Allica offers brokers commission for new account openings

Allica Bank – the challenger bank for established businesses – has expanded its broker proposition and will now offer commission for brokers successfully introducing its business current account to clients.

The business bank, which launched its business current account in 2023, is recognising the expanding role of commercial finance brokers, whose clients are increasingly relying on their expertise for broader business matters, such as navigating the best partner for their everyday banking.

In recognition of this expanded role, Allica will pay its brokers £400 if they refer a client who maintains a minimum of £50,000 in their account, rising to £600 for those maintaining in excess of £150,000. Allica says it will only be available to brokers that are on its broker panel, and it will also offer the commission to eligible brokers on the broker panel that open a current account for their own firm.

Allica’s business current account – called the ‘Business Rewards Account’ – has been built specifically to serve the needs of established businesses with between 5 and 250 employees. Alongside powerful digital tools, it’s designed to reward users with cashback on eligible card payments and a competitive interest rate on excess cash in a linked Savings Pot. It also offers account holders dedicated human support while opening their account and when using it, all with no monthly fees.

The bank revealed in its 2024 annual results that it already had 6,000 established businesses using the account and £4 billion deposited across its savings and current account products

In June, Allica said it will also offer a 0.25% rate discount for businesses that open a current account alongside a commercial owner-occupied mortgage.

Nick Baker, Allica Bank’s Chief Commercial Officer, said the bank had already trialled a similar scheme with its asset finance broker partners and it had proven to be a real success.

“We’ve long recognised the expansion of the role many brokers now play for their clients. Many tell us how they are increasingly adding value for their clients by sharing their expertise on the broader business banking market.

“We’ve decided it’s only right to start to support brokers on this journey in the same way we would when they successfully recommend their customers to meet their funding needs. While often our brokers would recommend us without us knowing, this trial we have done with our asset finance broker community has shown there’s real appetite in the community for supporting clients in this way.”

Archie Hall from Hall Asset Finance who has already recommended clients to Allica as part of the trial scheme said, “This is a fantastic initiative from Allica, who have long shown they have understood how the broker and customer ecosystem is evolving. Businesses need as much support as they can get and, increasingly, it’s their broker that they turn to for that expertise.

“We have already referred a number of clients to Allica,and they’ve really valued the recommendation.”