Deposits increase to £2bn as rising rates boost savings
IN BRIEF:
- Increase prompted by rising interest rates and the success of its partnerships such as Revolut and Chip
- This comes on the back of Allica announcing its profitability for the entire second half of 2022
- Allica generates deposits both from its own customers and from its partners
What does this mean?
“As we look to become the UK’s most-recommended business bank, it’s humbling that so many personal savers and British businesses have chosen Allica Bank as a home for their hard-earned savings,” said CEO Richard Davies on the £2bn milestone. “I’m pleased, too, that the growth Allica experienced in 2022 has showed no signs of slowing down. My ambition is to penetrate 10 per cent of the banking market for established businesses in the next three years.”
