Allica Bank launches 95-day notice account for businesses
Allica Bank has launched a 95-day notice account for business savers.
The account will offer a variable rate of interest, which currently sits at 1.00% AER.
Accounts can be opened online with a minimum deposit of £1,000 and a limit of £250,000.
They will also be protected by the Financial Services Compensation Scheme (FSCS) on up to £85,000.
Businesses can then manage their account through the bank’s internet banking platform and secure messaging service.
The business notice account comes after the bank launched 12-month and 24-month fixed-term deposit accounts for personal savers and small businesses.
These are the latest in a suite of products set to be launched by Allica Bank in 2020.
Lawrence Holland, head of deposits at Allica Bank, said: “When designing and building products at Allica Bank, the needs of small businesses are always our top priority.
“With the global pandemic having created a period of almost unrivalled uncertainty, we understand that businesses need a way to earn a meaningful return on their cash, without having to commit to the standard terms that accompany such rates.
“That’s why Allica Bank is proud to offer this 95-day notice account.
“After all, when businesses are navigating hurdles day-by-day or week-by-week, they do not want to have all their funds constrained to year-by-year.”
Mark Stephens, CEO of Allica Bank, added: “These are challenging times for British businesses and it is our ambition to support them through these choppy waters as best we can.
“Allica Bank will continue to develop our suite of products for small and medium-sized business, coupled with providing local knowledge and industry expertise to deliver what businesses need.
“In times like these, that means flexibility and value.
“Through this 95-day notice account, we believe we are achieving exactly that.”