Business Account

iFAST Global Bank vs Allica Bank: Comparing Business Accounts in the UK

Which bank works better for your business?

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iFAST Global Bank

22 May 2026 · visibility 551 weergaven

Choosing the right business banking partner depends on how your business operates, whether you are scaling globally or focused on local growth.

In this article, we look at how iFAST Global Bank’s Commercial Banking Suite compares with Allica Bank, highlighting key features and differences to help you decide.

Important: This article is for general information only and does not constitute financial advice. Product features, interest rates, and regulatory permissions may change. Always check the provider’s official terms before opening an account. This comparison was accurate as of 22 May 2026.

At a Glance: iFAST Global Bank vs Allica Business Account

Features	iFAST Global Bank Business Current Account (Authorised UK bank)	Allica Bank Business Rewards Account (Authorised UK bank)
Deposit protection	Eligible deposits protected by the FSCS (up to £120,000)	Eligible deposits protected by the FSCS (up to £120,000)
Supported currencies	9 currencies held in one account	GBP only
Interest on everyday balances	2.65%* (variable) on GBP current account balances	No interest for current account balances
Account fees	£0 monthly fees	£25 monthly fee if average balance is below £10,000 in the previous month.
Account eligibility	UK-registered companies No minimum deposit required	Businesses running for at least 12 months with minimum deposit of £50,000 or have loan product with Allica Bank
Domestic payments	FPS: Free, Unlimited CHAPS: £15 per transaction	FPS: free for up to 150 transactions per month (£0.12 fee after which) CHAPS: £20 per transaction
International payments	Inbound payments: Free Outbound payments: Free for amounts from £2500 or equivalent (£15 per transaction for amounts below £2500 or equivalent)	Inbound payments: Free Outbound payments: Wise transfer fee (Intermediary) and exchange rate applies. No Allica Bank fees.
Interest on savings	Up to 4.15% AER on fixed term deposits#	Up to 4.08% AER (variable) on instant access savings. (Minimum deposit amount of £50,000 required)
Debit cards	Unlimited free virtual cards^ 1st physical card is free, £10 per additional card	Up to 1.5% cashback (variable) on card spend Unlimited free virtual cards, 1 free physical card per team member
Multi-user access	Unlimited	Unlimited
Accounting software integration	Xero & Sage Other platforms are planned for future availability	Xero, Sage, QuickBooks and FreeAgent
Lending & financing products	No lending products, planned for future availability	Commercial mortgages, asset and growth financing solutions

Features and availability may vary depending on account type, location and provider terms.

*Interest rates are correct as of 22/05/2026.

^iFAST Global Bank Business Debit Card available to UK-registered entities only. T&Cs apply.

#iFAST Global Bank Fixed Term Deposits have a fixed term. Early withdrawal is generally not permitted and may result in loss of accrued interest. A 14-day cooling-off period applies. T&Cs apply.

About iFAST Global Bank - Commercial Banking

iFAST Global Bank is a fully authorised digital bank in the UK offering international banking services for businesses operating locally and across borders.

Its flagship Multi-Currency Business Current Account allows customers to hold, receive, spend and transfer multiple currencies within a single account.

Key features include:

Manage 9 supported currencies in one account

Earn 2.65% AER* (variable) on GBP current account balances

Transparent FX pricing and global payment capabilities

Visa debit card for UK-registered companies

Zero monthly maintenance fees for all eligible business accounts

About Allica Bank

Allica Bank is a UK-based digital bank focused on serving established small and medium-sized businesses (SMEs), particularly those operating domestically. It offers a range of lending, savings and current account products.

Key features include:

Dedicated relationship manager for every business

Up to 1.5% cashback on business debit card spend

Earn up to 4.08% AER (variable) on business savings (Minimum deposit amount of £50,000 required)

Lending and savings products tailored for established UK businesses

Differentiating factors: Which bank works better for your business?

1. Multi-Currency Support

iFAST Global Bank - Multi-Currency Account

iFAST Global Bank supports 9 currencies within a single account — GBP, EUR, USD, HKD, JPY, SGD, CNY, AED, and CHF. This makes it ideal for businesses that trade internationally, receive payments from overseas customers, pay global suppliers and manage cross-border cash flows.

Allica Bank - GBP-only Account

Allica Bank primarily offers GBP-based accounts, making it more suitable for businesses operating solely within the UK without frequent international transactions.

2. Business Account Eligibility

iFAST Global Bank - Accessible for Start-ups and Growing Businesses

To apply for a Multi-Currency Business Current Account, your business must be fully incorporated, active, and registered with Companies House in the UK. There is no minimum account balance requirement, making it ideal for budding SMEs and start-ups.

Allica Bank - Made for Established Businesses

Allica Bank typically serves more established businesses. To qualify, businesses have to be operating for at least 12 months and are able to deposit a minimum of £50,000 or apply for a loan product with Allica Bank. This may limit accessibility for newer businesses or those with more limited capital.

Overall: iFAST Global Bank vs Allica Bank

The right business banking platform depends on your business model and priorities.

If you are a start-up or SME with international operations, iFAST Global Bank offers a strong solution to support cross-border growth, optimise FX costs, and earn interest on working capital.

If you are an established UK-based business looking for GBP-focused banking, cashback benefits and lending products, Allica Bank may be a suitable option.

Disclaimers:

This content is for informational purposes only and does not constitute financial advice. Financial products, interest rates, and regulatory permissions may change. Always review the provider’s official documentation before making financial decisions.

*Interest rates are variable and subject to change. Details regarding interest rates can be found at https://www.ifastgb.com/commercial-banking. Please refer to the website for full terms and conditions.

#iFAST Global Bank Fixed Term Deposits are subject to a fixed deposit term. Early withdrawal before maturity is not permitted unless under exceptional circumstances and may result in loss of all accrued interest. A 14-day cooling-off period applies from the date of application, during which you may cancel your fixed term deposit without penalty. More details can be found on www.ifastgb.com. Deposits up to £120,000 are protected by the FSCS. More details: https://www.fscs.org.uk/. T&Cs apply.

Reference:

1. AllicaBusinessRewardsBankAccount-KeyProductInformation-nov2025.pdf

2. www.allica.bank/fees/rewards-account-fees-and-limits