Santander Business Current Accounts Review

With over 14 million active customers, Santander UK plays a significant role in the financial market. 

Whether you’re a start-up or established, business customers can choose from several current accounts with various perks, including cashback and interest on credit balances. 

In this article, I’ll explain the pros and cons of using Santander’s business banking service and answer some of your most frequently asked questions.

Santander 1|2|3 Business Current Account

Monthly Fee

£12.50

Account fees reduced to £5 for the first 18 months for start-ups and the first 12 months for business current account switchers.

Bank Transfers

£0.00

Card Purchases

£0.00

Overdraft

Yes

FSCS Protection

Yes

Trustpilot Score

7,560 Reviews, average rating of 1.5/5

Accessibility

You can access your account online, through the mobile banking app, at cash machines and Santander and Post Office branches

See Deal

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Eligibility Criteria

– As of 23rd August 2024, Santander only accepts applications from existing Santander customers who want to open new business accounts. 
– All directors, owners (shareholders) or partners are aged 18 or over and UK residents.
– Your business doesn’t already have a 1|2|3 Business Current Account
You intend to use the account for business purposes only
– You’re either a sole trader, or your business is a partnership, limited liability partnership or a private limited company with no more than 2 directors, owners (shareholders) or partners
– Your business is registered in the UK
-Your business has 2 or fewer account signatories

Santander Business Current Account

Monthly Fee

£7.50 per month

No charge for the first 18 months for eligible start-ups

Bank Transfers

£0.00

Card Purchases

£0.00

Overdraft

Yes

FSCS Protection

Yes

Trustpilot Score

7,560 Reviews, average rating of 1.5/5

Accessibility

You can access your account online, through the mobile banking app, at cash machines and Post Office branches

See Deal

opens a new window

Eligibility Criteria

– As of 23rd August 2024, Santander only accepts applications from existing Santander customers who want to open new business accounts.
– All directors, owners (shareholders) or partners are aged 18 or over and UK residents.
– Up to 2 directors, owners (shareholders) or partners
– You intend to use the account for business purposes only
– Your business is registered in the UK
– You’re either a sole trader or your business is a partnership, limited liability partnership or a private limited company.

Santander Treasurer’s Current Account

Monthly Fee

£0.00

Bank Transfers

£0.00

Card Purchases

£0.00

Overdraft

Yes

FSCS Protection

Yes

Trustpilot Score

7,560 Reviews, average rating of 1.5/5

Accessibility

You can access your account online, through the mobile banking app, at cash machines and Santander and Post Office branches

See Deal

opens a new window

Eligibility Criteria

– As of 23rd August 2024, Santander only accepts business current account applications from existing Santander customers who want to open new business accounts.
– Your organisation is a club, society, charity or other non-for-profit organisation operating in the UK.
– Your organisation has an annual turnover of up to £250,000
– All directors, owners (shareholders) or partners are aged 18 or over and UK resident
– You intend to use this account for business purposes only

Our Verdict

Santander provides a range of account options tailored to different business needs. Whether you’re a start-up, a high-turnover business, or a charitable organisation, there’s likely an account that fits your requirements. 

The 1|2|3 Business Current Account stands out for its cashback incentives, offering up to £300 per year on annual credit turnover, which can be particularly appealing for businesses with higher transaction volumes. Additionally, the fee discounts for new businesses and switchers provide valuable cost savings during the critical early stages of trading.

However, as of August 2024, Santander has restricted new business account applications to existing customers only, which significantly limits options for new businesses or those looking to switch banks. Additionally, the Business Current Account‘s restriction on branch counter access for cash deposits or withdrawals could be inconvenient for businesses that need in-person banking services. 

Despite a well-rated mobile app, users have reported significant functionality issues, and the lack of software integrations may be a drawback for businesses that rely on advanced digital tools for accounting.

