How to Open a Business Account with Santander

If you’d rather trust a bank with more conventional values to handle your business’ money, then Santander might be a good option, being an established 16th largest bank in the world that has managed to be present in every global financial center.

In this current program phase, the Santander team is only capable of supporting existing clients who want to open new business current accounts with them. However, this remains a temporary phase, and new clients should be accepted within a very short period of time.

What You Need to Know About Santander

Santander is the biggest bank in Spain and is best known for its European banking activities; however, it has also expanded to Asia, North America, and South America, which makes it truly global with a vast network of partners.

Types of Business Bank Accounts

The following features of the Business Current Account are designed to satisfy simple banking needs:

• Free daily banking for startups with 18 months and 7.50 GBP ≈ 8.40 EUR a month thereafter
• Online and mobile banking, including text messages and email alerts
• Huge network of branches across Germany, Poland, and Portugal as well as other European countries
• 500 GBP ≈ 560 EUR ATM withdrawal per day
• Arranged overdraft – 10% EAR and the annual fee of 1% of the agreed overdraft, minimum fee – 50 GBP, approx. 56 EUR

A business is eligible for the Santander Business Current Account if:

This account will be used for business use only.

The business is registered in the UK with Companies House

You’re either a sole trader or your business is in the legal form of a Partnership, Limited Liability Partnership or a Private Limited Company

All its directors, owners (shareholders) or partners are aged 18 or over

All its directors, owners or partners are residents of the UK

It has no more than two directors, owners or partners

Arranged Overdraft: 10% EAR (effective annual rate) and annual fee of 1% of the agreed overdraft – minimum fee, 50 GBP (approx. 56 EUR)

The 1|2|3 Business Current Account is an award-winner with Moneyfacts, offering standard everyday banking, too. It has the following features:

Up to 300 GBP per year cashback (approx. 336 EUR)

0.10% gross/AER monthly interest on any credit balances

Monthly fee of 5 GBP, approx. 5,60 EUR, discounted for startups – 18 months and switchers – 12 months, and 12,50 GBP, approx. 14 EUR, thereafter

Access banking online, at Santander branch counters and Post Office branches

1|2|3 Business World offers, e.g. fixed rate business bonds

A business is eligible for the Santander 1|2|3 Business Current Account if:

All its directors, owners (shareholders) or partners are aged 18 or over

All its directors, owners or partners are residents of the UK

It doesn’t already have a 1|2|3 Business Current Account (including startup and switcher offers)

This account will be used for business purposes only

The business is registered in the UK with Companies House

You are a Sole Trader or your business is in the legal form of a Partnership, Limited Liability Partnership or a Private Limited Company with no more than two directors, owners (shareholders) or partners

If you switch your existing business current account to Santander via the Current Account Switch Service, you will be charged a promotional monthly fee of 5 GBP, approx. 5.60 EUR for 12 months. After the end of the 12 months promotional period, the standard monthly fee of 12.50 GBP, approx. 14 EUR will be applied.

This is a Treasurer’s Current Account, specifically designed to suit the needs of clubs, societies, and charities. Hence, it provides some sort of benefits like:

• Free everyday banking – cash deposits, withdrawals, Bacs credits, etc.
• Text and email alerts that enable users to stay on top of business
• Secure 24/7 online and mobile banking
• You can hold an account with up to three signatories who are authorized to approve any financial transactions. However, you do not have the option available for more than one signatory to be required in authorizing a financial transaction
• You can empower your employees to manage the current account so that you can focus your energy and resources on your business strategy

A business qualifies for the Treasurer’s Current Account if:

It’s a club, society, charity, or other non-profit organization operating in the UK

This account will be used for business purposes only

All its directors, owners (shareholders), or partners are aged 18 or over and are residents of the UK

It has an annual turnover of up to 250000 GBP (approx. 279000 EUR)

Santander business online banking offers a number of benefits, amongst others:

You will be able to view your business accounts online in real time or via a mobile application.

You will be able to make sterling domestic and international payments, including but not limited to Bacs, Faster Payments, CHAPS, and account transfers.

