Santander is a Spanish multinational with 800 UK branches, and a challenger of the British ‘Big Four’ banking institutions. Santander Business Banking includes current accounts, savings, borrowing, insurance, cards, and other types of business support.
Santander Business Banking Services
Current Accounts
Santander current accounts are available to new startups and more established businesses. Depending on the account you choose, the monthly fee will be either £7.50 or £12.50, and switchers will get 18 months’ free or discounted banking. You can manage your account online and on the app 24/7.
Savings account
There are three main savings accounts for small businesses on offer – easy access, a higher interest rate account for limited withdrawals, and a fixed no access account. There’s also a Client Saver account for businesses holding cash on behalf of their clients. Interest rates depend on how long you save for, starting at 0.35% AER/gross (variable). 1|2|3 Business Current Account holders get a slightly higher rate on their savings.
Overdrafts
Business overdrafts range from £500-£25,000, and you only pay interest on the amount you borrow on the days you’re overdrawn. An arranged overdraft is charged at representative 5.75% EAR (variable), with an annual fee of 1% (£50 minimum).
Business finance and loans
Borrow £2,000 to £25,000 over 1-5 years. Repayments are fixed at representative 8.9% APR. 1|2|3 Business Current Account holders get a preferential interest rate of representative 7.9% APR.
Santander Reviews and Ratings
Trustpilot and Reviews.co.uk reviewers comment on time consuming account admin and poor customer service. A few reviewers say they’re happy with response times.
Reviewers are more split on Smart Money People, with equal numbers of 1/5 and 5/5 reviews. Some are very unhappy with customer service, while others say Santander are efficient and easy to deal with.
On Which?, Santander scores 4/5 for the majority of assessed areas, including online banking, transparency of charges, and communication. They were also scored 3/5 for complaints handling and value for money.
Santander ranked 3rd in a list of the 14 largest business current account providers for overall service quality in an independent survey.
In the same list of 14 business current account providers, Santander also ranked 2nd for overdraft and loan services and relationship and account management, and 4th for service in-branches.
Santander has won a whole raft of Business Moneyfacts awards, including Best Business Current Account Provider 2003-2019.
Trustpilot – 1.5/5 (based on 1,745 reviews)
Reviews.co.uk – 1.90/5 (based on 82 reviews)
Smart Money People – 3.13/5 (based on 46 reviews)
Which? – 72% Which? Customer Score
Pros
- Won Best Business Current Account Provider 17 years in a row.
- Range of products for businesses with different needs.
- Score highly in independent service quality survey.
Cons
- Higher monthly fees than many other business accounts.
- Poor reviews on Trustpilot and Reviews.co.uk
- Some more current account choices available with other banks.
Website: Santander Business Banking