Business Banking and Savings Accounts Interest rates and fees information

Transcription

1 Page 1 of 20 Business Banking and Savings Accounts Interest rates and fees information For businesses with a turnover of 1 million or less. Applicable for accounts opened before 18 March 2013.

2 Business Banking Interest rates and Fees Information Page 2 of 20 Contents Important information 03 Business Current Account interest rates 05 Fees information 07 Business Savings Account interest rates 13

3 Business Banking Interest Rates and Fees Information Page 3 of 20 Important information Our Interest rates and fees information our aim is to be fair and open with our customers about our charges. In this document we provide you with information about our current interest rates and fees. If these change we will let you know. Please read this document carefully and keep it with your other account documents. This document is only a guide you should read our business banking Terms and Conditions for the full details of your account. They are available from any branch, online at or by contacting the business banking Centre on Services we offer you The services we offer you come under three areas: Deposits service: You can pay money into your account and, when your account is in credit, you will earn interest on it from the day you pay the money in at our current interest rate, if your type of account allows this. Overdrafts service: overdrafts are only permitted on a business Current Account. You can ask for an overdraft and, if we agree it, you can borrow up to the agreed sum from us. You can find the fees for overdraft services on page 8. Payments service: on your instructions, we will make payments from your account if it has enough available money or enough unused Agreed overdraft to cover payment. You can withdraw money from ATMs using a card we send you. There are maximum daily limits (which we will tell you) on the amount you can withdraw from your account using your card. Our service commitment to you Service fees We want to be clear at all times about the way you pay for our services. We will always give you at least 14 days notice of all service fees for standard account services and any interest that you owe us, before we take the money from your account. You can discuss any service fees or interest on your account, or why we have charged them, by speaking to one of our business banking advisers on Deposits service When your account is in credit, you earn interest from the day you pay money into it. If money is paid into your account by bacs, standing order, Direct Debit or CHAPS, you can withdraw it on the same working day. If you pay money into your account at Post office counters, you can withdraw it immediately after you have paid it in. If you pay money into your account at a Santander (UK) or LINK ATM, you can normally withdraw it by midnight on the following working day. You can only pay in bank notes at these ATMs. You cannot withdraw money paid into your account by cheque straight away. If you want to withdraw money you have paid in by cheque, you must make sure that the money is available first. If you ask us to pay money out but there is not enough money in your account, we won t be able to make the transaction. You can find more information about cheque clearance times in our business banking Terms and Conditions, or you can call us on We won t charge you for using a Santander-branded or LINK ATM in the UK. However, other ATM providers in the UK may charge you to use their machines. ATM providers outside the UK will charge you to use their machines. Please see page 10 for details of charges for using ATMs outside the Santander (UK) or LINK network.