Pros & Cons

Pros

1. Range of Account Options: Santander offers several business accounts tailored to different needs, including cashback incentives or free banking for a set period.
2. Cashback Incentives: The 1|2|3 Business Current Account offers up to £300 cashback per year on annual credit turnover, which can be a valuable perk for businesses with high turnover.
3. Fee Discounts for Start-ups and Switchers: New businesses and those switching to Santander can benefit from discounted monthly fees, which can help reduce costs in the early stages of trading.
4. Online and Mobile Banking: Santander provides online and mobile banking services, including features like text and email alerts, which can help you manage your finances efficiently.
5. Branch and Post Office Access: All accounts can be managed at Post Offices and ATMs, and most customers can also access Santander Branch services.  
6. Comprehensive Banking Features: Accounts include facilities like overdrafts, international payments, and various card types, offering flexibility in managing business finances.
7. FSCS Protection: Deposits up to £85,000 are protected under the Financial Services Compensation Scheme (FSCS), ensuring security for business funds
8. Free ATM Deposits: The 1| 2| 3| Business Account and the Business Current Account offer free cash deposits up to £1000 at Santander ATMs, whilst Treasurer’s Current Account holders can make unlimited free deposits.

Cons

1. Eligibility Restrictions: As of August 2024, Santander only accepts new business account applications from existing customers. This limits the options for new businesses or those not currently banking with Santander.
2. Restrictions on Branch Services: The Business Current Account does not allow access to branch counters for cash deposits or withdrawals, limiting in-person banking options.
3. Low Interest Rates: The interest rate offered (0.10% gross/AER) on the 1|2|3 Business Current Account is relatively low, providing minimal returns on credit balances.
4. Mixed Customer Reviews: Santander has a low Trustpilot rating of 1.5 out of 5, with many customers reporting issues with customer service, account blocking, and difficulties with online banking. This suggests potential reliability issues.
5. No Software Integrations: Unlike some competitors, Santander does not offer software add-ons or integrations, which could be a drawback for businesses that rely on accounting or financial management software.
6. App Limitations: Despite high app ratings, there are significant criticisms regarding its functionality, including issues with logging in, performing basic transactions, and integrating business and personal accounts.

Santander UK At A Glance

Item	Santander Bank Details
Bank Accounts	Business Current Accounts 1. 1| 2| 3| Business Current Account 2. Business Current Account 3. Treasurer’s Current Account Business Deposit Accounts 1. Business Everyday Saver 2. Business Reward Saver 3. 1-Year Fixed-Rate Business Bond 4. Treasurer’s Savings Account
Pricing	‘Bad’ Trustscore of 1.5 out of 5 based on 7,560 reviews.
Overdraft	Eligible customers can apply for an overdraft facility of between £500 and £25,000
Ease of Use	Multiple account management options including online banking, mobile app, telephone banking and Santander and Post Office branches.
Security	FSCS protection up to £85,000, fraud detection systems, one-time passcodes and 2-factor customer authentication
Customer Support	Online chat, in-person in branch or by phone Monday to Friday between 8 am and 8 pm or Saturday between 8 am and 2 pm.
Reviews	‘Bad’ Trustscore of 1.5 out of 5 based on 7,560 reviews.
Eligibility Criteria	As of August 2024, Santander is temporarily only accepting business current account applications from existing customers. You must be over 18 and have a UK-based business. Additional eligibility criteria for specific accounts including business type, structure and turnover.

Who Should Use Santander’s Business Banking Services (And Who Shouldn’t)?

Santander’s business banking services may be suitable for you if:

• Start-ups that want to take advantage of promotional discounts. 
• Companies with simple financial management needs that don’t require complex software integrations. 
• Existing Santander customers that want to open a business current account.
• Businesses with a high turnover want to take advantage of cashback.
• Businesses that need access to in-person services.
• Companies handling frequent cash transactions.  

Santander’s business banking services may not be suitable for you if:

• New customers that don’t already have a Santander account.
• Businesses seeking high interest rates on their credit balances. 
• Companies that need 24/7 customer service
• Customers that require software integrations or advanced mobile app functionality. 
• Businesses that have complex structures

Product & Features: Santander Business Banking Services

1|2|3 Business Current Account

Best For: Businesses that want to earn cashback and interest on their current account balance.

