Cater Allen business banking review
Cater Allen is a private and commercial bank based in the UK, offering business, personal, and savings accounts. As a subsidiary of Santander UK, it provides specialist banking solutions tailored for professionals, SMEs, and high-net-worth individuals.
Key features of Cater Allen
1. Business and personal current accounts
- No monthly account fees on most account types.
- Dedicated account numbers with UK sort codes.
- FSCS protection up to £85,000 per eligible depositor.
- Cheque and cash handling options available.
2. Specialist banking services
- Private banking for high-net-worth clients.
- Multiple currency accounts for businesses dealing in international transactions.
- Interest-bearing accounts for both individuals and businesses.
- Fixed-term deposit accounts offering competitive interest rates.
3. Digital and online banking
- Online banking portal for account management.
- Automated payments including direct debits and standing orders.
- No mobile app, relying primarily on web-based banking.
4. Business and professional services
- Multi-user access for business accounts.
- Bulk payments and payroll services.
- Free international payments for certain account types.
- Integration with accounting software such as Xero and QuickBooks.
Cater Allen fees and pricing
1. Account fees
- No standard monthly fees for most accounts.
- Minimum balance requirements may apply to maintain fee-free status.
- Transaction fees may apply for specific payment types.
2. Transaction fees
- UK bank transfers: Free for most accounts.
- International payments: Free or subject to minimal fees based on account type.
- Cheque processing: Charges may apply for bulk cheque handling.
3. Additional costs
- Cash withdrawal limits: Daily ATM withdrawal limits may apply.
- Replacement card fee: Charges apply for lost or damaged debit cards.
- Account closure fee: May be applicable under certain conditions.
Pros and cons of Cater Allen
Pros
- No monthly account fees on most accounts.
- Strong FSCS protection for eligible deposits.
- Specialist banking solutions for businesses and professionals.
- Multi-currency support for international transactions.
- Integration with accounting tools for business users.
Cons
- No mobile banking app, limiting on-the-go access.
- High minimum balance requirements to maintain fee-free status.
- Limited in-branch services, as most transactions are digital.
- Transaction fees on specific services, such as bulk cheque processing.
How Cater Allen compares to competitors
| Feature | Cater Allen | Barclays Business | HSBC Business | Santander Business |
|---|---|---|---|---|
| Business current accounts | Yes | Yes | Yes | Yes |
| Monthly fees | No (with conditions) | Yes (£8-£12.50) | Yes (£6.50-£12.50) | Yes (varies) |
| Multi-currency accounts | Yes | Yes | Yes | No |
| Online banking | Yes | Yes | Yes | Yes |
| Mobile banking | No | Yes | Yes | Yes |
| FSCS protection | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) | Yes (£85,000) |
| Ideal for | Professionals, SMEs, high-net-worth individuals | SMEs, startups | SMEs, corporates | SMEs, freelancers |
Who should use Cater Allen?
- High-net-worth individuals and professionals: Tailored banking solutions with dedicated account services.
- SMEs needing multi-currency accounts: Supports international business operations.
- Business owners preferring traditional banking: Offers strong security with online banking solutions.
- Customers looking for fee-free banking: Available for those maintaining minimum balance requirements.
Our verdict
Cater Allen is a specialist UK bank offering business, personal, and professional banking services with multi-currency support and no monthly fees (with conditions). While it lacks a mobile app and branch network, it is an excellent choice for business owners, professionals, and high-net-worth individuals seeking a secure, interest-bearing, and internationally capable banking solution.
For businesses and individuals looking for fee-free banking with multi-currency support, Cater Allen presents a trusted and tailored banking alternative to mainstream high-street banks.