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
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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.
Customer service information for Cater Allen Private Bank
Email support
Telephone support
In-app or live chat
Contact form
Branch support
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
No, there are no overdraft facilities on the Reserve Account or the Reserve Account for Charities.
You will need to be at least 18 years old and a UK resident. You’ll need to be a company, sole trader, partnership, a self-employed professional or a charity.
If you don’t have a financial adviser or intermediary but you are an existing customer with Cater Allen or Santander UK, you can download the application form and mandate, plus customer identification requirements, via the website.
Business applications from new customers when not applying via a registered intermediary are not accepted.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time.
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