4 Business Banking Interest Rates and Fees Information Page 4 of 20 Overdrafts service Arranged Overdrafts You can contact us to discuss and request a new Arranged overdraft, or you can ask for an extension to an existing Arranged overdraft. If we agree to your request, then we will provide you with a set limit. For further information, please contact the business banking Centre on our Arranged overdraft service currently carries an arrangement fee and an annual commitment fee. We will give you 30 days notice before we debit either of these fees from your account. You will also pay interest on any money you borrow within the agreed limit of an Arranged overdraft at our Arranged overdraft interest rate. If you switch your business current account to us using our Account Transfer Service, we will match your existing overdraft facility (depending on your circumstances). It s unlikely that you will have to pay any bank charges as a result of the switching process, but if this does happen, we ll refund any charges in full. You can find details of our Arranged overdraft fees and interest on page 8 of this document. Unarranged Overdrafts If you make a payment which would cause your account to go overdrawn without an Arranged overdraft in place, or cause your account to go over your existing Arranged overdraft limit, we will treat you as having asked for an Unarranged overdraft. You will pay an Unarranged overdraft monthly fee for each month during which you have used an Unarranged overdraft on your account. You will pay interest at the Unarranged overdraft interest rate on any money you borrow using an Unarranged overdraft. For current Unarranged overdraft interest rates please refer to our current interest rates within this leaflet. Payments service You can find details about other payment services, such as CHAPS, bacs, standing orders, bank drafts and foreign transactions, in our business banking Terms and Conditions, the business Current Accounts and Savings Accounts User Guide or by calling the business banking Centre on Your commitment to us You must: n use your account for business, not personal, purposes; n repay any overdraft in full, together with the interest, fees and charges, if we ask; n keep your personal security details secure, especially your PIN, and tell us as soon as possible if you think your details have been misused; n tell us and the police immediately if your card or chequebook has been stolen; n tell us about any changes to your personal details; n take reasonable steps to protect yourself from financial fraud, especially identity theft; and n return any cards and cheques, when we ask. Other important information Cancelling your account If, within 14 days of first opening your account, you would like to cancel it, let us know by using the contact details given in your User Guide. otherwise, your account will continue until you or we close it. This right to cancel does not apply if the interest rate on your account is fixed for a period of time. You will have to repay any overdraft interest, fees and charges within 30 days. We will repay any money we owe you, including any interest earned. Closing your account You or we may close your account at any time by giving the other party notice. If we decide to close your account, we will, wherever possible, give you at least two months notice (unless there are exceptional circumstances, such as fraud). If your account is overdrawn, you must pay off the entire overdraft on your account immediately. Definitions Aer stands for Annual equivalent rate and shows what the interest rate would be if we paid interest and added it to your account each year. The gross rate is the interest rate we pay before income tax is taken off. All interest rates are variable (may change) unless we say otherwise. ear stands for effective Annual rate and represents the yearly cost of an overdraft, which takes account of how often we charge interest to the account, and does not include any other fees or charges. overdrafts depend on your circumstances, and you must repay any overdraft when we ask, in line with our business banking Terms and Conditions. n understand how the service fees and interest apply to your account; n monitor your account balance and tell us if something is wrong;

5 Business Banking Interest Rates and Fees Information Page 5 of 20 Business Current Account interest rates All rates effective from 6 March 2009 unless otherwise stated Client Current Account Interest rates effective as at 5 September 2011 Net rate p.a. Monthly gross rate p.a. Monthly net rate p.a % 0.01% 0.01% 0.01% Business Current Account Interest rates effective 1 February 2009 Net rate p.a. Monthly gross rate p.a. Monthly net rate p.a % 0.01% 0.01% 0.01% Switcher Business Current Account (issue 2) receive 4.89% gross/5.00% AER (fixed) on balances up to 2,500 for 12 months (see note 1) Interest rates effective 4 January 2011 Net rate p.a. 1 2, %/5.00% 4.67% 2, % 0.01% Switcher Business Current Account (issue 2) interest rates after 12 months Interest rates effective 4 January 2011 Net rate p.a. 1 2, % 0.01% 2, % 0.01% Switcher Business Current Account (issue 1) receive 5.84% gross/6.00% AER (fixed) on balances up to 2,500 for 12 months (see note 2) Interest rates effective 8 June 2009 Net rate p.a. 1 2, %/6.00% 4.67% 2, % 0.08% Switcher Business Current Account (issue 1) interest rates after 12 months Interest rates effective 8 June 2009 Net rate p.a. 1 2, % 0.80% 2, % 0.08% Business Current Account (Limited Edition) Interest rates effective 8 June 2009 Net rate p.a. 1 2, % 0.80% 2, % 0.08% Note 1: To be eligible for 4.89% gross/5.00% Aer (fixed), customers must have a minimum monthly credit turnover of 1,000 and switch their account to Santander using the Account Transfer Service. Account opening is dependent on customer circumstances. Note 2: To be eligible for 5.84% gross/6.00% Aer (fixed), customers must have a minimum monthly credit turnover of 1,000 and switch their account to Santander using the Account Transfer Service.

