Allica Bank launches 95-day notice account for personal savers

Source: IBS Intelligence 2020-07-07

Allica Bank today announced the launch of its 95-day notice account for personal savers, thus offering a variable rate of interest- currently at 1.10% of AER. The Bank stated that customers could open online accounts with a minimum deposit of £1,000 and a limit of £250,000. The customers will also be protected by the Financial Services Compensation Scheme on up to £85,000.

Lawrence Holland, Head of Deposits, Allica Bank, said, “With the Bank of England base rate at a record low and the prolonged feeling of social and economic uncertainty caused by COVID-19, many savers have found themselves stuck between wanting to get a good return on their cash and maintaining flexibility over their money. Allica Bank is proud to offer this 95-day notice account for those savers who wish to benefit from a higher return on their savings, without having to lock away their funds for an extended period.”

Allica Bank will allow savers to manage their account through its internet banking platform and secure messaging service. Recently, Allica Bank announced the launch of a 95-day notice account for business savers in a bid to expand its range of financial products for supporting businesses. The Bank stated that the new account would offer a variable rate of interest, that currently stands at 1.00% AER.

Mark Stephens, CEO of Allica Bank, said, “For us, banking is about building long-term and meaningful relationships with our customers while providing helpful and innovative solutions to their needs. We believe our new notice account proposition does exactly that, offering savers a heightened rate on their savings, coupled with the flexibility of access they may need during these challenging times.”

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Allica Bank launches 95-day notice account for personal savers

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