What you can get
- Business overdrafts from £1,000-£25,000
- Only pay interest on the amount you borrow on the days you’re overdrawn
Eligibility
- You have a Santander business current account
- Your business is registered in the UK
- All directors, owners (shareholders) or partners are aged 18 or over and UK residents
- You’re a sole trader or your business is a partnership, limited liability partnership, private limited company or a trust
- You haven’t been a disqualified director or a director of a failed business within the last 6 years
- You have a good credit history and haven’t been declared bankrupt or had an Individual Voluntary Arrangement in the last 6 years (either the company, directors, owners or partners)
Arranged overdraft
(subject to status)
- 5.10% EAR (variable)
- Annual fee 1% of the agreed overdraft (minimum fee £50)
Arranged overdraft rates - If you have a business current account, you will have received a communication to explain the changes to your terms and conditions. As part of this communication we let you know that your Arranged Overdraft interest rate was due to increase from 6th April 2020.
We are committed to supporting our businesses through the disruption caused by the coronavirus and as a result your Arranged Overdraft interest rate will not increase on 6th April 2020 as communicated.
We’re currently not accepting applications for Overdrafts, for more information on lending options available see the Bounce Back Loan Scheme
There are fees associated with overdrafts on the 1|2|3 Business Current Account and Business Current Account.
Overdraft interest rates and fees
| Interest and charges | |
|---|---|
| Arranged overdraft annual fee | 1% of agreed overdraft (minimum fee £50) |
| Arranged overdraft interest rate | 5.10% EAR (variable) (Bank of England Base Rate plus 5.00%) |
| Unarranged overdraft interest rate | No interest |
| Unpaid item fee | No fee |
| Paid item fee | No fee |
If you have a Business Everyday Current Account (no longer on sale), you have slightly different rates and fees (114 KB)
We’ll let you know at least 30 days before we debit your annual renewal fee and at least 14 days before we debit your monthly charges and interest.
If your business needs an arranged overdraft over £25,000, take a look at Corporate and Commercial Banking
The documents below have important overdraft information, so we recommend reading them before you apply. You should save or print them so you can refer to them in the future.
- 1|2|3 Business Current Account Key Facts Document including Statement of Lender and Borrower Responsibilities, FSCS Information Sheet and Exclusions List (2.89 MB)
- Business Current Accounts Key Facts Document (pdf) including Statement of Lender and Borrower Responsibilities, FSCS Information Sheet and Exclusions List (2.81 MB)
- General Terms & Conditions (pdf) including Terms of Business (221 KB)
- CBILS Overdraft Key Facts Document (pdf) (150 KB)
To view these documents, you may need to download Adobe Reader
If you opened a 1|2|3 Business Current Account or Business Current Account before 28 March 2019 or hold a Business Everyday Current Account, please see your Key Facts Document
Unless you’ve opted out, you’re automatically set up to receive text alerts when:
- your account makes or may make use of an unarranged overdraft
- you have regular payments due on your account for which you have insufficient funds to cover, we will ask you to pay into your account to ensure these payments are made;
- where a payment is refused as you don’t have enough funds.
You can also register to receive an alert when:
- your account makes use of an arranged overdraft
Our Business Overdraft is subject to status. If your application is approved, we'll send you a letter confirming the overdraft facility.
Keep your banking details private and secure.
For more information about our approach to security as well as more useful information to help you stop the threat of fraud visit our Security Centre