Allica Bank

ashteadgirl

Anyone got any experience of Allica Bank??? Offering 1.2% for 12 months and wondering what they are like as very new. Thanks

Alexland

They are still fairly small having only been awarded their banking license in September 2019 but their savings accounts are FSCS protected up to £85k which is probably the most I would be comfortable holding with them looking at some of the recent investment deals they have done with Landbay and various SMEs. No idea if their customer service is any good.

janusdesign

ashteadgirl said:

Anyone got any experience of Allica Bank??? Offering 1.2% for 12 months and wondering what they are like as very new. Thanks

before opening an account with them earlier this month, I emailed them with a query about opening with a £1 deposit (as a test transfer) - I sent that email on 5th August @ 11:37am - I got an automated response email from them immediately and then an answer to my question by a real person @ 11:41am the same day - so four minutes later... she must have pretty much replied to it immediately upon receiving it - I probably wouldn't expect such fast replies now if they're having to open a lot of accounts, but i've had no reason to contact them again (either by email or secure message since).

I opened an account with them on the 6th and have not had any issues - interface is clean and you get sent a 6-digit PIN to your phone each time you need to login... interest is paid on maturity and not updated monthly on the site, so once you have made your initial deposit(s) in the first 14 days, you probably shouldn't need to log in again until maturity,

bristolleedsfan

Now 1.35% for 12 month fix

RegJenkins

Tried to open account six weeks ago as it was top of the list on here. Had to scan in docs etc which it said it had received but never heard anything further. Website doesnt recognise my login details and sent two emails and not received a reply to either. Decided it was all a con and regretted having given personal details.

janusdesign

RegJenkins said:

Tried to open account six weeks ago as it was top of the list on here. Had to scan in docs etc which it said it had received but never heard anything further. Website doesnt recognise my login details and sent two emails and not received a reply to either. Decided it was all a con and regretted having given personal details.

it won't be a con, but likely just a consequence of a small bank, with few staff, getting inundated with new account requests.

I can login without issue to my account... you were just unfortunate that documents were required in your case... doesn't excuse them not replying to your emails though.

Albermarle

For the info of anyone reading this thread , the minimum deposit is £10K.

cricketfanatic

I looked at that option, but decided to go with Investec as I've heard of them.  Slightly lower rate (1.33) but I found their online account opening really easy (even the bit where you take a photo of your driving licence amd a selfie to prove your ID) and within an hour had confirmation that the account was opened (and that was on a Sunday).  I then sent a £1 test deposit and received conf within a few mins, and could see it in my account straight away. Same happened when I transferred more money 10 mins later.
All very straightforward and I'd recommend them if you don't mind a slightly lower rate.

janusdesign

Albermarle said:

For the info of anyone reading this thread , the minimum deposit is £10K.

that's the minimum limit you have to reach in the first 14 days - you can get to that point via multiple smaller deposits.

cricketfanatic said:

All very straightforward and I'd recommend them if you don't mind a slightly lower rate.

.. AND have valid photo ID - without it, you can't open an account with them (directly).

they're the only savings provider i've come across in recent months that had that condition - i'd come to expect it with current accounts, but never seen it with savings accounts before.

colsten

janusdesign said:.

.. AND have valid photo ID - without it, you can't open an account with them (directly).

they're the only savings provider i've come across in recent months that had that condition - i'd come to expect it with current accounts, but never seen it with savings accounts before.

You should expect that you require valid ID with any account. If not at account opening, perhaps when it comes to withdrawing, or at any time whilst you are holding an account. If you never get asked for ID, fine. But never assume you will never get asked.

janusdesign

for the record, @colsten, you're on my ignore list - life's simpler that way.