Study shows customers are missing out on billions in lost bank interest - we crunch the numbers
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Traditional banks are short-changing UK SMEs on savings rates, but Allica’s Business Rewards Account helps businesses earn more on their money
Research has shown that traditional banks are quietly short-changing UK customers when it comes to savings rates.
Many people with business accounts, including sole traders, limited company directors, and freelancers, are earning as much as 2.9% less interest than large corporates receive.
On average, that means a small firm with £75,000 in the bank could be missing out on around £2,123 every single year.
Scale that up to £1 million on deposit, and the shortfall could be more like £28,000 in lost earnings.
This money that could be reinvested into staff, equipment, or growth — but instead, it’s sitting idle while the big banks benefit.
With around 5.5 million small to medium businesses operating in the UK, statisticians at Allica Bank, a UK startup aiming to change the way businesses manage their money, estimate that collectively, small firms are missing out on up to £9 billion annually in lost interest payments.
Allica’s Business Rewards Account has been designed specifically for established UK businesses that have outgrown the limited features of app-only challenger banks, but still want better value and personal service than the high street provides.
The account includes an instant access Savings Pot paying up to 4.08% AER — meaning businesses can actually earn interest while keeping their money flexible.
There’s no need to lock funds away, and the rewards are boosted further with cashback on everyday business card spend and a six-month rate boost for those switching via the Current Account Switch Service.
It’s a simple idea that can make a big difference: a current account that rewards you for using it.
As well as better financial returns, Allica’s customers benefit from a dedicated relationship manager, fast account opening — often within two weeks — and seamless integration with accounting platforms like Xero, Sage and QuickBooks.
Everything is designed to save time, reduce admin, and keep businesses firmly in control of their money.
You can check how much more your business could earn using Allica’s Rewards Calculator on their website — and see in seconds what you might be missing out on.
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