Cater Allen Private Bank Business Banking

About Cater Allen Private Bank

Cater Allen Private Bank are a bank specifically for private clients and professional advisors. The bank was first founded in 1816 in the North West of England and stayed independent until they joined Santander Group back in 1997, as a subsidiary with their own banking license.

See our full Cater Allen Private Bank's business bank account review of features, fees and how they compare against other online and high street bank accounts.

Cater Allen Private Bank pros & cons

Pros of Cater Allen

• No annual or monthly account fees
• Online, telephone, and post banking
• Up to 30 free day-to-day transactions
• Multiple currencies available
• Open online with no appointment needed
• Benefits from FSCS protection

Cons of Cater Allen

• Only offers interest on balances above £500k
• No overdraft facility is available
• No mobile banking app

Cater Allen business current account

Cater Allen Private Bank only offer the one current account.

Their Reserve Account is a free bank account that is available in pounds, euros or US dollars.

Interest is paid on balances above £500,000 at a rate of 0.05% AER and you can open the account within three to five working days with no need for an appointment.

Here are the standard fees for Cater Allen's account:

Eligibility

To be eligible for a Cater Allen Private Bank account you must:

• Either be introduced by a professional advisor registered with Cater Allen
• Or be applying for another account in the same business name
• Or be a company or organisation registered in the UK
• Or be a sole trader, partnership, self-employed professional (such as a contractor), consultant, interim manager, freelancer, or locum
• Be 18 or older & a resident in the UK

Opening an account

Here's how to open a Cater Allen Private Bank business account:

1. Download Cater Allen's application pack from their website
2. Complete their application - Cater Allen will confirm your eligibility
3. Send the application, along with a photocopy of ID, to Cater Allen by post
4. Once approved (usually within 5 days) you can start banking

Cater Allen business savings accounts

Cater Allen Private Bank offer two types of business savings accounts.

Their Business Notice 35, a 35-day notice account which has an interest rate starting at 3.00% AER on balances up to £1 million, 4.45% between £1 million and £5 million, and 4.70% AER on anything over £5 million.

And their Fixed Term Deposit Account which allows you to secure your money away for one or two years. The minimum deposit is £85,000 and interest is earned on balances above the minimum at 4.30% to 4.75% AER, depending on the term.

Cater Allen Private Bank reviews

Cater Allen Private Bank scores poorly with 1.9 stars on Trustpilot, from 135 reviews with 81% giving them 1-star.

Information correct as of 29th January 2024.