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Allica Bank launches 95-day notice account for UK businesses

UK-based Allica Bank announced the launch of a 95-day notice account for business savers in a bid to expand its range of financial products for supporting businesses. The Bank stated that the new account would offer a variable rate of interest, that currently stands at 1.00% AER. The development will allow companies to open accounts with a minimum deposit of £1k and a limit of £250k.

Lawrence Holland, Head of Deposits, 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.”

Businesses will be allowed to manage their accounts through the Bank’s internet banking platform and messaging service. The Bank, last month, launched its 12-month and 24-month deposit accounts for businesses amidst the COVID-19 pandemic. The FSCS-protected accounts will be offering interest rates of 1.00% and 1.05% AER, fixed for 12 and 24 months respectively.

Mark Stephens, CEO of Allica Bank, said, “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.”

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