Allica Bank is extending its broker proposition by offering commission to brokers who successfully introduce its business current account to clients.
The bank, which launched its Business Rewards Account in 2023, has confirmed it will pay brokers on its panel up to £600 for successful referrals. A commission of £400 will be paid where clients maintain at least £50,000 in the account, rising to £600 for balances exceeding £150,000.
The incentive will also be available to eligible brokers who choose to open the account for their own firm.
The new initiative follows a successful trial involving Allica’s asset finance broker partners, and represents a further broadening of the challenger bank’s engagement with brokers beyond lending.
Allica said it is responding to the increasing reliance many small and medium-sized businesses place on their brokers not just for access to finance, but also for guidance on day-to-day banking.
Nick Baker (pictured), chief commercial officer at Allica Bank, said: “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.”
SME FOCUS
Allica’s Business Rewards Account is aimed at established businesses with 5 to 250 employees. It offers digital functionality alongside human support, cashback on eligible card spending and an interest rate on surplus funds via a linked savings pot. The account does not carry a monthly fee.
The bank’s 2024 annual results reported that more than 6,000 businesses are already using the account, with £4 billion held across its current and savings accounts.
In June, the bank also announced it would offer a 0.25% discount on commercial owner-occupied mortgage rates to businesses that open a current account alongside their loan.
