and Wednesday from 9.30 am to 5 pm.
Reviews	“Excellent” Trustpilot rating of 4.4 out of 5 based on 978 reviews.
Eligibility	All owners and controlling persons must be UK residents over 18 years old. Business must be UK-based and incorporated for at least 12 months. Must maintain a balance of at least £50,000 or have an existing Allica Bank loan.
Additional Information	You can earn up to 1.5% cashback on eligible debit card spend.

Who Is Allica Bank?

Allica Bank launched in 2019 and has quickly made its mark. Focused on supporting established small and medium businesses (5–250 employees), it blends cutting-edge technology with personalised service.

Based in London, Allica is fully authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA). It’s already lent over £2 billion to UK businesses and was crowned “Business Bank of the Year” at the 2023 NACFB Awards.

With a clear mission to give overlooked businesses the necessary tools, Allica delivers everything from business loans to accounts like its popular Business Rewards Account. If you’re after modern banking with a personal touch, Allica could be worth a look.

Who Should Use Allica’s Business Banking Services (And Who Shouldn’t)?

Allica Bank’s business banking services are most suitable for:

• UK-registered businesses incorporated for 12+ months
• Businesses that maintain a high cash balance of £50,000+
• Businesses looking for cashback opportunities
• Companies interested in fee-free transactions
• Businesses that want simple savings options
• Companies in need of payment approvals

Allica Bank’s business banking services are less suitable for:

• Start-ups and new businesses incorporated for less than 12 months.
• Businesses relying on frequent cash and cheque deposits
• Companies need advanced analytics or tax tools. 
• Businesses requiring multiple Savings Pots
• International businesses that want multi-currency accounts.

Products and Features: Allica Bank Business Banking Services

Allica Bank provides various financial services, including a business current account, several savings accounts, mortgages and finance.

Business Rewards Account

Designed For: Established UK businesses with strong cash flow.

Key Features:

• No account fee, making it a cost-effective option.
• Earn 1% cashback on eligible card payments, such as train tickets, advertising spend (e.g., Facebook), and fuel. If you spend over £10,000 monthly, your cashback rate increases to 1.5% for all subsequent payments. 
• No fees for spending abroad in Euros or US dollars without incurring charges. Payments use the Visa exchange rate.
• No charges for cash withdrawals in the UK or abroad.
• You can open one Savings Pot with a maximum balance of £5,000,000 and no minimum balance. Funds in your Savings Pot can be withdrawn anytime with no restrictions.
• The account allows businesses to set up payment approvals, meaning payments above a set amount require permission from authorised individuals before proceeding.
• Transactions can be synced with Xero and Sage once a day for streamlined accounting.

Instant Access Savings Pot

Although not a separate savings account, Business Rewards Account customers can access the Allica Instant Savings Pot, earning a competitive rate of up to 4.58% AER Gross (variable)*.

Key Features:

• You can only open one Savings Pot with your Business Rewards Account.
• No fixed term or withdrawal restrictions, giving you flexibility to access funds quickly.
• A high maximum deposit limit of £5,000,000 makes it a good option for businesses with larger savings.
• There is no minimum balance requirement, so you can start saving regardless of how much you have available to deposit.
• You can fund your Savings Pot easily by making a bank transfer from your nominated account.

*Rate includes standard rate of 3.58% AER (minimum balance applies) plus a 0.5% boost each month if you make 15 bank transfers out of the account in the previous month, and a 0.5% boost for six months if you complete a switch with CASS. Eligibility criteria and T&Cs apply.

Separate savings account options include an Easy Access Savings Account, 95 and 180-day Notice Accounts and 6-month and 12-month Fixed Rate Accounts.

You can read our full Allica Bank Business Savings Account review here.

Pricing and Fees Breakdown

The Allica Bank Business Rewards Account is cost-effective, with minimal fees applied.

The table below shows the relevant charges.

Service	Fee
Monthly Fee	Free
Faster Payments (incoming and outgoing)	Free
CHAPS	Free for incoming payments, £20 per outgoing transaction
Bulk Payments	Free
Direct Debits	Free for outgoing transactions. Incoming transactions not available
Direct Credits	Incoming transactions not available. Outgoing transaction free
Card Payments	Free domestic payments. International payments subject to Visa exchange rate. No additional fee charged.
ATM Withdrawals	Free
Opening an Instant Access Savings Pot	Free
Opening Additional Business Rewards Accounts	Free

Although Faster Payments and BACS payments are free, they are limited to 100 outgoing payments. Any payments made above this limit may incur a 15p per payment fee.

Ease of Use and The Application Process

Managing your Allica Bank Business Rewards Account is simple and user-friendly.

You can easily manage your account through Allica’s online banking platform and mobile app. Both are designed with simplicity, so you can access your account, check balances, and make transactions from anywhere. Everything is at your fingertips, whether on your laptop or mobile device.

The account supports various payment types, including Faster Payments, BACS, and CHAPS. Sending payments is simple and quick, whether you’re paying a supplier or managing payroll. 

Although Allica Bank doesn’t directly support cash or cheque deposits into the Business Rewards Account, you can still manage deposits by transferring funds from a nominated bank account.

The absence of an overdraft facility and the inability to add Allica cards to mobile wallets like Apple Pay or Google Pay might be limiting for some users. However, sending bulk payments and international transfers facilitated through Wise could outweigh these inconveniences.

Safety and Security

The Allica Bank Business Rewards Account is designed with security at its core, offering business owners peace of mind while managing their finances. 

