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Published 23 January 2024
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Santander Business Account Review: Pros, Cons & Features

Read our review of Santander’s business accounts, including pros, cons and key features.

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Santander UK, a subsidiary of global bank Banco Santander, is an established high street bank that claims to serve 14 million active customers across its personal and business offerings.

Santander offers three types of business accounts: a standard business current account, its 1|2|3 business current account, and a treasurer’s current account for charities and community groups.

At the time of writing, Santander is only accepting applications from existing customers for all its business current accounts.

Santander Business Current Account

Santander Business Current Account
  • Monthly Fee
    Free for 18 months
  • UK Card Purchase Fees
  • UK Bank Transfer Fees
    From free
  • Offer
    Free everyday banking for start-ups for 18 months

This product may be one of a range offered by this provider. Always check terms & conditions for suitability before applying.

Eligibility Criteria
  • All directors, owners (shareholders) or partners are aged 18 or over and UK resident
  • 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

Learn more about how we bring you our review.

Key features

  • Overdraft and credit facilities
    Santander offers business overdrafts and a cashback credit card.
  • Face-to-face support
    Santander has branches across the UK.
  • Account access
    Manage your account online, via the app, over the phone or in a branch or Post Office.
  • FSCS protection
    Eligible deposits are protected by the Financial Services Compensation Scheme (FSCS).

Santander business account pros & cons


  • There are multiple branches throughout the UK where you can access support.
  • Santander’s business current account offers free everyday banking for start ups for 18 months, while its business 1|2|3 account offers a discounted fee for start ups (18 months) and switchers (12 months).
  • You can manage your Santander business account online, via the app, over the phone or in a branch.


  • Santander is temporarily only accepting applications from existing customers for all its business accounts.
  • With the exception of the treasurer’s current account, Santander business accounts have a monthly fee once the introductory period has ended.
  • Customer support can only be accessed during the call-centre hours of 8am to 8pm Monday to Friday and 8am to 2pm on Saturdays.
  • Santander has a ‘bad’ Trustpilot rating, but it’s worth noting that these reviews are for its general banking services and are not specific to Santander’s business accounts.

The pros and cons featured here are chosen by us based on a combination of our expert, research-based opinions and an exclusive survey of UK business owners and decision makers. The survey was conducted on behalf of NerdWallet UK in December 2022 to identify the business bank account features that people feel are most important. They are unlikely to be the only product features and restrictions that you should consider. Pros and cons are subjective and you should align them to your own personal and business circumstances. Information was correct at the time of publication but may have changed since.

Santander business account full review

Santander is a multinational bank with roots going back to 1857. It is wholly owned by Banco Santander, a large bank that operates across Europe, North America and South America. It entered the UK market in 2004 and has since become a full-service retail and commercial bank.

For businesses, Santander offers three types of current accounts: its business current account, 1|2|3 business current account and treasurer’s current account.

Business current account

The business current account account is open to sole traders and businesses with up to two directors or partners (including private limited companies, partnerships and limited liability partnerships). 

If your business is a start up (in its first year of trading) and this is the first business current account with Santander, you can get free everyday banking for 18 months. At the end of this period, or if you’re not eligible for this offer, the standard monthly fee is £7.50.

1|2|3 Business current account

This account is open to sole traders and private limited companies with up to two directors or shareholders, as well as partnerships and limited liability partnerships with up to two partners. 

Start ups can get a discounted monthly fee of £5 for 18 months, and those switching from another business bank account can get this discounted fee for 12 months. At the end of this period, the standard monthly fee of £12.50 will apply.

This account includes up to £300 cashback each year, interest on your credit balance and unlimited Santander ATM cash deposits.

Treasurer’s current account

This account is designed specifically for non-profit organisations in the UK, such as charities, societies and clubs, and it currently offers free everyday banking. Your organisation must have an annual turnover of below £250,000 to be eligible.

Santander business account features: at a glance

Monthly fee£7.50 (business current account)£12.50 (1|2|3 business current account)Free (treasurer’s current account)
Transaction feesYes (except treasurer’s current account)
Account management Over the phone
Via mobile app
In a branch or Post Office
FSCS protectionYes
Set-up time6 days on average
Cash depositsYes (£1,000 monthly limit, then a fee applies)
Cheque depositsYes
Access to other banking servicesYes
International paymentsYes (online and over the phone)
Customer serviceBy phone: 0330 123 9860, 8am to 8pm Monday to Friday, 8am to 2pm Saturday
In a branch
Multiple user access Yes
Create and send invoicesYes, via integration
Integration with accounting software toolsYes

Where Santander business accounts stand out

UK-wide branches: Santander has branches in England, Scotland, Wales and Northern Ireland for face-to-face support.

Software integration: Using Open Banking, it’s possible to integrate your Santander business account with accounting software, such as Xero or Intuit.

Introductory offer: New customers can get free or discounted everyday banking for up to 18 months. 

International capabilities: You can use your Santander business account to make and receive international payments.

Where Santander business accounts fall short

Monthly fee: While eligible customers can benefit from a free introductory period, there is a monthly fee once this has ended. 

Limited credit products: While Santander offers overdrafts and a credit card, it does not have any additional lending products such as business loans, mortgages or asset finance. 

Customer reviews: Santander has low customer ratings on Trustpilot, which covers both its business and personal banking services, and had too few reviews on Google Play and the App Store to give a meaningful indication of what customers think of its mobile business apps. 

Santander business account customer reviews

Santander has a ‘bad’ Trustpilot rating of 1.4 out of 5, based on over 6,700 reviews. However, these reviews are for Santander generally, and not specifically its business offering.

Santander’s business mobile apps have a rating of:

  • 3.0 out of 5, based on only two reviews on the App Store
  • 2.1 out of 5, based on just 140 reviews on Google Play

This information is correct as of 18 January 2024.

Santander business account eligibility 

Currently, you must be an existing Santander customer to be eligible to apply for a business account. However, this may change in future.

Santander’s standard eligibility criteria for all its business accounts include the following:

  • You must be at least 18 years of age.
  • You must live in the UK.
  • You must use the account solely for business purposes.

If you want to open one of its two business current accounts instead of its treasurer’s account, the following criteria also apply.

  • You must run a business that is registered in the UK.
  • All directors, owners or partners must also be over 18 and live in the UK.
  • You must be a sole trader, run a private limited company with no more than two directors, owners or partners, or be in a partnership or limited liability partnership (LLP).

In addition, if you are applying for a 1|2|3 business current account, you must not have an existing 1|2|3 business current account. Charitable organisations applying for the treasurer’s current account must have an annual turnover of up to £250,000. 

How to apply for a Santander business account

Santander is currently only accepting applications for business current accounts from existing customers. If you are an existing customer, you’ll need to check your eligibility and make sure it’s in line with the criteria above. Additional criteria can be found on the Santander website.

To open a Santander business account, you’ll likely need to follow these steps:

  1. Decide which Santander business account best suits your needs.
  2. Apply for a business account online or phone to make an appointment at a branch. 
  3. Submit the required personal and business information. This will include your full business address, Companies House registration number and your estimated annual turnover.
  4. Wait for approval. On average, Santander takes five days to open a business bank account.

Review methodology

At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.

Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.

Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.

Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.

You can view our full review methodology here.

    Services offered by this provider may change over time. Always check Ts&Cs.

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