Allica Bank expands broker referrals as savings interest tops £100m

Allica Bank has expanded its commercial finance broker referral scheme, allowing brokers to submit business current account applications directly through its Introducer Portal, as the challenger bank reveals it has paid more than £100m in savings interest to business customers.

The development builds on Allica’s Business Rewards Account referral scheme, launched in June 2025, and is designed to make it easier for brokers to support clients with their wider banking requirements beyond traditional lending.

Under the scheme, brokers on Allica’s panel can receive £400 for referring a client who maintains at least £50,000 in their account for 28 days. This increases to £600 for clients maintaining balances above £150,000.

Allica said the initiative reflects the growing role of commercial finance brokers in helping established businesses manage their finances, including accessing more competitive returns on surplus cash.

The expansion comes as Allica reaches a significant milestone, having paid more than £100m in interest through the instant-access Savings Pots attached to its Business Rewards Account since its launch in 2023. More than half of this interest has been paid during 2026 alone.

According to Allica’s analysis of six major banking providers, the average instant-access savings rate available on a £75,000 business deposit was just 0.80% AER.

By comparison, Allica currently offers a standard Savings Pot rate of 2.83% AER, with eligible customers able to access additional interest boosts taking the maximum advertised rate to 4.08% AER, subject to conditions and time limits.

Nick Baker, Chief Commercial Officer at Allica Bank, said brokers were increasingly being asked to provide guidance beyond securing finance.

“Established business owners are increasingly relying on their broker to play a more strategic role, especially when it comes to the broader banking market. We believe brokers should be recognised for this support, in the same way as they would if they’d helped their client secure funding, so we’re pleased to make it even easier for them to do so.

“Since launching our referral scheme last year, brokers have shown the added value they can bring to their clients by helping them get a better return on their savings. In some cases, it can bring tens of thousands of pounds into their client’s business that they would have otherwise missed out on.”

Chris Field, Director at commercial finance broker Sirius Group, highlighted the benefits of being able to recommend banking products alongside lending solutions.

“I bank my own company with Allica, so I can tell clients first-hand about the attractive rate of interest paid by the Savings Pot, how easy it is to use the Allica Bank app, and how quickly we were able to open the account,” he said.

“Many lenders only focus on lending, so Allica becomes an obvious choice when a client is also asking about their day-to-day banking.”

Field also highlighted the 0.5% discount on the lending interest rate margin available when clients open an Allica account.

The expanded referral process forms part of Allica’s strategy to strengthen relationships with commercial finance brokers while encouraging more established businesses to review their day-to-day banking and savings arrangements.