santander business account

rgi7445

Hi all!! need some advice please... currently i'm with HSBC business banking, but as of next month i will have to pay for the privilage. but i have seen that santander offer free business banking for life and if you open the account with £2500 and pay in £1000 ppm for the first year you will earn 5% aer on the £2500 as long as you keep it in there which im able to do (£1000 will be going back and forth via halifax reward) my question is though all though this sounds like a good deal, i've read through the forums and seem to hear nothing but bad stuff about santander so does anyone have experience wiith this account and is it trouble free?

many thanks (first time threader)

PC_Gabriel_Kent

The Santander business account is free. There are some parameters though. You can pay in upto £3000 in cash and 100 individual cheques as well as write out 100 cheques without charge. Things like DD's and SO's etc are all free. Debit card use is free also.

However you cannot transact in the branch at the counter. You run the account by phone, internet and cash machine. This is why the account is free. The account will more than likely be opened by an SBA (small business advisor) on an appointment basis. They will do a good job for you opening it etc. After that though that is it. The SBA is not interested in helping you further unless you want to open other accounts. Complaints and such are not their department due to the structure of their role ie high points target for opening accounts.

rgi7445

thanks for the advice, think i will go for that as i only have a few business transactions per month and will be worth it for the interest for the year.