Cater Allen Private Bank – business banking analysis and reviews

Last updated on 10 August 2023

Cater Allen Private Bank is part of the Santander family, but opening an account with this bank will not entitle you to use over-the-counter services at Santander. Despite an official status as a challenger bank, Cater Allen Private Bank is remarkably non-internet friendly.

Compare business accounts What are you looking for?

In partnership with Wallester

While you can (and must) manage your account through traditional online banking on a desktop computer due to a lack of apps, most of the processes with this bank are conducted through the post, including applications to open an account. This may appeal if you like an old-fashioned approach to business finance, but many people will find Cater Allen’s approach somewhat outdated.

Explore business banking

Wallester Business
✓ Virtual & Physical Cards
✓ No Setup Fees
✓ No Monthly Fees
Pricing Trial period Contact

Revolut Business
✓ Business Current Account
✓ Award-Winning Mobile App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Tide Business Bank Accounts
✓ Free, Plus, or Pro Account
✓ iOS & Android Mobile App
✓ Upload & Auto-Match Receipts
Pricing Trial period Contact

Card One Money
✓ No Credit Checks
✓ Simple Fees
✓ Up to 3.5% Cashback
Pricing Trial period Contact

ANNA Money
✓ Apply in 10 minutes
✓ Bookkeeping & Payroll Tools
✓ User-Friendly Mobile App
Pricing Trial period Contact

Co-Op Business Banking
✓ Business Current Account
✓ Online, App & High Street Banking
✓ Quick & Easy Application Process
Pricing Trial period Contact

HSBC Business Banking
✓ Business Current Account
✓ In-Branch, Online & App Banking
✓ FSCS Protected
Pricing Trial period Contact

Metro Business Banking
✓ Business Current Account
✓ High Street Presence
✓ FSCS Protected
Pricing Trial period Contact

Mettle Business Banking
✓ Business Bank Account
✓ Online & App
✓ Quick & Easy Application Process
Pricing Trial period Contact

Monzo Business Banking
✓ Business Current Account
✓ Dedicated mobile app experience
✓ FSCS Protected
Pricing Trial period Contact

Virgin Money
✓ Business M Account
✓ In-Store, Online & App Banking
✓ Insights & Forecasting Platform
Pricing Trial period Contact
Video: Getting started with business bank accounts

Cater Allen Private Bank business banking services

Pros and cons of Cater Allen Private Bank for business services

Pros of Cater Allen Private BankCons of Cater Allen Private Bank
No monthly account fee No apps
Ability to trade in three currencies No access to Santander branches
FSCS protected Slow processes, often conducted by mail
Fees apply to most transactions
£50,000 minimum balance to accrue interest
Pros and cons of Cater Allen business banking
Cater Allen online banking

Cater Allen business current accounts

Cater Allen offers one business bank account, known as the Reserve Account. 

This account does not charge a monthly fee, and you can enjoy 30 free transactions per month. After that, you will be charged 75p for every outgoing transfer, payment received, or ATM withdrawal. Cheques paid into the account need to be mailed. 

If your balance exceeds £50,000, you will earn interest at an EAR of 0.05%. You can also hold a balance in US$ or € accounts, but these will not accrue interest, regardless of balance, and are not permitted to drop below $5,000 or €5,000.

Business overdrafts

Not available through Cater Allen.

Business savings accounts

Cater Allen offers two savings accounts to business customers:

Business Notice 35 Account

Access to your money with 35 days notice, and no minimum deposit. Interest AER is 3.10%. 

Fixed Term Deposit Account

A minimum of £85,000 must be deposited for a fixed term of 12 or 24 months. AER upon maturity is 3.50% for one year, and 3.75% for two years. 

Cater Allen Private Bank at a glance

Phone number0800 092 3300
App downloadsN/A – desktop computer access only
Number of branchesN/A – Cater Allen customers cannot use a branch of Santander
FSCS protected?Yes
Founded1816, Blackburn
Key information

Other business finance products

Cater Allen does not offer any financial services beyond the current and savings accounts we have discussed.

Cater Allen Private Bank reviews

What are other business banking customers saying about Cater Allen?

Review platformScoreNumber of votes
FeefoNot reviewedN/A reviewedN/A
Smart Money PeopleNo reviewedN/A
Which?Not reviewedN/A
Average score1.8/5112
Cater Allen business banking reviews and ratings

Cater Allen Private Bank business eligibility criteria

The good news is that, on paper, any SME owner or sole trader aged 18 or over based in the UK can apply for a Cater Allen Private Bank account. The bad news is that it’s an extremely labourious process. You’ll need to apply in writing and wait over a week for a response, and that will likely be a request for more information. Cater Allen is not an internet-friendly bank, and this reliance on the postal service to open an account sets the tone.

Cater Allen Private Bank business finance alternatives

Due to the restrictions imposed by Cater Allen Private Bank’s more “traditional” approach to business banking, it’s hard to recommend this institution over any major high street chain in the UK. In the modern world, banking with Cater Allen will likely become increasingly frustrating.


Is Cater Allen Private Bank a proper bank?

Yes, Cater Allen is a legitimate bank. It is part of Santander Group and has been providing banking services for over 30 years. Cater Allen provides private banking to high net worth individuals and businesses, offering bespoke products and services tailored specifically to meet customers’ needs. The bank also offers traditional banking services such as current accounts, savings and investments, foreign currency services and more. Cater Allen is regulated by the Financial Conduct Authority (FCA) in the United Kingdom, so customers can be sure that their money is safe and secure.

How to open a Cater Allen business account?

Opening a business account with Cater Allen is easy and straightforward. All you need to do is fill out the application form on their website, provide all the necessary documents, and wait for your account to be approved. The team at Cater Allen will then contact you to confirm everything and set up your business accounts.

What fees does Cater Allen charge?

Cater Allen charges a range of fees depending on the type of account, services used and volume of transactions. There is usually an initial set up fee, as well as ongoing management fees for maintaining your account. Cater Allen also offers discounts if you choose to make payments electronically rather than by cheque.

What services does Cater Allen offer?

Cater Allen offers a wide variety of services, including current and savings accounts, investments, foreign currency services and commercial loans. They also provide bespoke advice and wealth management solutions tailored to meet their customers’ needs. Cater Allen is committed to providing the best possible service, ensuring that all clients are taken care of in the most professional manner.

What types of payments does Cater Allen accept?

Cater Allen accepts a wide range of payments, including direct debits and standing orders, cash deposits and transfers from other banks. Payments can be made through the online banking platform or via telephone banking services. The bank also offers same-day international payments for certain currencies.

Compare ⓘ

Reviewed by , Managing Director


Business Financed provides general information, but not financial advice. Always speak to a qualified expert to get personalised advice for your business.

Advertising disclosure

We may be paid a commission by our FCA-regulated partners when you click on the links in our articles. This does not affect our independent journalism.

Learn more

You can learn more about how this website operates by clicking here.