6 Business Banking Interest Rates and Fees Information Page 6 of 20 Free Business Current Account (issues 3 and 4) % Free Direct Business Current Account Free Business Current Account (issue 2) % 1, % Free Business Current Account (issue 1) Flat Fee Current Account opened before 1 January Flat Fee Current Account opened after 1 December % Clubs and Charities Current Account % Business Builder/Business Current Account % Sub Postmaster Tariff/High Cash Usage/ Pay Point/Payzone % Business Plus Cash Cheques/Business Cash/Merchant Acquiring/ Cash Handling %

7 Business Banking Interest Rates and Fees Information Page 7 of 20 Fees information Business Current Account Transaction Monthly limit Charges above the limit Cash deposits (see note 3) 3, per 100 Cheque deposits (see note 4) per item Cash withdrawals per item Cheque withdrawals per item bacs credits Free and unlimited* N/A Debit card payments Free and unlimited* N/A Direct Debits, standing orders, bill payments Transfers between linked accounts Free and unlimited* Free and unlimited* N/A N/A Monthly fee 0 *Daily transaction limits may apply, for example, but not limited to, ATM withdrawals.please see our interest rates and fees information, and card user guides. In addition to your monthly fee you will also pay for non standard charges. For example CHAPS, change giving and other transactions outside of what the monthly fee covers. Monthly transaction limits start on the monthly anniversary of the date your account was opened. For example, if you opened your account on 24 January, your monthly transaction limits start on the 24th of each month and run until the 23rd of the following month. This will become your statement date. If you decide to change your statement date then the charging period will change accordingly. Note 3: You earn interest from the day you pay in the money. You can pay in cash at ATMs at Santander branches or at Post office counters. You can only pay in notes at ATMs at Santander branches and you can withdraw cash paid in this way from midnight of the following working day after you have paid it in. You can withdraw cash paid in at Post office counters immediately after you have paid it in. Note 4: Cheques paid into an ATM you can withdraw the funds on the fifth working day after you pay in the cheques. Cheques paid in by post you can withdraw the funds on the fourth working day after the cheques reach our cheque processing centre.

8 Business Banking Interest Rates and Fees Information Page 8 of 20 Overdrafts Business Current Accounts opened before 24 October 2011 Arranged Overdraft Interest rate Annual commitment fee Charge 5.9% above bank of england base rate 6.4% ear (variable) 1% of facility, minimum of 50 p.a. Unarranged Overdraft Charge Interest rate We will notify you of interest charges at least 14 days before we debit your account. Monthly fee We will notify you of monthly fees at least 14 days before we debit your account. Charge for each debit transaction that we pay during an Unarranged overdraft We will debit these charges at the time you incur them. 29.9% ear (variable) Please note: you may incur interest and a fee for an Unarranged overdraft solely as a result of charges being debited to your account in the previous month. Fair Fees Policy We want to be open and fair about how we charge you for using our overdraft services. To help us do this, we work to the following principles. n We will always give you at least 14 days notice of any overdraft service fees we are going to take from your bank account. n If you require an overdraft on your business Current Account, please request an Arranged overdraft. Whilst we cannot guarantee to give you an Arranged overdraft, we will always consider your application fairly and give you a decision within a reasonable time. n We will always be willing to discuss your financial situation and to help find appropriate ways of dealing with any financial difficulties you may have.

9 Business Banking Interest Rates and Fees Information Page 9 of 20 Non-standard account service fees Description Fee Unpaid cheque/direct Debit/standing order/bill payment 32 Photocopying cheques 4 per cheque CHAPS payment 20 International payment (sterling outside the UK) (see note 5) 20 International payment (foreign currency) (see note 5) 25 bank drafts 10 Duplicate statement (single sheet) 5 Duplicate statement (multiple) 10 Foreign bank cheque 10 Audit replies 25 plus VAT Status replies/bankers reference 10 Stopped cheques 10 Provision of change 1.65 per 100 exchanged Up to 2, Cheque encashment and debit card withdrawals 2,001 to 3,000 50p per 100 over your daily card withdrawal limit 3,001 to 5,000 45p per 100 over 5,000 35p per 100 Deed of guarantee/indemnity 1.5% p.a. (minimum 100) Note 5: There may be extra charges levied by the intermediary and/or destination bank. Santander has no control over these charges. The exchange rates that we apply to foreign currency payments are based on market conditions. You can find out details about our exchange rates for the day by calling the business banking Centre on

