A pioneering British bank is offering businesses a significant financial opportunity, with the potential to earn thousands in passive income simply by holding funds in a new type of account.
A New Era for Business Banking
Allica Bank, which was crowned Europe's fastest-growing startup last year, has launched a digital business account designed to transform how companies earn from their everyday finances. The proposition centres on generating substantial interest on money that would otherwise sit idle, alongside rewarding daily spending.
The bank states that a company routinely maintaining a balance of £250,000 could potentially earn approximately £10,000 in interest over a 12-month period. This 'quiet interest' accrues without the need for active investment management or any capital risk, providing a straightforward boost to a firm's finances.
Cashback and Seamless Digital Management
Beyond the headline interest rate, the account also provides cashback on everyday business purchases. In some cases, this reward can reach up to 1.5%, applying to transactions for items like office supplies and utility bills. This dual benefit of earning on both stored cash and outgoing payments is positioned as a major advantage for cost-conscious businesses.
The system is built around a fully digital, hassle-free experience. Account holders manage their finances through an intuitive online interface and mobile app, which allows them to view funds, track payments, and integrate with popular accounting software such as Sage and Xero. For personalised support, customers also have access to a dedicated relationship manager.
Simple Switching with No Hidden Fees
Allica Bank emphasises the simplicity of joining. The account can be opened online in minutes, and switching from an existing provider is facilitated through the Current Account Switch Service. The bank also confirms there are no hidden fees, meaning the interest and cashback earned are retained in full by the business.
This combination of high-yield interest, spending rewards, and digital convenience presents a compelling package for UK businesses looking to optimise their financial operations effortlessly. Firms are encouraged to assess their potential earnings for the coming year based on their typical account balances.
