Free business banking for Contractors
In an exciting new venture, we have joined forces with Cater Allen to offer our clients free business banking with a host of benefits for Contractors.
We are constantly asked by clients for recommendations on bank accounts for Contractors and in response have enlisted the help of Cater Allen, who are part of the Santander group, to offer free business banking account with the option to have a deferred debit card.
With corporate account interest rates at their lowest ebb, we looked at the other benefits on offer from various providers before choosing Cater Allen for our bank account service.
Unlike other business accounts, you can benefit from a deferred debit card which allows you to spend money today, without it leaving your account for a month. This means you continue to benefit from interest on the balance in your account until the end of the month and it’s only at this time that the amount you have spent on your card is debited. It effectively allows you to buy now and pay later which allows you to manage your cash flow. All you need to do to qualify for this card is to hold £5k in the account for six months. However, if you have previously held an account with another provider and can prove there was a balance of £5k for over for six months then Cater Allen will take this in to account and you can qualify for the deferred debit card. There is no stipulation that you must keep the £5k in the account after qualification for the card.
Cater Allen’s comprehensive online system means you can manage your account with internet banking so you don’t need to wait for your paper statements or visit a bank branch to monitor transactions on your account. Cater Allen also offers a friendly, efficient, personal service over the phone if you would like to speak to someone directly.
Unlike the larger high street providers, Cater Allen won’t charge our clients for their business bank accounts so you benefit from their tailored, personal approach without paying a premium for the privilege. Unlike clients that approach them direct, by applying via ourselves you don’t need to maintain a £5k balance to benefit from free banking either.
You can rest assured that business funds invested with Cater Allen are protected by the compensation scheme so if anything were to go wrong, you are protected up to £50k. Although they are owned by Santander, you are protected separately from the main bank and so you can hold £50k in a Santander account and £50k in a Cater Allen account and benefit from compensation on both.
With the backing of one of the world’s strongest banks behind them, Cater Allen is fast becoming a popular choice for small business owners.
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