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Business Reward Saver

Santander Business Reward Saver

Summary Box

Account name Business Reward Saver (Issue 8)
What is the interest rate?

Issue 8 (available from 18 August 2016)

Gross rate p.a./AER (variable)
Effective rate during statement month when
withdrawal is made
Effective rate during statement month when no
withdrawal is made
0.01% 0.35%
  • The Business Reward Saver converts to the Business Everyday Saver account after 12 months.

  • Interest calculated daily and added to the account monthly on the anniversary of account opening

Can Santander change the interest rate?

 

 

Yes, the rate can go up or down e.g. in response to industry and market conditions. If the rate goes down, we’ll let you know around 14 days before the rate changes. This is detailed in Condition 18 in our General Terms & Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit?

Example below assumes that deposit made on 1st of the month, no withdrawals made and no change to interest rates.

Account name Interest earned Balance after 12 months
Business Reward Saver (Issue 8)  £3.50 £1,003.50

Example below assumes that deposit made on 1st of the month, one withdrawal made, no change to interest rates and that account balance remains at £1,000.

 

Account name Interest earned Balance after 12 months
Business Reward Saver (Issue 8)  £3.20 £1,003.20

 

These illustrations are only examples and don’t take into account individual circumstances.

How do I open and manage my account? Eligibility
You can apply for a Business Everyday Saver Account if:
  • Your business is registered in the UK;

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

  • All directors, owners (shareholders) or partners are UK residents;

  • You have up to two directors, owners (shareholders) or partners;

  • You are either a sole trader or your business is a partnership, limited liability partnership, private limited company or a trust.

Opening
You can apply:

  • In branch. Contact your local branch to see if a Local Business Manager is available to support you.

  • Or by calling 0800 731 6666. Lines are open Monday to Friday 8am to 9pm and 8am to 2pm on Saturdays.

Deposits

  • Minimum opening and account balance of £1, maximum of £2 million.
Managing the account
  • Via online, mobile banking, cash machine or telephone by contacting our Business Banking Centre on 0800 731 6666

  • Text and email alerts
    You don’t have to wait for your statement to arrive or to log on to find out something has happened on your account any more. By setting up the alerts you want in Online Banking we can send you a text or email when it happens - such as when your balance goes above or below a certain amount. More on alerts

Can I withdraw money?
  • Yes, withdrawals can be made by electronic transfer, telephone or from any LINK cash machine. There is no charge for withdrawals from UK LINK cash machines.

  • Cash withdrawals (at Santander or LINK network machines) are limited to £500 per day.

Additional information

Cancellation period

  • You can cancel the account within 14 days of opening and your money will be returned in full with any interest.

Closing the account

  • You or we may close your account at any time by giving the other party notice. If we decide to close your account, we will, wherever possible, give you at least 30 days’ notice as described in our Business Banking Terms and Conditions and Important Information, unless there are exceptional circumstances, such as fraud. You can close your account by calling the Business Banking Centre on 0800 731 6666.

Tax status

  • Interest payments will be calculated using the gross rate. This means all the interest we pay you will be without tax deducted. For sole traders and individual partnerships, if the total amount of interest you receive exceeds any Personal Savings Allowance to which you're entitled, you may have to pay tax at the applicable rate. This would need to be paid directly to HM Revenue & Customs. For more information, please visit gov.uk and search for 'Personal Savings Allowance'.
Further information
  • The Business Reward Saver converts to a Business Everyday Saver Account after 12 months. Your account number, card details and any Online Banking credentials will remain the same.

Full Account details can be found in the Key Facts Document on the Terms and Conditions tab

To open these documents you will need to have Adobe Reader. Download Adobe Reader for free

Your money, your way
You choose how you bank with us. 

Online Banking
Secure, 24/7 banking. Make payments, view statements and much more. More on Online Banking

Mobile Banking
Bank from anywhere using our Santander Business Banking app or by using bb.santander.co.uk. Text me the app.

Free text and email alerts
You don’t have to wait for your statement to arrive or to log on to find out something has happened on your account anymore. By setting up the alerts you want in Online Banking we can send you a text or email when it happens - such as when your balance goes above or below a certain amount. More on free alerts

Telephone
For account servicing, call us on 0800 731 6666. Lines open 8am to 9pm Monday to Friday and 8am to 2pm on Saturdays. More on Telephone Banking

Everything you need to know before you apply

We recommend reading the information in the documents below before you apply. You may like to save or print them so you can refer to them in the future.

To view these documents, you may need to download Adobe Reader

 

Please make sure you read the product terms and conditions, including the product factsheet, before you apply.

You can apply for a Business Reward Saver if:

  • all directors, owners (shareholders) or partners are aged 18 or over
     
  • all directors, owners (shareholders) or partners are UK residents
     
  • your business is registered in the UK
     
  • you have up to two directors, owners (shareholders) or partners
     
  • you are either a sole trader or your business is a partnership, limited liability partnership, private limited company or a trust

If you have more than two directors, owners (shareholders) or partners or your business entity isn't listed above, please visit Corporate & Commercial Banking.

You can apply for a single account or a joint account with up to 10 account holders.

Apply by phone
Call us on 0800 077 8839.

Lines are open Monday to Friday 8am to 7pm.

Apply in branch
Contact your local branch to see if a Local Business Manager is available to support you.

Frequently asked questions

AER explained
AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year.

Gross rate explained
The gross rate is the interest rate we pay where no income tax has been deducted.

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