Business or personal? Make sure you’re using the right type of bank account

Be more efficient

With a Santander UK business banking account, you can:

• Keep your business income and expenditure separate from personal
• Quickly provide information to your bank when you’re applying for credit
• Find the right information easily for HMRC to calculate your accurate tax bill

Build a business credit profile

You might need credit to help manage and grow your business. Using a business account may make the application process easier. A business account will help you:

• Provide consistent and transparent information about your trading history
• Show you have a legally trading business
• Show how promptly you make payments for services
• Show how well you manage your business finances

Budgeting and forecasting

Having a grasp of cash flow is important when running a business. And it’s not as difficult to do as it might seem. Having a business account can make it easier to spot trends in your income and spending. It’ll show you:

• How quickly your customers are paying their invoices. In 2023, SMEs (Small and Medium-sized Enterprises) were owed on average an estimated £22,000 in late payments*
• If your income and expenditure changes seasonally. This’ll help you plan for times when there might be more money going out of the business than coming in
• When you might need some financial support through a loan, overdraft or credit card

Be more credible

Portraying a professional image is one way you can get ahead of your competitors. It’ll also give your customers confidence in you. A business account means:

• Customers will know they’re paying a real business for goods and services. This is especially important with the rise of fraud and scams
• You can offer your customers a range of ways to pay by linking payment solutions to your account. For example, any card payments you take from customers can be paid directly into your business account. Or if you send a customer a link via email to pay you, their payment can be paid directly into your business account
• You might be eligible for other forms of financial support for your business such as grants. They’ll normally only be paid into a business account. Eligibility for grants depends on individual circumstances. You can visit the Department for Business and Trade’s website for more information on available grants.

British Business Bank are independent experts in small business finance. They can offer you impartial guidance.

Get the right support at the right time

If you have a Santander UK business banking account, they’ll know you run a business. And this means:

• You can talk to one of their Business Banking Managers about your business. They can’t give you advice. But they can talk through possible product solutions. Or signpost you to other groups that could help you
• You could get the right type of help when you need it most. Santander will make you aware of the range of support they can offer you and your business
• You’re best prepared for when the unexpected happens and you need financial help or advice

Next steps

• Explore Santander business banking accounts
• Explore Santander borrowing and finance

Lending is subject to status and checks.