10 Business Banking Interest Rates and Fees Information Page 10 of 20 Receiving payments into your account Description International payments (see note 6) CHAPS payments Foreign cheques cleared by negotiation (see note 6) Foreign cheques cleared by collection (see note 6) Fee No charges No charges 10 per cheque 10 per cheque Unpaid foreign cheque deposit 5 ATM charges Network Who pays Charge/rate Santander (UK) or LINK ATM in the UK N/A No charge ATMs in the UK displaying the Visa symbol, which are not part of the Santander or LINK network Use of Visa card at ATMs within europe (outside the UK) and rest of the world Debit card holders Debit card holders 1.5% of the amount withdrawn (min 1.50) 2.75% of the value Daily transaction limits may apply, for example, but not limited to, ATM withdrawals. Please see our interest rates and fees information, and card user guides. Note 6: Please note that when receiving payments, other banks may deduct charges from the funds before they reach us. These charges are beyond our control.

11 Business Banking Interest Rates and Fees Information Page 11 of 20 Business Current Account (issue 3) transactional limits Transaction Monthly limit Charge for the transaction above the limit Cash and cheque withdrawals Unlimited* N/A Cheque deposits Unlimited* N/A Cash deposited 3, per 100 bacs credits Unlimited* N/A Debit card payments Unlimited* N/A Direct Debits, standing orders, bill payments Unlimited* N/A Transfer between linked accounts Unlimited* N/A *Daily transaction limits may apply, for example, but not limited to, ATM withdrawals. Please see our interest rates and fees information, and card user guides. Business Current Account (issue 3) and other Alliance & Leicester accounts Overdraft interest rates (see note 7) Overdraft interest rates effective from 6 March 2009 Old charge New charge Arranged overdraft 7.0% ear 6.5% ear (6.0% above bank of england base rate) Unarranged overdraft 26.0% ear 25.5% ear (25% above bank of england base rate) Note 7: Arrangement fee of 1% of the amount of the overdraft facility (subject to a minimum of 100) will apply. An annual renewal fee of 1% of the overdraft facility (subject to a minimum of 100) will apply.

12 Business Banking Interest Rates and Fees Information Page 12 of 20 Underfunding Fees The following accounts have an underfunding fee applied if at least 1,000 is not credited per month Account Underfunding Fee Free business Current Account (issues 1 to 4) 5.00 Monthly Admin Fee The following accounts carry a monthly administration fee Account Monthly Fee High Cash Usage Account 5.00 Sub Postmasters Tariff 3.00 Club and Charities Current Account Flat Fee Current Account Pay Point Pay Point (option 2) Pay Zone (up to 1m) Pay Zone ( 1m 10m) Community Current Account (without overdraft) 2.00 Community Current Account (with overdraft) 3.50

13 Business Banking Interest Rates and Fees Information Page 13 of 20 Business Savings Account interest rates All rates effective from 6 March 2009 unless otherwise stated Business Reserve Account (issue 2) Interest rates effective from 1 April 2009 Net rate p.a. Monthly gross rate p.a. Monthly net rate p.a. 10, % 0.80% 1.00% 0.80% 1 9, % 0.20% 0.25% 0.20% Business Reserve Account (issue 1) and Client Business Reserve Account (issue 1) Interest rates effective from 1 April 2009 Net rate p.a. Monthly gross rate p.a. Monthly net rate p.a. 500, % 0.48% 0.60% 0.48% 1 499, % 0.08% 0.10% 0.08% Client Business Reserve (issue 2) Interest rates effective from 8 June 2010 Net rate p.a. Monthly gross rate p.a. Monthly net rate p.a. 10, % 0.80% 1.00% 0.80% 0 9, % 0.20% 0.25% 0.20% Business Reward Saver and Business Client Reward Saver (issue 1) (one withdrawal per year) (including bonus) (see note 8) Interest rates effective from 1 June 2010 Net rate p.a. (including bonus) (see note 8) Gross rate p.a. (excluding bonus) Net rate p.a. (excluding bonus) 30, % 1.47% 0.92% 0.74% Business Reward Saver and Business Client Reward Saver (issue 1) (no withdrawals per year) Interest paid annually Effective rate if withdrawal is made AER (variable) Net rate (see note 9) 30, % 0.10% 0.08% 0 29, % 0.10% 0.08% Effective rate if no withdrawals are made AER (variable) Net rate (see note 9) 30, % 2.00% 1.60% 0 29, % 0.10% 0.08% Note 8: Includes a variable rate bonus for the first 12 months of 1.00% gross/aer. A reduced rate of 0.10% gross/aer will be paid on the full balance on the account for the month in which a withdrawal is made. A reduced rate of 0.10% gross/aer will be paid on balances below 30,000. Note 9: Net and gross interest will be calculated. The net rate is the interest rate we pay after deduction of income tax at the rate specified by law (currently 20%) (sole traders and partnerships). businesses such as Limited Companies, Charities, Local Authorities and Pension Funds are eligible to receive interest without deduction of tax.

