allica bank reviews

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Allica Bank Reviews: Top Choice for SMEs in 2023?

Since launching in 2020, Allica Bank has rapidly become a notable player in the digital banking space, targeting the specific financial needs of small and medium-sized enterprises (SMEs). With a suite of products including current accounts, asset financing, and commercial mortgages, they’re committed to supporting the growth of established businesses.

What sets Allica Bank apart is their dedication to personalised service, assigning each account holder a dedicated Relationship Manager. This, coupled with competitive interest rates and an award-winning business savings account, has garnered attention from the SME community. But how does it really stack up? Dive into reviews from Smart Money People for a closer look at Allica Bank’s offerings and customer satisfaction levels.

Overview of Allica Bank

Allica Bank emerges as a forward-thinking digital banking platform, committed to fostering the growth and stability of small and medium-sized enterprises across the UK. Since attaining their banking licence in the pivotal year of 2020, they’ve directed their efforts to deliver personalised and competitive banking services that resonate well with the business community.

They’ve promptly established a foothold in the finance sector, particularly among SMEs, by providing award-winning products without the burden of monthly fees. Free bank payments, coupled with a dedicated relationship manager, underscore Allica Bank’s ethos of combining the convenience of digital banking with the personal touch of traditional banking relations.

Business owners benefit from a plethora of services, including a mobile app for on-the-go management, desktop access, and the security of knowing deposits are protected by the FSCS. The bank’s initiative to support businesses extends to providing multiple director access and bank cards, catering to the diverse needs and scales of various commercial operations.

The bank’s offering shines with competitive savings rates peaking at 5.10% AER for business savings, and even the current accounts come with a savings pot option boasting a 3.65% AER with instant access.

Product TypeKey Features
Business Savings AccountUp to 5.10% AER
Current Account3.65% AER on Savings Pot, £150 cashback offer
Asset FinanceSolutions for major business purchases
Commercial MortgagesOwner-occupier and investment options

However, prospective clients should note the requirement for a minimum deposit of £10,000 for savings accounts, which can be a considerable sum for certain sole traders and smaller enterprises. Still, the bank continues to make strides in providing accessible and substantial support for SME growth, with financial products tailored to meet diverse business aspirations.

Products and Services for SMEs

Allica Bank caters specifically to the financial requirements of established small and medium-sized enterprises by offering a suite of banking products designed to enhance their business operations. Current accounts and asset financing are central offerings that help SMEs manage day-to-day finances and invest in necessary equipment or vehicles essential for expansion and growth. Additionally, the availability of commercial mortgages provides businesses with the opportunity to secure properties, which can range from offices and industrial units to retail spaces and guest houses across England, Scotland, and Wales.

The bank’s approach to serving SMEs includes not just a variety of products but also a personalized touch; each account holder is assigned a dedicated Relationship Manager. This level of service offers a point of consistency and personalized attention that can be critical for businesses as they navigate financial decisions and growth strategies.

Reviews collected by Smart Money People often highlight customer satisfaction with these individualized services. Moreover, the Allica Bank app garners attention for its features that cater to the tech-savvy business owner, suggesting that the bank understands the importance of digital solutions in today’s market.

Businesses interested in leveraging their freehold or long leasehold property for growth will find that the bank’s commercial mortgages are adaptable to a variety of scenarios, including but not limited to hotels, restaurants, and children’s day nurseries. The emphasis on providing tailored finance options underlines Allica Bank’s commitment to supporting the specific aspirations and unique challenges faced by each enterprise.

For those looking to harness the potential of real estate, commercial mortgages can be a gateway to rental income or a means to target capital growth, with loans available up to £10 million. Businesses can seek guidance from Allica Bank’s business relationship management team to explore funding that aligns with their strategic goals.

Personalised Service with a Dedicated Relationship Manager

In the realm of digital banking, establishing a personal connection can seem like a daunting task, but Allica Bank has turned this challenge into one of its standout features. Personalised attention is at the core of their services, particularly for established SMEs who often require more tailored financial solutions. Each account holder is provided with a Dedicated Relationship Manager, a move that signifies Allica Bank’s commitment to understanding and supporting individual business needs.

Clients have echoed appreciation for this bespoke approach. Business owners don’t feel reduced to mere numbers; instead, they experience the benefits of direct business-focused support. This manifests not just in the fluent start-up process for new accounts, but also in the ongoing management of their financial products. Allica Bank’s Relationship Managers strive to foster a strong rapport with customers, helping guide them through each step and advising on the best course of action.

