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Business Reward Saver

Santander Business Reward Saver

Summary Box

1|2|3 Business World customers are eligible for a preferential rate. See below for more information.
Account name Business Reward Saver (Issue 9)
What is the interest rate?

Issue 9 (available from 4 October 2018)

Account name Gross rate p.a./AER (Variable)
Effective rate during statement month when withdrawal is made Effective rate during statement month when no withdrawal is made
Business Reward Saver 0.10% 0.40%
 Business Reward Saver for
1|2|3 Business World customers		 0.30% 0.60% 

  • 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
Can Santander change the interest rate?

 

 

 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 14 days before the rate changes. This is detailed in Condition 18 in our General Terms & Conditions.
What would the estimated balance be after 12 months based on a £1,000 deposit?

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

Account name Balance after 12 months Effective rate during statement month when no withdrawal is made
Business Reward Saver  £4.00 £1,004.00
Business Reward Saver for 1|2|3 Business World  customers  £6.00 £1,006.00

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. 

Account name Balance after 12 months Effective rate during statement month when no withdrawal is made
Business Reward Saver  £3.75 £1,003.75
Business Reward Saver for 1|2|3 Business World  customers  £5.75 £1,005.75


These illustrations are only examples and don’t take into account individual circumstances.
How do I open and manage my account? 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, private limited company or a trust.

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:

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 0800 731 6666

  • Text and email 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
Can I withdraw money?

  • Yes, withdrawals can be made by electronic transfer, telephone or from any LINK cash machine. 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.
Additional information

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 30 days’ 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 0800 731 6666.

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 Terms and Conditions tab

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

 

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Online Banking
Secure, 24/7 banking. Make payments, view statements and much more. More on Online Banking

Mobile Banking
Bank from anywhere using our Santander Business Banking app or by using bb.santander.co.uk. Get the app.

Free text and email 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 anymore. 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 free alerts

Telephone
For account servicing, call us on 0800 731 6666. Lines open 8am to 9pm Monday to Friday and 8am to 2pm on Saturdays. More on Telephone Banking

Protect yourself from fraud

It’s very important that you keep your banking details private and secure.

  • Never share a Santander One Time Passcode (OTP) with another person. Not even a Santander employee.
  • Never download software or let anyone log on to your computer or devices remotely during or after a cold call.
  • Never enter your Online Banking details after clicking on a link in an email or text message.

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.

Everything you need to know before you apply

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

To view these documents, you may need to download Adobe Reader. 

 

Please make sure you read the product terms and conditions, including the product factsheet, before you apply.

You can apply for a Business Reward Saver if:

  • all directors, owners (shareholders) or partners are aged 18 or over
     
  • all directors, owners (shareholders) or partners are UK residents
     
  • your business is registered in the UK
     
  • 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, private limited company or a trust

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. 

A 1|2|3 Business World customer is someone who holds 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.

If you have more than two directors, owners (shareholders) or partners or your business entity isn't listed above, please visit Corporate & Commercial Banking.

You can apply for a single account or a joint account with up to 10 account holders.

Apply by phone
Call us on 0800 077 8839.

Lines are open Monday to Friday 8am to 7pm.

Apply in branch
Contact your local branch to see if a Business Relationship Manager is available to support you.

Frequently asked questions

AER explained
AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year.

Gross rate explained
The gross rate is the interest rate we pay where no income tax has been deducted.

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