• FSCS Protection: Deposits of up to £85,000 per business are protected under the Financial Services Compensation Scheme (FSCS), providing reassurance in case of bank issues.
• Strong Authentication: Secure login processes, including two-factor authentication (2FA), safeguard against unauthorised access to your account.
• Custom Payment Approvals: Payment approvals can be set up to require authorisation from specified individuals for transactions exceeding specific amounts, reducing the risk of fraud.
• Data Encryption: All account information and transactions are encrypted, ensuring your financial and personal data remains secure and confidential.
• Regulatory Compliance: Allica Bank is regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) and adheres to strict operational security and trust standards.

Customer Support

Allica Bank provides various support options tailored to meet the needs of Business Rewards Account holders.

• Dedicated Relationship Managers: Allica assigns a personal relationship manager to your business, ensuring tailored support and advice when needed.
• Comprehensive Online Help Centre: There is an extensive online knowledge base with answers to common queries 24/7, covering everything from account features to troubleshooting.
• Website Live Chat: customers can access live chat for simple queries within the online banking platform.  
• Messaging: Account holders can securely send messages directly through online banking for additional support.  
• Email Support: For more detailed inquiries or assistance, you can email the customer service team at customer.servcies@allica.bank.
• Phone Support: Allica offers direct phone support at 0330 094 3333.

Support is available Monday, Tuesday, Thursday, and Friday between 9 a.m. and 5 p.m. and Wednesday between 9.30 a.m. and 5 p.m., excluding bank holidays. 

What Allica Bank Customers Say

At the time of writing, Allica Bank has earned an “excellent” 4.6 out of 5 on Trustpilot, based on 1,274 reviews. Similarly, the Allica mobile app has garnered strong ratings on the Apple App Store and Google Play Store, achieving an average score of 4.7 out of 5 from 1,100 and 194 reviews, respectively.

Customers frequently highlight the helpful customer support offered by Allica Bank. They often praise the personalised attention provided by relationship managers, and many appreciate how approachable and supportive the service feels. 

Another standout feature is the account opening process, which users describe as refreshingly straightforward and efficient compared to traditional banks’ often cumbersome procedures.

The Allica app also receives a lot of positive feedback. Customers value its intuitive design and user-friendly layout, which simplify financial management and make day-to-day banking effortless. 

That said, there are areas for improvement. Some users have encountered technical issues with the app, such as login difficulties, glitches, and a complex password system, which can cause frustration. Onboarding delays have also been noted, with slow account setup processes proving inconvenient for new customers.

Although customer support is often a highlight, there have been instances where users felt let down by unresponsiveness or difficulties in reaching relationship managers.

Eligibility Criteria

To be eligible for an Allica Bank Business Rewards Account, you must satisfy the following eligibility criteria:

• You’re at least 18 years old and a UK resident.
• Your business is based in the UK.
• Your business must have been incorporated for at least 12 months.
• You should typically maintain £50,000 or more in your account or hold a loan product with Allica Bank. Businesses keeping less than £50,000 in their account will earn a reduced rate of interest and may incur fees.

Prohibited Industries

Allica Bank does not support businesses in the following industries:

• Adult entertainment businesses
• Companies engaged in animal testing
• Organisations involved in the production or trade of military equipment, defence, or weapons
• Businesses involved in nuclear technology, weapons, or related materials
• Excluded cashback transactions (e.g., account funding, prepaid cards, bank fees, cash withdrawals, cryptocurrencies, debt repayments, deposits)
• Gambling-related transactions
• Money order services
• Money transfer services
• Savings bond transactions
• Securities trading (stocks, bonds, commodities, mutual funds)
• Tax-related payments
• Travellers’ Cheques and foreign currency transactions
• Embassies and consulates
• Non-governmental organisations (NGOs)
• Extractive industries (such as coal, petroleum, and natural gas)
• Professional football teams
• Casinos, gambling establishments, or online betting services
• Unlicensed production or distribution of controlled drugs, pharmaceuticals, or “legal highs.”
• Marijuana-related businesses
• Precious metals and stones dealers
• Charities that are unregistered or unregulated
• Payment Service Providers and Money Service Businesses
• Businesses dealing with cryptocurrency, digital, or virtual currencies
• Companies operating without proper licences in regulated sectors

How to Open an Allica Business Rewards Account

1. Visit the Allica Bank Business Rewards Account page and click “Apply Now.”
2. Complete the online application form with essential details about your business, such as your business name, type and contact information.
3. After filling in the necessary details, submit your application form online. No additional documents are required for this step.
4. Allica Bank will run some security and identity checks to verify your details during the application process. These checks won’t impact your credit score.
5. Allica Bank typically takes three to five working days to complete the process and activate your account.
6. You can track your progress and receive updates via email once your account has been set up.
7. You’ll receive confirmation once your account is up and running. After activation, you can use your Allica Business Rewards Account to meet your business needs.

How Allica Bank Stacks Up Against The Competition

Feature	Allica Bank	Revolut	Wise	RBS
Business Current Account Options	1	4	1	4
Overdraft	❌	❌	❌	Up to £50,000
Cash & Cheque Deposits	❌	❌	❌	✅
Mobile App	✅	✅	✅	✅
Accounting Integrations	Xero & Sage	Xero, QuickBooks, Sage & more	Xero, QuickBooks, FreeAgent & FreshBooks	FreeAgent
FSCS Protection	✅	❌	❌	✅
Learn More	Visit Allica Bank	Visit Revolut	Visit Wise	Visit RBS

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