Allica Bank 1yr fixed rate bond 1.55%

Growingold

Just seen on Savings Champion Allica Bank is offering a 1yr fixed rate bond at 1.55%.  Deposits are protected by the FSCS.  Personally I've never heard of them.  Has anyone else?  

SFindlay

Growingold said:

Just seen on Savings Champion Allica Bank is offering a 1yr fixed rate bond at 1.55%.  Deposits are protected by the FSCS.  Personally I've never heard of them.  Has anyone else?  

They are a brand new bank having just recieved their licence in September last year. They did launch the 1 year account at 1.49% so was curious when saw it at 1.55% so soon after!! Suppose as a new bank may have not got a big uptake so improved rate with smaller uptake allowed?? Didn't look into it other than read article below so can't say if anyone had time to have good or bad experiences!!

https://www.dailymail.co.uk/money/saving/article-8226115/Is-Allica-Banks-one-year-fix-paying-1-49-safe-spot-savings.html

Albermarle

There are a handful of providers offering 1.5 to 1.6% for one year bonds, so as a newbie bank they need to be in this range I guess.

colsten

That didn't last long.