12-month fixed term savings account

You can invest between £20,000 and £2,000,000 into this account.

No. In a fixed-term account, we guarantee the interest rate you’ll receive for the duration of the fixed term.

To open your account:

• You can open and manage your account online. We will accept instructions in relation to the account through our Internet Banking Service.
• Once you have opened your account, you have 14 calendar days to deposit your funds.
• You must deposit the minimum amount of £20,000.
• Your business must be UK based and registered with Companies House.
• Your application must be made by either a director of the company or the company secretary. You must have the authority to open an account on behalf of the company and obtain consent from the owners and directors of the business.
• We will do the appropriate data checks of the owners and directors of your business to validate their identity.
• You will need to nominate another UK bank account in the same business name that will be used to fund your Allica Bank savings account. This is also where we’ll send your money if you choose to make a withdrawal at maturity.

Also, bear in mind:

• You can open and manage your account online.
• Communications can be handled through our internet banking service.
• You can fund using Faster Payments and CHAPS payments.

As this is a fixed-term account, we will be unable to accept requests for a withdrawal before the end of the term.  Please note there is no 14-day cooling off period for this account.

• We will email you with options at least 30 days before your account matures to ask you what you would like us to do with your savings.
• If we don't hear from you, we'll email you again 14 days prior to your account maturing, to remind you that we're still waiting for your instructions.
• You will have the choice of reinvesting into a new Allica savings account, withdrawing funds to your nominated account, or a combination of both.
• If we don't receive maturity instructions at least one day before the maturity date, we will place the funds in an Easy Access holding account ready for you to reinvest or withdraw.
• If the end of the fixed-term falls on a non-working day, your funds will be made available on the next working day.

We will pay you your interest in full, without the deduction of income tax.

This savings account is a limited offer and can be withdrawn at any time prior to you funding your account.

If you need additional help and support with your application then please email our customer support team at customer.services@allica.bank or call us on 0330 094 3333.