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.
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if you like an old-fashioned approach to business finance, but many people will find Cater Allen’s approach somewhat outdated.
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Cater Allen Private Bank business banking services
- Pros and cons
- Business current accounts
- Business overdrafts
- Business savings accounts
- Cater Allen Private Bank at a glance
- Other business finance products
- Cater Allen Private Bank reviews
- Business eligibility criteria
- Business finance alternatives
- FAQ
Pros and cons of Cater Allen Private Bank for business services
| Pros of Cater Allen Private Bank | Cons 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 |
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 number | 0800 092 3300 |
| App downloads | N/A – desktop computer access only |
| Website | www.caterallen.co.uk/accounts/business-banking |
| Number of branches | N/A – Cater Allen customers cannot use a branch of Santander |
| FSCS protected? | Yes |
| Founded | 1816, Blackburn |
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 platform | Score | Number of votes |
|---|---|---|
| TrustPilot | 1.8/5 | 112 |
| Feefo | Not reviewed | N/A |
| Reviews.co.uk | Not reviewed | N/A |
| Smart Money People | No reviewed | N/A |
| Which? | Not reviewed | N/A |
| Average score | 1.8/5 | 112 |
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.
FAQ
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.
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.
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.
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.
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.