
Cater Allen Private Bank business bank account comparison and review
Cater Allen Private Bank offers 2 business bank accounts, including an account for charities. There are no monthly or annual account fees to worry about either.
Looking for a business account with low running costs and the ability to hold funds in different currencies? If so, a Cater Allen Private Bank business bank account could be right for you.
Compare Cater Allen Private Bank’s business accounts
What types of business accounts are on offer?
Depending on whether or not your business is a charity, there are 2 Cater Allen business bank accounts to choose from:
- Reserve Account. An account available in pounds, euros and US dollars with no annual or monthly account fees.
- Reserve Account for Charities. Available in pounds only, with no annual or monthly account fees.
How to apply
You can open the Reserve Account if you are a company, sole trader, partnership, or self-employed professional operating through limited company structures such as contractors, consultants, interim managers, freelancers and locums. The account is also available to associations, clubs and societies. The Reserve Account for Charities, as the name implies, is only available to charities.
Account holders must be 18 or older and a UK resident. Accounts are available to existing Cater Allen or Santander UK customers or via Cater Allen registered intermediaries only.
If you are not an existing customer, you will need to contact your financial adviser, accountant or intermediary to apply.
You can usually open an account within 3-5 days, but you will need to provide the following information and documents:
- Proof of ID, such as a passport or driving licence.
- Proof of address, such as a bank statement or utility bill.
- Personal details such as your name, date of birth and nationality.
- 3 years’ address history.
- Details about your financial adviser if applicable.
- Personal and business email address and phone numbers.
- Business start date and trading address.
- Description of your business.
- Actual and anticipated turnover for the next 12 months, plus number of employees.
- If you are VAT Registered, your VAT number.
- If you are registered as an FI or as a Sponsored Entity, your GII number.
Further information will also be required depending on the type of business you run.
Pros and cons of Cater Allen Private Bank business accounts
Pros
- Both the Reserve Account in pounds and the Reserve Account for Charities pay interest of 0.05% AER on balances above £500,000.
- No annual or monthly account fees.
- Up to 30 free day-to-day transactions per month.
- Reserve Account offers a Visa debit card in pounds, euros or US dollars.
- Money can be moved between pounds, euros and US dollar accounts with no conversion charges if the accounts are under the same customer number.
- Ability to bank online, by telephone or by post.
Cons
- No overdraft facility is available.
- Accounts need to be opened via a financial adviser or intermediary (unless you’re an existing customer).
- Minimum opening balance of £5,000.
- Fees apply on day-to-day transactions once monthly allowance has been used. Fees also apply for foreign transactions.
Our verdict
If you’re looking for a low-cost business account, the Cater Allen Private Bank business accounts are a good place to start. As well as no annual or monthly fees, you’ll also be given a monthly allowance of 30 fee-free day-to-day transactions, making this a competitive offering.
Other advantages include that you can hold funds in pounds, euros and US dollars as well as manage your account online, by phone or by post.
Just remember that unless you’re an existing customer, you’ll need to open the accounts via your financial adviser or intermediary.
If you’re not sure a Cater Allen Private Bank business account is right for you, you can also compare other business bank accounts on the market.
Frequently asked questions
More guides on Finder
-
Winners of the Finder Banking Innovation Awards 2023 announced
Now in their fourth year, we unveil the winners and highly commended companies of the Finder Banking Innovation Awards 2023.
-
The winners of the Finder Banking Innovation Awards 2023 have been announced!
Find out who has been voted as the winning and highly commended companies in the Finder Banking Innovation Awards 2023.
-
Finder Banking Innovation Awards 2023
Recognising innovation in digital banking, business banking, high street current accounts, personal finance apps and kids’ spending apps.
-
Best ways to invest £100 per month
Find out how you can start building wealth by investing just £100 a month along with some of the best ways to invest.
-
The best stock trading apps and platforms in the UK
We’ve tested, analysed and scored trading apps to find the 10 best trading platforms in the UK, who they’re best for and the pros and cons.
-
How to buy Shein shares when it goes public
Everything we know about the Shein IPO, plus information on how to buy shares.
-
4 ways to teach your children about money at Christmas
Help your kids learn to budget, manage their money and save this festive season with these simple money lessons.
-
Robinhood share trading app set to launch in the UK
Robinhood is close to launching in the UK. Find out when it’s happening, what investments will be available on the commission-free trading app and how it plans to make money.
-
One week to go until FinTech Connect 2023
There’s one week to go until FinTech Connect 2023 returns to London on 6 and 7 December. Get 20% off your ticket with Finder.