Key Features:

• Discounted monthly account fees of £5 (usually £12.50) for start-ups for 18 months and current account switchers for 12 months. 
• As of August 2024, Santander only accepts applications from existing customers who want to open a new account. 
• You must have two or fewer directors, owners, shareholders or partners. 
• Earn up 0.10% AER variable interest monthly on any credit balances.
• Earn up to £300 cashback a year on your annual credit turnover. 
• There is a range of cards to choose from, including a business debit card, operator card, cash card, cash deposit card, and change-giving card. 
• Overdraft facility of between £500 and £25,000 available subject to application.
• Pay up to £1,000 in cash each month free of charge at Santander or Post Office branches, or make unlimited deposits at Santander ATMs.  
• Account management is available via online banking, the Santander Business mobile app, telephone banking, or in-person at a Santander or Post Office branch.

Business Current Account

Best For: Business owners that prefer to manage their accounts online. 

Key Features:

• Start-ups enjoy free account maintenance fees for 18 months (normally £7.50).
• As of August 2024, Santander only accepts applications from existing customers who want to open a new account. 
• You can have up to 2 directors, owners, shareholders or partners. 
• Account holders can apply for an overdraft of up to £25,000 with 10.00% EAR (variable). 
• Make ATM withdrawals up to £500 per day.
• Free cash deposits at Santander cash machines or Post Office branches up to £1,000 per month.  
• Business Current Account customers can’t use counter services at Santander branches.
• Access your account through online banking, the Santander Business mobile app, telephone banking, Post Office branches or Santander ATMs. 

Treasurer’s Current Account

Best For: Clubs, societies and charities.

Key Features:

• Free everyday banking including cash deposits, ATM withdrawals, bank transfers and card payments. 
• As of August 2024, Santander only accepts applications from existing customers who want to open a new account. 
• You must have an annual turnover of £250,000 or less. 
• An overdraft facility is not available for the Santander Treasuer’s Current Account. 
• You must have a minimum of 2 signatories and a maximum of 3. 
• Manage your Santander Treasurer’s Current Account with online banking, the mobile app, telephone banking, ATMs and Santander and Post Office branches.

Savings Accounts

This article primarily focuses on Santander’s business current accounts. However, if your business has surplus cash, you may be interested in one of several savings accounts offered by Santander, including the Business Everyday Saver, the Business Reward Saver, the 1-Year Fixed Rate Business Bond and the Treasurer’s Saving Account.

Pricing & Fees Breakdown

As of August 2024, Santander offers promotional discounts for account fees for certain business current accounts, as shown in the table below.

Account	Standard Fees	Start-up Offer	Switcher Offer
1|2|3 Business Current Account	£12.50 per month	£5 per month for the first 18 months	£5 per month for the first 12 months
Business Current Account	£7.50 per month	Free for the first 18 months	N/A

In addition to the account-specific fees detailed above, Santander’s standard fees are:

Transaction Type	Fee
Incoming electronic payment	Free
Incoming foreign currency cheques	£10
Outgoing CHAPS	£25
Outgoing international payments	£25
Other outgoing payments, including Faster Payments and SEPA	Free
Cash deposits at Santander ATMs, Santander branch counters, and Post Office counters	Account-specific free allowance, then 70p per £100 after.
UK debit card payments	Free
UK ATM withdrawals	Free (cash machine may impose a charge)
Cash withdrawals over the daily withdrawal limit at the Post Office	Up to £2,000: £10 £2,001 to £3,000: 50p per £100 £3,001 to £5,000: 45p per £100 Over £5,000: 35p per £100
Cash withdrawals in any currency at Santander cash machines in Spain	Free
Cash withdrawals and debit card payments in all other destinations and currencies	2.95% of the payment value

The Santander Treasurer’s Current Account enjoys free everyday banking, including no:

• Monthly account fees
• Cash and cheque deposit fees
• Incoming BACS fees
• Withdrawals fees
• Bill payment, direct debit and standing order fees
• Debit card payment fees

Ease of Use & The Application Process

Santander’s online banking platform and mobile app allow you to manage your account easily. Both digital options offer straightforward navigation, making it simple to view balances, make payments, and manage transactions. You can also set up text and email alerts, which help keep you informed about your account activities without needing to log in frequently.

Santander also provides access to services through their extensive network of branches, although Business Current Account customers are excluded. All accounts can use Post Office services, allowing you to deposit cash and cheques and access certain account features. Additionally, you can use Santander ATMs to withdraw cash, deposit cheques, and check balances, with a daily cash withdrawal limit of £500.

