Allica Bank – the business bank that seeks to empower small and medium sized businesses – has today announced the launch of its first deposit account, for retail savers.

The FSCS protected accounts will offer a 1.49% rate of interest, fixed for 12 months. Accounts can be opened online and managed through the bank’s internet banking platform and secure messaging service.

Account holders will be able to invest between £1,000 and £250,000 into their accounts, with interest calculated daily and paid monthly (to the date of opening) or upon maturation of the product.

To provide ease and convenience, savers have up to 14 days to deposit all their funds before the fixed term begins.

These deposit accounts are the latest in a suite of new products that are set to be launched by Allica Bank in 2020.

Lawrence Holland, Head of Deposits, Allica Bank, said:

“We believe this 12-month fixed rate deposit is an appealing alternative to savers seeking reassurance during uniquely turbulent times

“With a 14-day window for depositing funds into the account, we hope to have designed a product that works for a considerable number of savers in a broad range of financial positions.”

Mark Stephens, CEO of Allica Bank, said:

“These are challenging times but we hope that the introduction of our fixed term account will help us support Britain’s savers. At Allica Bank, we are working hard to develop a full suite of financial products, designed specifically to help our customers succeed.

“Our proposition uses the latest technology to provide a great customer experience but will always be supported by human relationships and expertise where needed.”