The Federation of Small Businesses (FSB) has signed a partnership with business bank Allica Bank to give FSB members exclusive access to a market-leading rate of return on their savings.
This new partnership will give FSB members a 0.25% boost to their savings in Allica Bank’s instant access Savings Pot, part of its business current account.
With its current rate sitting at a market-leading 4.33% AER (variable), it would mean businesses could get a rate of 4.58% AER, making it the best on the market.
The partnership is the latest in a series of milestones for Allica, which has carved a niche for itself as the only bank focused specifically on established businesses with between five and 250 employees.
Allica was recently named Britain’s fastest-growing private company in 2024’s The Sunday Times 100, while it also announced its first full year of profitability in 2023.
Richard Davies, CEO at Allica Bank, said: “FSB does a vital job championing the needs and interests of SMEs across the UK. This new partnership unlocks even more benefits for small business owners looking to get a better return on their hard-earned savings.
“We’re delighted to be partnering with FSB to help give their members the banking they deserve.”
Caroline Lavelle, chief commercial officer at the Federation of Small Businesses, added: “We’re delighted to be working with Allica Bank to give FSB members access to a market-leading return on their savings.
“Many small businesses keep their money in accounts earning little to no interest, which is a huge, missed opportunity to generate cash.
“We’re looking forward to exploring how else FSB and Allica can work together to support the UK’s thriving small business community, alongside all the other member benefits we offer.”
