Santander launches business variant of 1|2|3 current account

The account builds on the success of the 1|2|3 Current Account in establishing Santander as a key challenger in retail current account market.

The new product gives value back to businesses, paying cashback on their account turnover.

The amount of cashback grows as their business grows, with a maximum reward of up to £300 per annum.

The rate of cashback is tiered at 1 per cent, 2 per cent or 3 per cent dependent on the amount of money paid into their account, the annual credit turnover (CTO).

Start-up businesses and established businesses switching to Santander will receive a discounted monthly fee for the first 12 months.

The 1|2|3 Business Current Account represents the evolution of Santander’s 1|2|3 proposition into the SME market.

The account also offers unlimited free cash deposits at Santander ATMs and £1,000 free cash deposits per month at Santander branches and participating Post Office branches nationwide. The new account is available to UK SMEs with up to two directors, owners, shareholders or partners.

Customers holding a 1|2|3 Business Current Account will become part of the 1|2|3 Business World, giving them access to preferential rates and special deals on other Santander business products. With 1|2|3 offers available on savings and small business loans from 4th October.

Sue Douthwaite, Managing Director, Santander Business said: “The small business banking market has been dominated for too long by a few big players. This has led to low levels of customer satisfaction and has held back innovation. Business customers deserve the innovative products that are found in the retail sector and we believe that our new 1|2|3 Business Current Account is a truly standout proposition.

“We have sought to make our new account accessible, simple and highly competitive, and customers will also have access to the 1|2|3 Business World, which includes a range of preferential rates and special offers across other products. We are committed to enhancing and expanding our overall offering to SMEs, delivering more of the innovative thinking and products that SMEs across the country want and need. With this product we can begin to shake-up business banking and give small businesses the help they need to succeed.”

The monthly account fee is £12.50, and Santander have an offer of a reduced monthly fee of £5 for 12 months for: