Business Reward Saver

Business Reward Saver (Issue 9)

Gross rate p.a./AER (variable)

• 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

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 2 months before the rate changes. 

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

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.

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

Eligibility
You can apply for a Business Reward 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, or private limited company.

To be eligible for the higher interest rate on the Business Reward Saver, you must be a 1|2|3 Business World customer at the point of opening (see ‘1|2|3 Business World eligibility’ section in ‘Additional information’).

Opening
You can apply by calling us on 0330 123 9860 or by making an appointment with a Business Banking Manager in branch. More on Telephone Banking

Deposits

• Minimum opening and account balance of £1. There is no maximum balance.

Managing the account

• Via online, mobile banking, cash machine or telephone by contacting our Business Banking Centre on 0330 123 9860.

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

• Yes, withdrawals can be made by Santander or LINK cash machines, post, Telephone Banking and Online Banking. 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.

1|2|3 Business World eligibility
A 1|2|3 Business World customer is someone who has a 1|2|3 Business Current Account (including Start-up and Switcher offers). All customers must meet the eligibility criteria for the 1|2|3 Business Current Account (including Start-up and Switcher offers) and 1|2|3 Business World offer.

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 2 months' 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 0330 123 9860.

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 Key documents section.

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

The Business Reward Saver is subject to availability and may be withdrawn from sale at any time without notice. Rates and information correct as at 6 April 2022. 

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

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