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Santander to Charge Business Account Fee

Small businesses that bank with Santander are concerned, after it was revealed the bank could start charging a monthly fee to its business customers. The fee, which is set to be £7.50 per month, would affect many of Santander’s 230,000 small business customers.

This will include customers that were transferred to Santander after its takeover of other high street banks such as Alliance and Leicester. Most of these customers previously had free bank accounts, and are said to have been angered by Santander’s suggestion that they will now be charged for the accounts, with no extra benefit offered.

Santander is preparing to send letters to its business customers detailing the changes, and is likely to impose the fee later on this year. All business customers will receive the same fee irrespective of the of company size and turnover.

The bank has commented that the introduction of the fee will help them introduce more business managers to high street banks, and will also cover an extra 0.25pc interest added for business customers.

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