Santander strengthens Business Current Account Classic with ability to open account in just 20 minutes
Santander UK has strengthened its Business Current Account – Classic offering, designed to support businesses looking to save money and drive growth, with eligible applicants able to complete the bank’s digital onboarding journey in as little as 20 minutes.
The Classic account offers everyday banking with no monthly fee for the first 12 months for eligible start-ups and customers who complete a switch from another provider. After the introductory period, the standard monthly fee is £9.99.
The Classic account has an enhanced package to help businesses manage their everyday finances and access practical business support through a range of features and partnerships. Santander has partnered with Xero to give its Classic account holders six months’ free access to the accounting software across its Simple, Ignite, Grow, Comprehensive and Ultimate plans to provide its business customers beyond day-to-day banking. Additionally, eligible customers will receive a £200 gift card if they subscribe to Xero’s Ignite, Grow, Comprehensive and Ultimate plans at the end of the free period.
Additionally, customers will be able to access Santander’s 4.00% AER/gross Fixed Rate Business Bond, with the option to save up to £5m, with a minimum opening deposit of £10,000.
To support customers beyond banking, Santander is also offering Business Banking customers free access to BrightHR lite, which includes free documents and e-learning, staff rota scheduling software, and use of the BrAInbox+ tool to help them manage their people – plus three months free on other BrightHR services with an ongoing 25% off.
Alongside these features, Santander customers who hold a Business Current Account can also apply for an unsecured business loan up to £50,000 with rates from 11.2% APR over 1-7 years (subject to eligibility).
Businesses can manage their account through the bank’s app, online banking, over the phone and in branch.
For a £9.99 monthly fee, Santander’s Business Current Account – Classic offers:
- A combination of digital convenience and personal support, with digital onboarding in as little as 20 minutes, contact with a Santander BBM (Business Banking Manager) and access to Santander’s Work Cafés, offering free co-working spaces and meeting rooms.
- Everyday banking benefits, including cheque deposits, free cash machine deposits up to £1,000, and free FX on international card usage;
- Access to a 4.00% AER/gross Fixed Rate Business Bond, with the option to save up to £5m, with a minimum opening deposit of £10,000 and access to an Unsecured Business Loan of up to £50,000, with rates from 11.2% APR over terms of one to seven years.
- An ecosystem of business support that goes beyond banking, with a free six months of access to Xero accounting software and a £200 gift card for eligible customers who continue to subscribe to Ignite, Grow, Comprehensive and Ultimate plans.
- Free access to BrightHR lite, which includes free documents and e-learning, staff rota scheduling software and BrAInbox+ tool. Plus three months free on other BrightHR services with an ongoing 25% off.
Alvaro Garcia Martinez, head of business banking, Santander UK, said: “Running a business involves much more than day-to-day banking. As businesses grow, they need tools, support and expertise that help them manage their finances, operate more efficiently and plan for the future.
“That’s why we’ve enhanced our Business Current Account – Classic to offer support that goes beyond banking. The account gives customers access to a 4% Fixed Rate Business Bond, helping businesses make their cashflow work harder, while also providing access to business support tools such as Xero and BrightHR, alongside practical resources designed to help them save time, manage their business more effectively and focus on growth with confidence.
“With our new digital onboarding journey, small businesses can now access our full range of banking products and services in 20 minutes, directly from their mobile device, anytime and anywhere – and our dedicated support teams are always on hand.”