14 Business Banking Interest Rates and Fees Information Page 14 of 20 Online Business Bonus Saver Withdrawal made in a month Interest rates effective as at 24 October 2011 Net rate p.a % 0.40% No withdrawals in a month Interest rates effective as at 24 October 2011 (including bonus) (see note 12) Net rate p.a. (including bonus) (see note 12) % 1.20% Business Bonus Saver Withdrawal made in a month Interest rates effective as at 24 October 2011 Net rate p.a % 0.20% No withdrawals made in a month Interest rates effective as at 24 October 2011 (including bonus) (see note 13) Net rate p.a. (including bonus) (see note 13) % 1.00% Client Business Reward Saver Account (Issue 2) Interest paid monthly Effective rate if withdrawal is made 5, % 0.10% 0.08% Interest paid monthly Effective rate if no withdrawals are made 5, % 2.00% 1.58% Interest paid annually Effective rate if withdrawal is made 5, % 0.10% 0.08% Interest paid annually Effective rate if no withdrawals are made 5, % 2.00% 1.60% All interest rates are effective as at 15 February Note 10: Aer stands for Annual equivalent rate and shows what the interest rate would be if we paid interest and added it to your account each year. The gross rate is the interest rate we pay before tax is taken off. rates may change and we pay interest each month or year. Note 11: Net and gross interest will be calculated. Interest will be paid after deducting income tax at the prescribed rate (sole traders and partnerships). businesses such as Limited Companies, Charities, Local Authorities and Pension Funds are eligible to receive interest without deduction of tax. Note 12: Includes a variable rate bonus of 1.00% gross/aer. If any withdrawals are made in a month, in that month only we pay a reduced rate of 0.50% gross/aer on the balance left in the account at the end of that month. Months are calculated from the date of account opening. Note 13: Includes a variable rate bonus of 1.00% gross/aer. If any withdrawals are made in a month, in that month only we pay a reduced rate of 0.25% gross/aer on the balance left in the account at the end of that month. Months are calculated from the date of account opening.

15 Business Banking Interest Rates and Fees Information Page 15 of 20 Client Business Reward Saver Account (Issue 3) Interest paid monthly Effective rate if withdrawal is made 5, % 0.10% 0.08% Interest paid monthly Effective rate if no withdrawals are made 5, % 1.50% 1.19% Interest paid annually Effective rate if withdrawal is made 5, % 0.10% 0.08% Interest paid annually Effective rate if no withdrawals are made 5, % 1.50% 1.20% All interest rates are effective as at 3 January Business Reward Saver Account Interest paid monthly Effective rate if withdrawal is made Gross rate AER (variable) (see note 11) Net rate (see note 12) 5, % 0.10% 0.08% Interest paid monthly Effective rate if no withdrawals are made Gross rate AER (variable) (see note 11) Net rate (see note 12) 5, % 2.00% 1.58% Interest paid annually Effective rate if withdrawal is made Gross rate AER (variable) (see note 11) Net rate (see note 12) 5, % 0.10% 0.08% Interest paid annually Effective rate if no withdrawals are made Gross rate AER (variable) (see note 11) Net rate (see note 12) 5, % 2.00% 1.60% All interest rates are effective as at 31 January 2012.

