Business Bank accounts

Santander Business Account: Overview for the UK

Paola Faben Oliveira

15.09.23 (updated more than 1 year ago)

Read time 2 minutes

Santander is a large UK retail and commercial bank which has been around for more than a century. Since its entry into the UK market in November 2004, Santander UK has transformed, moving from its heritage of three former building societies to a full-service retail and commercial bank.

However, if you’re wondering whether or not Santander is the best solution for your business banking, this article will help you eliminate some of the biggest questions and help you decide further. We will also present you Wise Business account, an alternative to Santander and other banks in the UK.

💡Learn more about Wise Business

Santander business account review

Choosing the right bank account for your business should be the first rule in financial management, as the account will be your primary tool for making business transactions including payments to suppliers, vendors and employees.

It's also very crucial for your cash flow management and accounts receivables - reasons why you should do a thorough research before committing to a bank. Here are the things to consider during this process.

1. Santander business account fees

Santander’s fees vary depending on the type of account. Here’s a quick rundown of the fees:

Fees	1 -2 -3 Business Current Account¹	Business Current Account²
Monthly fee	£12.50	£7.50
CHAPS payments	£25	£25
International payments out	£25	£25
Faster and SEPA payments	Free	Free
Local cash withdrawals at Santander ATMs	Free	Free

Santander business overdraft

As part of your current account application, you can apply for a business overdraft from £500 to £25,000 (subject to acceptance) if:

You have a good credit history;
You haven't been declared bankrupt;
You haven'’t been a disqualified director or a director of a failed business within the last 6 years; and
Neither you, nor any of the directors, owners (shareholders) or partners, have had an Individual Voluntary Arrangement.

Fee type	Cost³
Arranged overdraft annual fee	1% of arranged overdraft (minimum fee £50)
Arranged overdraft interest rate	10% EAR (variable)

2. Santander business internet banking

Going to the bank branch to make any transaction has been unimaginable since banks adopted online banking. Most banks offer online banking via the app or website and even the most crucial transactions can now be done online.

With Santader business banking, you can perform the following transactions online:

Check balances
BillPay
Transfers
Alerts
Create/Change debit card PIN
Santander Instant Card Hold
View statements

3. Santander business account security

Banks and financial institutions are obliged to provide a secure service to their customers. This includes keeping your money and information safe.

Santander conducts fraud detection tests and has security features in place to ensure that your account is safe.⁵ This includes:

Secure account authentication for mobile banking through Touch and Face ID for Apple and fingerprint for Android.
Activate debit and credit cards, put misplaced cards on hold, report them lost or stolen, and request replacements online.
Also change or create your ATM, debit, or credit card PIN right from your mobile device.
Get alerts when transactions are made
Digital Banking Guarantee protects you from loss resulting from fraud, which means that they'll cover any loss you incur due to unauthorised activity when you promptly notify them.
Industry-standard security protocols for data encryption

wise-business

Wise Business: a cost effective alternative for international transactions

We mentioned early on the fees for international payments with Santander. If you do business overseas and are looking for a cost effective way to pay, get paid and manage your finances across currencies, Wise Business can be an alternative!

Providers like Wise Business help cut the cost on international transfers. It's a service that is tailored to your global business needs. You can receive, send and hold different currencies in one account and convert between them. Here are some additional benefits that you could take advantage of:

Employee expense cards - with no foreign transaction fees for spending in 160+ countries, plus spending limit controls and 0.5% cashback
API integration with business and accounting tools
Bulk payments - batch pay up to 1,000 people at once
Bespoke permission levels to control team access.
Option to earn a return on the balances you hold on GBP, EUR and USD

Get started with Wise Business 🚀

Sources used in the article:

Sources last checked September 15, 2023

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.