The Role of Relationship Managers

These Relationship Managers are pivotal to the Allica Bank experience. They work closely with businesses across England, Scotland, and Wales to ensure that financial solutions are not just about numbers, but about real business goals and aspirations. Each business’s stature, unique challenges, and future plans are given the utmost importance in strategic moves, such as securing commercial mortgages tailored to specific scenarios.

These banking professionals are more than just intermediaries; they’re part of a dedicated expert team that evaluates every commercial mortgage application based on its individual merits. Offering face-to-face interactions, even in a predominantly digital space, adds a layer of trust and reliability for Allica’s clients. The expert business relationship management team proves vital in helping businesses navigate their financial journey with Allica Bank.

Business Rewards Account holders in particular receive an additional layer of service with no monthly fees and no transaction fees for various bank payments, which speaks volumes about Allica Bank’s approach to customer value. The account provides financial benefits such as a commendable 3.5% AER on instant access savings pots, underlining the bank’s focus on rewarding its customers for their business activities.

Competitive Interest Rates and Business Savings Account

When evaluating the benefits of a savings account for a company, interest rates stand as a pivotal factor. Allica Bank excels in this regard, offering competitive interest rates that cater to the growth-minded business. Accounts opened with Allica Bank benefit from Annual Equivalent Rates (AER) that currently hover around the 5% mark. These rates are not only competitive but also provide a real opportunity for businesses to maximise their savings potential.

Interest rates play a critical role in the choice of a business savings account as they directly influence the value of saved funds over time. For businesses looking to preserve their capital while earning returns, Allica Bank’s Business Savings Account proves to be a solid option. The account is specifically designed for small and medium-sized enterprises (SMEs), offering them an award-winning product that has already been recognized at the 2022 British Bank Awards as the Business Business Finance Provider.

With a minimum deposit requirement of £20,000, Allica Bank positions its Business Savings Account towards more established businesses that can meet this threshold. They’ve strategically avoided account fees, making the proposition even more enticing for enterprises that are keen on avoiding excess charges that can erode interest earnings.

Interest Rates AERRequirementAccount Fees
~5%Minimum £20,000 depositNone

However, it’s worth noting that Allica Bank operates without physical branches. This might initially raise concerns for those used to traditional banking. Nonetheless, they compensate by providing an online management system that’s intuitive and user-friendly, coupled with a UK-based customer service team that’s always at hand to assist. This modern approach to banking does not impede but rather enhances the convenience of managing business finances in today’s digital world.

Furthermore, Allica Bank offers diverse options to align with different business needs. Whether it’s a fixed-rate account for guaranteed returns or an easy access account for increased liquidity, businesses can select the savings account product that best complements their financial strategy. The flexibility afforded by these choices allows each business to tailor their savings approach in a manner that supports their unique objectives and cash flow requirements.

Reviews from Smart Money People

Allica Bank’s reputation among SMEs is backed by substantial feedback on Smart Money People, a trusted platform for financial product reviews. Customers have contributed to an impressive high TrustScore of 4.82, culminating from over 625 reviews — a testament to its service quality. A significant 86% of these reviews awarded Allica Bank a 5-star rating, underpinning the bank’s commitment to meeting the needs of its clientele.

Praise for Allica Bank centres around several key aspects:

  • Ease of use: Clients find navigating Allica Bank’s offerings straightforward, from account setup to daily operations.
  • Competitive interest rates: Businesses benefit from advantageous rates, making Allica Bank a strong contender for their savings.
  • Efficient online setup: The convenience of online account management is a highlight, enabling businesses to spend less time on banking and more on growth.

The bank’s digital tools garner similar approval, particularly the Allica Bank app, which simplifies banking processes for users. On the Apple Store, the app boasts an Average Rating of 4.8 out of 5 across 387 reviews, while it scores an average of 4.3 out of 5 from 90 reviews on the Google Play Store.

PlatformRatingNumber of Reviews
Apple Store4.8387
Google Play Store4.390

Despite the high ratings, users suggest improvements, such as the addition of a withdrawal feature and resolving functionality hiccups following updates. Nonetheless, most users endorse the app as reliable, intuitive, and well-designed.

Beyond customer service and digital experiences, the reviews extend to the internal culture at Allica Bank. Insights from Fishbowl, a platform for anonymous professional discussions, reveal a positive picture. Employees describe a great work culture, diversity, and strong company values, highlighting an environment where employees feel a deep sense of belonging, value, and appreciation.

This internal ethos arguably translates into the level of service and attention dedicated to their customers — drawing a direct line between satisfied employees and satisfied customers.

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