Allica Bank savings rates — compare every account, plus switch offers and guides

Who they are

Allica Bank is a British challenger bank and fintech headquartered in London and Milton Keynes. It started life as CivilisedBank, founded by industry veterans, before rebranding to Allica in 2018. The bank acquired its full banking licence from the Prudential Regulation Authority in 2019.

Unlike most challenger banks, Allica has carved out a very specific lane. It offers a range of lending, savings and current account products to established small and medium-sized businesses (SMEs) in the UK - not to retail customers or sole start-ups. In June 2024, it was revealed as the UK's fastest-growing private company in The Sunday Times 100, after also being named the UK's fastest-growing fintech ever in Deloitte's 2023 UK Tech Fast 50. Allica achieved unicorn status in February 2026 with a valuation of $1.2 billion.

What Allica offers

Allica's products are built squarely around established businesses rather than individual retail savers. Allica has built its proposition around the fact that established SMEs often sit on meaningful balances - its Business Rewards Account pays interest on the balance and cashback on card spend, with no monthly account fee, plus access to a relationship manager. Switching to Allica is supported via the Current Account Switch Service, which moves everything over within 7 days.

At the time of writing, DepositScout does not hold any personal retail savings products - such as easy access accounts, fixed-rate bonds or ISAs - from Allica Bank on its platform. Allica's focus is firmly on business banking, so if you are looking for a personal savings account, this is likely not the right provider for you. Check the live listings on this page to see whether that has changed.

Protection and eligibility

Allica Bank holds a full UK banking licence, authorised by the PRA and regulated by the FCA and PRA. All current accounts and savings accounts are covered by the Financial Services Compensation Scheme (FSCS), meaning eligible deposits of up to £120,000 are protected - a higher limit than the standard £85,000 that applies to personal depositors, reflecting Allica's business-focused charter. Allica holds its own banking licence and does not share it with another brand, so your protection is not pooled with any sister institution.

Is it right for you?

If you run an established UK business with meaningful cash reserves sitting idle, Allica is worth a close look. To be eligible, your business must have two full years of financial accounts and be either a Limited Company or LLP registered at Companies House, or a partnership. Allica onboards established businesses rather than start-ups, and the process reflects that - expect questions about trading history, turnover and the nature of the business.

For personal savers, Allica is not in the market. If you are an individual looking for the best easy access rate or a fixed-rate ISA, you are better served by browsing the full range of accounts compared on DepositScout. As always, rates move quickly - check the live figures on this page for the most up-to-date picture before you decide.