The bank, which launched its business current account in 2023, will pay its brokers £400 if they refer a client who maintains a minimum of £50,000 in their account, rising to £600 for those maintaining in excess of £150,000.

This aims to recognise what the bank refers to as the expanding role of commercial finance brokers, whose clients are increasingly relying on their expertise for broader business matters.

Allica said the offer will only be available to brokers that are on its broker panel, and it will also offer the commission to eligible brokers on the broker panel that open a current account for their own firm.

The bank revealed in its 2024 annual results that it already had 6,000 established businesses using the account and £4bn deposited across its savings and current account products.

Nick Baker, Allica Bank’s CCO (pictured above), said the bank had already trialled a similar scheme with its asset finance broker partners and it had proven to be a success.

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Nick commented: “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, asset finance broker at Hall Asset Finance, said: “This is a fantastic initiative from Allica, who have long shown they have understood how the broker and customer ecosystem is evolving.

“We have already referred a number of clients to Allica, and they’ve really valued the recommendation.”