16 Business Banking Interest Rates and Fees Information Page 16 of 20 Business Reward Saver Account (Issue 3) Interest paid monthly Effective rate if withdrawal is made 5, % 0.10% 0.08% Interest paid monthly Effective rate if no withdrawals are made 5, % 1.50% 1.19% Interest paid annually Effective rate if withdrawal is made 5, % 0.10% 0.08% Interest paid annually Effective rate if no withdrawals are made 5, % 1.50% 1.20% All interest rates are effective as at 3 January Business Direct Saver and Client Business Reserve (issue 2) Interest rates effective from 8 June 2010 Net rate p.a. Monthly gross rate p.a. Monthly net rate p.a. 10, % 0.80% 1.00% 0.80% 1 9, % 0.20% 0.25% 0.20% Community Direct Saver Interest rates effective from 3 February 2010 Net rate p.a. Monthly gross rate p.a. Monthly net rate p.a. 10, % 0.80% 1.00% 0.80% 1 9, % 0.20% 0.25% 0.20%

17 Business Banking Interest Rates and Fees Information Page 17 of 20 Business Instant Access Deposit Account Interest paid monthly Interest rates effective as at 31 January % 1.00% 0.80% Interest paid annually Interest rates effective as at 31 January % 1.00% 0.80% Online Business Reward Saver Account Effective rate if no withdrawal is made 10, % 2.00% 1.60% 0 9, % 0.10% 0.08% Effective rate if a withdrawal is made 10, % 1.84% 1.47% 0 9, % 0.10% 0.08%

18 Business Banking Interest Rates and Fees Information Page 18 of 20 Business Instant Savings (issue 2) accounts opened after 5 December 2008 Base Rate Beater (issue 2) % Community Instant Reserve (issue 3) 50, % Community 30 Day Notice (issue 3) 50, % Business Instant Savings (issue 1) 50, , % 200, % Base Rate Beater (issue 1) 0 199, % 200, % Business 30 Day Notice (issue 5) 0 19, % 20, % Business Instant Savings (issue 2) 0 19, % 20, % Business Instant Savings (issue 3) 0 19, % 20, % Business Instant Savings (issue 4) 0 19, % 20, % Business Instant Savings (issue 5) 0 19, % 20, %

19 Business Banking Interest Rates and Fees Information Page 19 of 20 Business Instant Reserve (issue 4) 50, , % 250, % Business 30 Day Notice (issue 4) 50, , % 250, % High Interest Cheque Account 0 9, % 10, , , , % 0.15% 500, % Business Instant Reserve (Q4 promotion) 0 49, % 50, % Business Instant Reserve (issue 3) 50, % Business 30 Day Notice (issue 3) 50, % Business Instant Reserve (issue 2) 50, % Business 30 Day Notice (issue 2) 50, % Community Instant Reserve (issue 2) 50, % Community 30 Day Notice (issues 1 and 2) 50, % Business Deposit Account 0 199, % 200, % Community and Business HIDA

20 Business Banking Interest Rates and Fees Information Page 20 of 20 Call in to any Santander branch Speak to your Local business Manager Call us on (see note 15) Business 30 Day Notice (issue 1) 50, % Community Instant Reserve (issue 1) Instant Direct Instant Reserve Single Rate Business Instant Reserve Instant Reserve Account Instant Reserve Account (with current account) 0 199, % 200, % Santander is able to provide literature in alternative formats. The formats available are: large print, braille and audio CD. If you would like to register to receive correspondence in an alternative format please visit for more information, ask an adviser in branch or give us a call. ANb MAr 13 H Note 15: Sales lines are open Monday to Friday 8am to 7pm. Account servicing lines are open Monday to Friday 8am to 9pm and Saturday 8am to 1pm. Santander UK plc. registered office: 2 Triton Square, regent s Place, London NW1 3AN, United Kingdom. registered Number registered in england. Telephone calls may be recorded or monitored. Authorised and regulated by the Financial Services Authority, except in respect of its consumer credit products for which Santander UK plc is licensed and regulated by the office of Fair Trading. FSA registration number Santander and the flame logo are registered trademarks.