Allica expands broker commission to business current accounts

Allica Bank has expanded its broker proposition and will now offer commission for brokers introducing its business current account to clients.

The 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 their everyday banking.

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 Rewards Account has been built specifically to serve the needs of established businesses with between 5 and 250 employees. It rewards users with cashback on eligible card payments and an interest rate on excess cash in a linked savings pot. It also offers account holders human support while opening their account and when using it, all with no monthly fees.

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 (pictured), Allica Bank’s chief commercial officer, 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.”