The proposition was trialled with asset finance brokers, and the bank said it was broadening this in recognition of the role of commercial finance brokers.
The incentive will be open to brokers on its panel.
Allica Bank will pay brokers £400 if they refer a client who maintains at least £50,000 in their account, up to £600 for maintaining a balance of at least £150,000.
Allica Bank launched its first business current account, the ‘Business Rewards Account’, in 2023, to serve the needs of business with between five and 250 employees. It offers cashback on eligible card payments, dedicated human support, and a competitive interest rate on excess cash in a linked savings pot. The account has no monthly fees.
It will also offer a 0.25% rate discount to businesses that open a current account alongside a commercial owner-occupied mortgage.
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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.”
Archie Hall from Hall Asset Finance, who recommended clients to Allica Bank as part of the trial scheme, added: “This is a fantastic initiative from Allica, who have long shown they understand how the broker and customer ecosystem is evolving. Businesses need as much support as they can get and, increasingly, it’s their broker that they turn to for that expertise.
“We have already referred a number of clients to Allica, and they’ve really valued the recommendation.”
Last month, Allica Bank lowered rates and enhanced affordability.
