Thousands of UK businesses may be losing out on substantial financial gains by maintaining their funds in low-interest bank accounts, according to a recent alert from a leading challenger bank. Allica Bank, recognised as one of Europe's fastest-growing fintech companies, suggests that a simple switch could help firms earn up to £10,000 over the next year, depending on their account balance.
How Businesses Can Boost Their Earnings
Allica Bank offers a business current account that pays interest on eligible balances and includes cashback on certain everyday card spending. This digital-first platform allows companies to access their funds without locking money away or taking on additional risk, making it an attractive option for those holding larger sums.
For illustration, a business with an average balance of around £250,000 could generate close to £10,000 in interest over a year, subject to applicable rates and terms. This return is enhanced by cashback rates of up to 1.5% on eligible purchases, such as utilities and office costs, which can quietly add to overall earnings.
Features of the Allica Bank Account
- Interest paid on eligible balances, with funds remaining fully accessible.
- Cashback of up to 1.5% on day-to-day business spending.
- A digital dashboard and mobile app for monitoring balances and managing payments.
- Integration with accounting tools like Sage and Xero.
- Access to a dedicated relationship manager for personalised support.
Switching to Allica Bank is designed to be straightforward through the Current Account Switch Service, with no hidden charges to erode the interest earned. Opening an account can be completed quickly online, enabling businesses to assess whether their cash could be working harder.
Additional Business Offers
In related news, Vodafone Business has launched a time-limited broadband offer, providing small businesses with twelve months at half price on selected fibre packages. This deal, available until March 4, targets firms with one to nine employees, including home offices and startups.
Entry-level Business Fibre 1 starts at £11.50 per month for the first year, excluding VAT, before transitioning to standard pricing. Faster options with enhanced WiFi coverage are also discounted in the initial year. Vodafone Business emphasises transparent future price rises to aid budgeting over the full contract term.
Furthermore, Parcel2Go is offering a promotion for online sellers, providing £25 of free postage credit with no monthly fees, contracts, or traditional sign-up requirements. This initiative aims to support e-commerce businesses in managing shipping costs effectively.
By exploring these opportunities, UK companies can potentially enhance their financial efficiency and operational savings in the coming year.
