Santander offers two business bank accounts that provide introductory discounts for start-ups and new customers. Below we look at reviews for the company along with the accounts they offer, how much they cost and other key things you need to know to help you decide which business bank account provider is right for your business.
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Santander Reviews
Below we look at reviews for Santander from a variety of websites. Please keep in mind that these reviews are for all of Santander’s services and so may not fully reflect their business offerings.
- Trustpilot: 1.5 of 5 based on 3,175 reviews.
- Review Centre: 1.1 out of 5 based on 212 reviews (business only).
- Reviews.co.uk: 1.59 out of 5 based on 187 reviews.
Santander Business Services Plans, Packages & Prices
Santander offers two business bank accounts which are 123 Business Current Account and Business Current Account.
The 123 Business Current Account includes:
- Offers up to £300 cashback each year
- Standard day-to-day banking
- Discounted monthly fee for start-ups for 18 months at £5
- Discounted monthly fee for switchers for 12 months at £5
- Online banking
- Access through Santander ATMs and Post Offices
- 123 Business World offers
Their Business Current Account includes:
- Free everyday banking for 18 months for start-ups
- Standard day-to-day banking
- Online banking
- Access through Santander ATMs and Post Offices
- £500 ATM withdrawal per day
- Text and email alerts
- Overdraft available subject to status and arrangement
Charges on their 123 Business Current Account include:
- £12.50 per month or £5 for start-ups (18 months) and switchers (12 months)
- No charges for cash deposits at Santander ATMs
- Cash deposits up to £1,000 per month at Santander and Post Office counters are free then £0.70 per £100
Charges on their Business Current Account include:
- £7.50 per month account fee (waivered for 18 months for start-ups)
- Free deposits up to £1,000 per month at Santander, ATMs and Post Office counters then £0.70 per £100 (fees waivered for start-ups for 18 months)
Note plans, packages and prices were all accurate at the time of publication but may have changed since then. Please check Santander’s website for the latest information.
Santander Background
Santander is part of a major global bank called Banco Santander. Santander in the UK is a large retail and commercial bank that has 14.4 million customers. They first entered the UK market in 2004 when they acquired Abbey National, and since then they have acquired Bradford & Bingley and Alliance Leicester.
They operate retail banking that offers services to individuals and small businesses with a turnover of up to £6.5 million. Their Corporate & Commercial Banking service provides services for SMEs and corporate customers with over £6.5 million turnover. Their Corporate & Investment Banking provides tailored solutions for corporate clients with a turnover above £500 million and financial institutions.
Santander has created business bank accounts that are straight forward and have a simple pricing structure that is easy to follow and understand.
Switching To Santander
If you want to switch to Santander you will need to set up an account with them first. Once your application is approved you will receive an account number, card and PIN.
Santander carries out their bank account switches using the Current Account Switch Service which means that your switch can take place within seven days. It is backed by the Current Account Switch Guarantee. You can choose when your switch takes place anytime in the next 60 days. They will move your payments and close your existing account.
Additional Business Services From Santander
Santander offers a range of business products and services which include:
- Business credit cards
- Business savings
- Overdrafts
- Insurance
- Card payments through their partnership with Elavon
Santander Business Service Availability
Santander offers their business current accounts to sole traders, partnerships, limited liability partnerships and private limited companies. The applicant/s needs to be a director, owner or partner that is 18 or over and has UK residency. They allow up to two directors, owners or partners and the business needs to be registered in the UK. They offer their account to established and new businesses which are in the first year of trading.
Santander Business Customer Service and Complaints
You can contact the Santander customer service team on 0800 731 6666 on Monday-Friday 8am-8pm and Saturday 8am-2pm.
Santander Business Contact
You can get in contact with Santander by:
- Calling 0800 731 6666 on Monday-Friday 8am-8pm and Saturday 8am-2pm
- Post – 2 Triton Square, Regent’s Place, London NW1 3AN
Website: https://www.santander.co.uk/business/current-accounts
Santander Business Services Pros/Cons
Pros
- Discounts or free account available for start-ups and switchers
- Simple pricing structure
- No charges for electronic transactions
- Contact centre open evenings and weekends
Cons
- Poorly rated in customer reviews