You will be able to optimize your payment workflows through payment import, templates, and beneficiary management.

You will be able to undertake your financial reconciliation activities with ease by exporting your business account data in various formats.

Customizable user access: flexible role management, various options of payment signing controls

Santander online banking support team is ready to resolve any problems that you might face

Why Choose Santander

Santander aims for building customer relationships through local relationship teams that share knowledge with the customer of the local business environment. They go the extra mile of providing unique insights, which enable each businessperson to go beyond banking so that every one of them can grow their respective businesses.

If your business is complex enough to call for the attention of a relationship manager, you can be sure that they will go deep into your business and the whole market for the following cardinal information:

• What drives your business
• What future possibilities you want to explore and how Santander can use its resources to help you
• How the Santander team and global network can empower you to realise your business growth strategy

If you care about the planet we all share, you’ll be happy to know that Santander is committed to carrying out a sustainability strategy across all of its operations. For instance, 100% of the electricity in Santander properties is renewable. In addition, in 2020 alone, the bank donated 16 mill. GBP (or approx. 18 mill. EUR) to supporting communities.

Business Eligibility Criteria

The information you will need to set up a business account with Santander is as follows:

Business name and date of formation

A description that adequately summarizes your business activities

Annual turnover one predicts for the next 12 months

How many employees

Details of income derived from the business, and any other sources of income

If you’re changing from another bank – the most recent statement to include your sort code and account number

Annual accounts for existing businesses

VAT number (if the business is VAT-registered)

Anyone who is a signatory on the application must provide the following personal data:

Full name, date of birth and nationality

Three years address history

Current residential status (owned, rented or other)

A country of tax residence

How long you’ve been with your current personal bank and number of personal credit cards

Your contact phone number and your personal and business email address

Your position in the business, i.e. whether you’re the owner, director or shareholder

In General, The Following Documents Are Required:

Proof of present trading address for the last three years. Examples include: credit card statements addressed to the business at the trading address, utility bills.

Proof of personal ID documentation for all sole traders, partners, directors, shareholders, account operators, trustees, and beneficiaries-for those who are new to Santander, additional checks will be conducted and they may be requested to provide other documents to the Santander team.

Proof of residential address of all sole traders, partners, directors, shareholders, account operators, trustees, and beneficiaries

In addition, for a Limited Company, Limited Partnership or Limited Liability Partnership, the following must also be supplied:

A Certificate of Incorporation from Companies House

If the ownership of the company has changed within the last six months, copies of the appropriate Companies House forms should also be supplied

Clubs and Societies, the following:

A copy of the Constitution or equivalent that describes the nature, purpose and objects of the club or society

A meeting record or written request on the headed notepaper of the club or society that gives authorization to open a new account, lists all officers of the club or society as well as confirms authorized operators of the account and is signed by two official committee members

Proof that the annual turnover is under 250,000 GBP (approx. 280,000 EUR)

Partnership Agreement or Deed

Contract of co-partners or certificate of formation, where applicable

The Process of Opening a Business Account With Santander

Key Steps of Opening a Business Account:

• Check If your business is eligible for your selected account.
• Get Ready All Required Documentation and Information.
• If you need any kind of legal assistance in this regard, then please feel free to contact us here at Regulated United Europe.
• If your business needs more sophisticated banking products and services, you may well have to visit a Santander branch in advance of making an application.
• Otherwise, it’s simply a matter of making an online application.
• The Santander team will be in touch if any additional information is needed.

When it comes to onboarding, one onboarding form covers 72 banking products in 24 currencies, and the onboarding process is totally digital and therefore can be completed remotely. In many cases, you will have support from a relationship director and a specialist throughout.

If you want to open a business account with Santander but are unsure about how to supply information correctly and required documents to the Santander team, then our legal team here at Regulated United Europe will be more than happy to guide you through. With eight years of experience in opening bank accounts for clients in Europe, you can rely on us to get the job done. Through our well-established network of trusted partners in the financial services industry across Europe, we develop and deliver solutions that best fit the needs of customers in a cost-effective way to further improve the operations of the businesses served.