Santander’s application process begins with an online questionnaire, which helps the bank determine eligibility. If successful, you can book an appointment with a Business Banking Manager online or over the phone. While this thorough vetting ensures that your business meets Santander’s criteria, it may also make the application process somewhat cumbersome.

Safety & Security

Santander is a full-service bank and is regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). As a result, eligible deposits up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS) in the event of institutional failure. 

Other security measures in place to protect your money and data include:

• Fraud detection systems that monitor accounts for suspicious activity. 
• Data is protected by encryption using 128-bit Secure Socket Layer (SSL) technology. 
• Certain payments may require authorisation using one-time passcodes (OTP).
• Your identity will be confirmed using 2-factor strong customer authentication (SCA), which includes biometric information and your security number or phone number. 
• Your account may be blocked if you don’t have any activity or log in for 12 months. 

What Santander Business Customers Say

Santander has a ‘bad’ average rating on Trustpilot, scoring 1.5 out of 5, based on 7,560 reviews. In contrast, the Santander Business app is rated significantly better, earning a consistent score of 4.5 out of 5 on the Apple App Store and 4.6 out of 5 on the Google Play Store. 

Some of the most common business customer comments are:

Positive Reviews

• Efficient and Reliable Service: Some long-term customers praise Santander for efficiently handling business accounts. The bank is noted for resolving issues quickly, such as cancelling unwanted subscriptions and correcting payment errors.
• User-Friendly Online Banking: The online banking interface is commended for being easy to use. Customers appreciate the straightforward setup process and the ability to manage accounts online effectively.
• Good In-Person and Phone Support: Despite mixed reviews overall, some customers highlight positive experiences with Santander’s in-branch and phone support, appreciating the helpfulness of the staff.
• Mobile App Simplicity: Users appreciate the app’s simplicity, speed, and ease of use, especially noting improvements over previous versions.
• Interest Rates: A few customers positively highlight the interest rates offered on current accounts, which they find competitive compared to other banks.

Negative Reviews

• Poor Customer Service: Many reviews express dissatisfaction with Santander’s customer service. Common issues include long wait times, unhelpful responses, and frustration with account blocking without clear explanations.
• High Fees and Rates: Some customers find Santander’s fees and rates excessive, which detracts from their overall experience, particularly when combined with other service issues.
• Online and Mobile Banking Issues: The bank’s online and mobile banking platforms have been criticised for glitches, lacking essential functionalities, and inconsistent performance. Issues include difficulty with online transactions and logging in and the absence of features like fingerprint login or transaction searches.
• Account Blocking and Inefficiency: Several customers report their accounts being blocked and frozen without sufficient explanation, leading to a feeling of being held “ransom.” This and inefficiencies in resolving these issues have led to widespread frustration.
• Outdated Mobile App Features: Despite some praise, there are complaints that the mobile app lacks critical modern banking features, such as transferring money between accounts and viewing pending transactions. This leads to a perception that the app is outdated and insufficient for business needs.

Additional Information About Santander Bank

Santander UK is a wholly-owned subsidiary of the major multinational financial services company, Banco Santander, trading as the Santander Group.

After the Santander Group acquired Abbey National, Alliance & Leicester and Bradford & Bingley, Santander UK was launched on the market. 

Offering personal, business, and corporate financial services, they have around 444 branches across the UK and serve 14 million active customers, including 7 million digital customers.

How Santander Stacks Up Against The Competition

Feature	Santander UK	Virgin Money	Co-op Bank	Zempler Bank
Business Current Account Options	3	5	6	2
Overdraft	Up to £25,000	Amount on application	Up to £250,00	Up to £2,000
Cash & Cheque Deposits	✅	✅	✅	Cash only
Mobile App	✅	✅	✅	✅
Account Integrations	❌	Sage, Xero & QuickBooks	Sage, Xero & QuickBooks	Sage, Xero & QuickBooks
FSCS Protection	✅	✅	✅	✅
Learn More	Visit Santander UK	Visit Virgin Money	Visit Co-op Bank	Visit Zempler Bank

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