This Content Was Last Updated on November 5, 2015 by Jessica Garbett
Many of our clients have an interest bearing current account with Cater Allen Private Bank, part of Abbey, and in turn part of the Spanish group Banco Santander.
A couple of points about these accounts.
First, we’ve had some queries from clients in light of recent banking shenanigans as to guarantees etc. Cater Allen have their own banking licence, seperate to Abbey and Santander, which means that small companies (broadly those with a turnover below £5.6m) benefit from the £50,000 UK government guarantee of balances – as do individual account holders – and due to the seperate banking licence, monies held in Cater Allen are guaranteed seperately in addition to any monies with Abbey (so if you have accounts with both, both accounts are seperately guaranteed).
Secondly, Cater Allen updated their terms of business recently and have sent a copy of these to all their customers. One of the clauses is a minimum balance of £5,000 else a monthly service charge applies. Just to confirm that we as a firm have negotiated special terms with Cater Allen so this minimum balance doesn’t apply to our clients – theres no charge levied if your balance drops below £5,000, although you don’t earn interst below that level.
If you’re a client of ours and would like more information on Cater Allens business banking, please get in touch. Preferrential terms only apply to accounts opened via ourselves.