Do I need to switch my account to Allica to get the rate boost?

You don't need to switch to get the rate boost. However, you will receive an additional 0.5% AER* if you do so (up to a maximum of 1% AER*). If you prefer not to switch you can refer other businesses to get the maximum boosted rate.

*Rate correct as of 4th January 2024. ‘AER’ stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.