What you can get
- Business overdrafts from £500-£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)
There are fees associated with overdrafts on the 1|2|3 Business Current Account and Business Current Account.
Overdraft interest rates and fees
|
Description |
Up to and including 5 April 2020 |
From 6 April 2020 |
|---|---|---|
|
Arranged overdraft annual fee |
1% of agreed overdraft (minimum fee £50) |
1% of agreed overdraft (minimum fee £50) |
|
Arranged overdraft interest rate |
5.75% EAR (variable) (Bank of England Base Rate plus 5%) |
10.00% EAR (variable) |
|
Unarranged overdraft interest rate |
25.75% EAR (variable) (Bank of England Base Rate plus 25%) |
No interest |
|
Unpaid item fee |
No fee |
No fee |
|
Paid item fee |
No fee |
No fee |
The Client Current Account doesn’t offer an arranged overdraft. You can find details of the account’s unarranged overdraft fees on the Client Current Account page.Please see the Key Facts Document in the ‘Key documents’ section for full details.
If you have a Business Everyday Current Account (no longer on sale), you have slightly different rates and fees
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
- Business Current Accounts Key Facts Document (pdf) including Statement of Lender and Borrower Responsibilities, FSCS Information Sheet and Exclusions List
- General Terms & Conditions (pdf) including Terms of Business
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
Our Business Overdraft is subject to status. If your application is approved, we'll send you a letter confirming the overdraft facility.
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