Call us on 0330 123 9860 to see how we can help
Our Business Reward Saver comes with
A lower rate of interest when withdrawals are made
Instant access using Online Banking, and on the move with our Mobile Banking app, Telephone Banking and with a cash card
Eligibility
- Your business is registered in the UK
- You have up to two directors, owners (shareholders) or partners
- All directors, owners (shareholders) or partners are aged 18 or over and UK residents
- You’re either a sole trader or your business is a partnership, limited liability partnership or a private limited company
- You intend to use the account for business purposes only
Account information
Account name
Business Reward Saver (Issue 10)
What is the interest rate?
Gross rate p.a./AER (variable)
Interest rate
| Account name | If you do take money out of your account during a month | If you don’t take money out of your account during a month |
|---|---|---|
| Business Reward Saver | 0.40% AER / gross (variable) | 1.50% AER / 1.49% gross (variable) |
- The Business Reward Saver converts to the Business Everyday Saver account after 12 months.
The interest rate we pay on the entire balance each month depends whether or not you take money out of your account during that month.
This isn’t a calendar month. It’s the period between the date you opened your account (or the monthly anniversary of that date) and the same date in the following month.
- We work out the interest we’ll pay on your account each day.
- We’ll pay interest each month into the account on the anniversary of the date it was opened.
Can Santander change the interest rate?
Yes, we can change the interest rate on this account as explained in the general terms.
What would the estimated balance be after 12 months, based on a £1,000 deposit?
To work out the estimated balance, we’ve assumed that:
- The account is opened and the initial payment into the account is made on the 1st day of the month.
- You don’t pay in any more money or take any out.
- Interest is paid into the account each month.
- There is no change to the interest rate.
| Account name | Interest earned | Balance after 12 months |
|---|---|---|
| Business Reward Saver | £15.00 | £1,015.00 |
Interest earned (one withdrawal)
To work out the estimated balance here, we’ve assumed that:
- The account is opened and the initial payment into the account is made on the 1st day of the month.
- You make one withdrawal, but pay the same amount back in on the same day.
- Interest is paid into the account each month.
- There is no change to the interest rate, except that the lower rate applies for one month.
| Account name | Interest earned | Balance after 12 months |
|---|---|---|
| Business Reward Saver | £14.08 | £1,014.08 |
These illustrations are only examples and don't take into account individual circumstances.
How do I open and manage my account?
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
Managing the account
24/7 banking on all your devices. You can set up paper free statements and set up personalised account alerts.
- Online Banking
- Mobile Banking app
- Telephone Banking
- Use our ATMs to withdraw cash, make cash and cheque deposits, check your balance and manage your PIN (all transactions subject to account limits)
You can’t pay money in or take it out over the counter at branches or Post Offices. You can nominate up to two extra account administrators. If you want someone to be able to pay in cash or cheques only at Santander cash machines, you can ask for an operator card.
Free text or email alerts
You can set up alerts to keep you updated about your account. For example, to tell you when your balance goes below a certain level. More on alerts
Paying money in
- Minimum balance: £1. No maximum balance.
- You can make your first deposit by cheque or electronic payment (e.g. Faster Payment). Once you get your card, you can pay money in electronically or with cash or cheques at a Santander cash machine.
Can I withdraw money?
You can take money out of your account at any time in these ways:
- Using a cash machine (but not over the counter at branches or Post Offices)
- Withdrawals can be made at any time by transfer to another account. You can do this in Mobile or Online Banking, over the phone, or by post.
This account is operated with a cash card. This will let you pay money in and take money out at any Santander cash machine. There are no cheque facilities (you cannot request a cheque, or a chequebook) for this account.
At the end of the term
The term of the account is 12 months. At the end of the term, we’ll transfer your account to a Business Everyday Saver. We’ll contact you with more details, including your new interest rate, before the account term ends.
Additional information
Tell us if you change your mind
We won’t charge you for cancelling your account - even if you do so outside the ‘cancellation period’. Your cancellation period is 14 days long, and it starts the day after we’ve confirmed your account is open.
You can close your account at any time during your ‘cancellation period’ – we won’t charge you for it. This is 14 days, starting the day after we confirmed your account is open.
You can close your account at any time.
Tax status
We pay interest without taking off income tax. This is known as ‘gross’ and the interest rate we give you reflects this. If you’re an individual, and the total interest you receive in a tax year is more than any Personal Savings Allowance that applies to you, you may have to pay tax on it. You’ll need to do this directly with HMRC.
Statements
We’ll send you a statement once a year in September.
Everything you need to know before you apply
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.
- Business Reward Saver Key Facts Document (pdf) (800 KB)
- General Terms & Conditions (pdf) including Terms of Business (266 KB)
To view these documents, you may need to download Adobe Reader
Security
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