Santander to shake up business banking market with launch of new 1|2|3 Business Current Account for SMEs

Santander has today unveiled plans to shake up the UK business banking market with the launch of the new 1|2|3 Business Current Account for small and medium sized (SMEs) businesses. The innovative, value-adding account builds on the success of the 1|2|3 Current Account in establishing Santander as a key challenger in retail current account market.

The new product gives value back to businesses, paying cashback on their account turnover. The amount of cashback grows as their business grows, with a maximum reward of up to £300 per annum. The rate of cashback is tiered at 1%, 2% or 3% dependent on the amount of money paid into their account, the annual credit turnover (CTO). Start-up businesses and established businesses switching to Santander will receive a discounted monthly fee for the first 12 months.

The 1|2|3 Business Current Account represents the evolution of Santander’s 1|2|3 proposition into the SME market. The account also offers unlimited free cash deposits at Santander ATMs and £1,000 free cash deposits per month at Santander branches and participating Post Office branches nationwide. The new account is available to UK SMEs with up to two directors, owners, shareholders or partners.

Customers holding a 1|2|3 Business Current Account will become part of the 1|2|3 Business World, giving them access to preferential rates and special deals on other Santander business products. With 1|2|3 offers available on savings and small business loans from 4th October.

Sue Douthwaite, Managing Director, Santander Business said: “The small business banking market has been dominated for too long by a few big players. This has led to low levels of customer satisfaction and has held back innovation. Business customers deserve the innovative products that are found in the retail sector and we believe that our new 1|2|3 Business Current Account is a truly standout proposition.

“We have sought to make our new account accessible, simple and highly competitive, and customers will also have access to the 1|2|3 Business World, which includes a range of preferential rates and special offers across other products. We are committed to enhancing and expanding our overall offering to SMEs, delivering more of the innovative thinking and products that SMEs across the country want and need. With this product we can begin to shake-up business banking and give small businesses the help they need to succeed.”

Product details - Santander 1|2|3 Business Current Account

The monthly account fee is £12.50, and Santander have an offer of a reduced monthly fee of £5 for 12 months for:

  • Established businesses switching their business current account using the current account switch service.
  • Start-up businesses in their first year of trading and opening their first current account with Santander.

Key Features

  • Cashback

The 1|2|3 Business Current Account pays cashback annually on the first £10,000 of annual credit turnover, with the rate of cashback based on the total annual credit turnover paid to the account.

Cashback on first £10,000Annual Credit TurnoverCashback Amount
1% cashback<£200,000up to £100 p.a.
2% cashback£200,000+£200 p.a.
3% cashback£300,000+£300 p.a.


  • Account management

The account provides a channel of choice for customers, with account management available via Online and Mobile Banking, Santander branch counters, Post Office branches and ATMs.

  • Deposits

The 1|2|3 Business Current account offers a monthly cash deposit limit of £1,000 at no additional cost for deposits made at Santander branch counters and Post Office branches Deposits over this amount through these channels are charged at 70p per £100 deposited. In addition to the branch and Post Office limit, the 1|2|3 Business Current Account offers unlimited ATM deposits at Santander ATMs for no additional charge.

All standard day to day banking facilities are included with the account. Charges apply to non-standard transactions such as CHAPS payments and foreign currency transactions. Full details can be found in the product specific terms and conditions.

For more information on the new 1|2|3 Business Current Account, log on to or visit your local branch.

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Notes to Editors 
Santander UK
 is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. It has brought real competition to the UK, through its innovative products for retail customers and relationship banking model for UK SMEs. At 30 June 2018, the bank has c24,200 employees. It serves around 15 million active customers, via a nationwide branch network, telephone, mobile and online banking; and 64 regional Corporate Business Centres. Santander UK is subject to the full supervision of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the UK. Santander UK plc customers are protected by the Financial Services Compensation Scheme (FSCS) in the UK.

Banco Santander (SAN SM, STD US, BNC LN) is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful market share in 10 core markets in Europe and the Americas, and is the largest bank in the euro zone by market capitalization. At the end of June 2018, Banco Santander had EUR 981 billion in customer funds (deposits and mutual funds), 140 million customers, 13,500 branches and 200,000 employees. Banco Santander made attributable profit of EUR 3,752 million in the first half of 2018, an increase of 4% compared to the same period last year.

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