Santander Business Banking Review

Santander UK is owned by Spanish Santander Group and was established in 2010. The bank is considered one of the challengers of the British “Big Four” banking entities. It currently serves 14 million customers. See our guide for the best business bank accounts in the UK.

Santander UK has 800 branches and 64 financial centers that house 20,000 employees.

Types Of Santander Business Current Accounts

Santander offers clients four types of current accounts which can be accessed 24/7 online:

  • 1|2|3 Business Current Account – offers a monthly discount fee of £5 for 18 months to startups and 12 months to switchers. Account-holders can earn up to £300 cashback annually.
  • Business Current Account – offers startups with a fee-free current account for 18 months.
  • Client Current Account – ideal for firms that manage funds on behalf of their customers.
  • Treasurer’s Current Account – suitable for non-profit organizations that require full day-to-day banking facilities.
santander business banking website

Types Of Santander Business Savings Accounts

Santander Bank offers five types of Business Savings Accounts:

  • Everyday Saver –The minimum opening deposit is only £1, and the account must be used for business purposes only.
  • Reward Saver – The account will earn a higher interest rate if the number of withdrawals is limited. If you are a 1|2|3 Business World customer, you will get a preferential rate when you open a reward saver account.
  • Fixed-Rate Business Bond – The minimum opening deposit is £5,000. No transaction (deposit, withdrawal, or account closure) can be made during the fixed term.
  • Client Saver – Best for businesses that manage funds on behalf of their clients. The minimum opening deposit is £1.
  • Treasurer’s Savings Account – Ideal for the UK based non-profit organization with an annual turnover of up to £250,000.

To open a business savings account, your business must be registered as a sole trader or partnership in the UK and have up to two business owners who are aged 18 years old and above.

piggy bank savings

Lending Programs Offered By Santander

  • Overdrafts – Santander offers short term financing to help business owners fund unexpected expenses. The loanable amount is from £500 up to £25,000. An arranged overdraft will be subject to a 5.75% EAR (variable) and an annual fee of 1%.
  • Small Business Loan – Loanable amount is from £2,000 up to £25,000 which is payable in 1-5 years.
  • Asset Finance – A loan designed to help business owners purchase equipment.

1|2|3 Business Current Account holders who open a business loan will get a preferential rate.

Reviews and Ratings: What Do Customers Think Of Santander?

person reading santander business banking reviews

On Trustpilot and Reviews.co.uk, some customers complained about poor customer service while others expressed satisfaction on the bank’s response times.

On Smart Money People, gave opposing views. Some rated customer service with 1/5 while others gave a 5/5 rating.

On Which? Santander earned a 4/5 rating for most of the feedback categories except for complaints handling and value for money.

On the independent service quality survey (14 largest business account providers), Santander ranked 3rd on overall service category, 4th for in-branches service, and 2nd for overdraft and loan services.

Santander has been a consistent awardee of Business Moneyfacts from 2003-2019.

Trustpilot – 1.5/5 (1,745 reviews)
Reviews.co.uk – 1.90/5 (82 reviews)
Smart Money People – 3.13/5 (46 reviews)
Which? – 72% Which? Customer Score

Pros Of Banking With Santander:

Recipient of the Best Business Current Account Provider from 2003-2019
Impressive survey results
Wide range of products for all business types

Cons Of Banking With Santander:

Monthly fees are higher than most banks