Changes to current and savings accounts

We're updating the terms & conditions for all our business current and savings accounts. These changes affect our Business Banking General Terms & Conditions and Key Facts Documents. 

We’re letting you know now, so you have plenty of time to understand the changes or get in touch if you have any questions.

From 9 April 2025 you’ll be able to get the new terms on our website, in branch or by calling us and asking for a copy to be posted to you. You can find more information about the changes below.
 

When we’ll refund you if you make a payment to a fraudster
 

From 7 October 2024, new rules will apply to protect consumers and some businesses from Authorised Push Payment scams (APP scams). An APP scam happens when:
 

• You meant to send money to a particular person, but you were deceived or manipulated into sending money to someone else; or
• You sent money to someone for what you believed was a genuine purpose, but it was actually fraudulent.

Under the new rules, you may be entitled to a refund if a payment you sent was part of an APP scam. These new rules will only apply to small business and small charity customers.

• A small business is a business that has less than 10 employees and has an annual turnover or annual balance sheet total that is not more than €2 million.
• A small charity is a UK charity that has an annual income of less than £1 million.

If you are a small business or small charity
 

We’re updating the terms to explain when you may be entitled to a refund. We’ve also set out the steps you, and we, will need to take to report and investigate any APP scam payments before we give a refund.
 

• Payments that are covered: You may be entitled to a refund if you make an electronic payment in pounds sterling by Faster Payments, CHAPS or internal transfer to another account in the UK which is not under your control. The new rules won’t apply to payments you make by debit card or direct debit.
• Telling us about the APP scam: You’ll need to tell us as soon as you discover the scam and within 13 months of the last payment made as part of the scam.
• What we’ll do once you tell us: We’ll look at everything that’s happened and consider your particular circumstances. If you’re entitled to a refund, we’ll refund you within 5 working days after you tell us about the payment, unless we need more information. If we do, we’ll give you a final decision within 35 working days.
• Giving us information: You’ll need to give us enough information to make a decision and we might ask you to share, or consent to us sharing, the information with the police or another relevant authority.
• Reasons why you may not get a refund: If you don’t tell us within the required timeframes, you’ve acted fraudulently, dishonestly or illegally; or there’s a genuine dispute with the person who you paid for goods or services. If we find you’ve been very careless and you should’ve known that the payment was part of an APP scam, you normally won’t get a refund. 
• Things you should do to protect yourself: We’ll expect you to take some steps to protect yourself from fraud. These include:
   
  • Listening to warnings: When we, or someone else such as the police, warn you about the risk that a payment you want to make may be part of an APP scam.
  • Sharing information with us: When we make a reasonable and proportionate request about a payment so we can look into your claim.
  • Telling us about the fraud: Within the timeframes set out above.

  • Reporting the APP scam to the police: If we ask you to. We may also ask for your consent for us to report the APP scam to the police on your behalf.

     

• How much you’ll be refunded: We’ll refund you any payments made as part of an APP scam up to the maximum amount set by the regulator. You can find the current limit on our website. We may make you responsible for the first £100 of your claim.
• APP scam payments made before 7 October 2024: The terms already explain what will happen if you’re a victim of an APP scam – see the section “Payments made to a fraudster”. Those terms will continue to apply to electronic payments (other than direct debits or debit card payments) made in the UK in pounds sterling as part of an APP scam before 7 October 2024.
   

If you are a customer other than a small business or small charity
 

The terms explain that we may refund you if you’re a victim of an APP scam and you make an electronic payment (other than direct debits or debit card payments) in the UK in pounds sterling. From 9 April 2025 we will not refund you if you make a payment to a fraudster as part of an APP scam. 

Check our website for tips on how to protect yourself from fraud and scams. Please contact us on 0330 123 9860 to tell us about any suspected fraud or scams on your account as it's important to let us know as soon as possible.
 

Removing reference to the Business Banking Resolution Service
 

Currently, if you’re not happy with how we deal with a complaint, you may be able to refer it to the Financial Ombudsman Service (FOS) or the Business Banking Resolution Service (BBRS).

The BBRS is closing and you can only refer new complaints to it up to 13 December 2024. The BBRS will still deal with any complaints referred to it by that date. As a result, we’re removing reference to your right to refer a complaint to the BBRS from the terms.

You may still be able to refer complaints to the FOS if you need to.
 

Why we’re making these changes
 

From 9 April 2025, we’re making changes to our terms to ensure they reflect changes in law and regulation and how we operate our business.
 

Do you need to do anything?
 

These changes will happen automatically on 9 April 2025. If you're happy with them, you don’t need to do anything to accept them.
If you’re not happy with the changes, or feel your account is no longer right for you, you can close it and end your agreement with us with no charge (subject to your product terms and conditions).
If you’d like to close your account, our website has the most up to date information on how you can do this. Visit santander.co.uk and search ‘close business account’.
Your right to close an account without charge doesn’t apply if you have a Fixed Rate Business Bond. If you have an overdraft, you’ll need to repay this before we close your account.

We’re updating the terms and conditions for all our business current and savings accounts. These changes affect our Business Banking General Terms & Conditions and some of our Key Facts Documents (which set out the terms that apply to specific accounts).

We’re telling you now, so you have plenty of time to understand the changes or get in touch if you have any questions.

From 4 February 2025, you’ll find the new terms on our website, in branch or by calling us and asking for a copy to be posted to you. You can find more information below.

Closure of fax payment channel and payments by post 

Due to changes in the way telephony services are provided, fax services are no longer guaranteed to work in the same way. Because of this, we’ll no longer be accepting payment instructions by fax. However, there are lots of alternatives to fax machines now widely available. To find out more about these changes, visit ofcom.org.uk and search ‘removing fax’.

We’ll also no longer be accepting payment instructions by post.

You can find information on the payment methods available to you in the Key Facts Document for your account.

Information you must tell us about your business 

Our terms and conditions outline when you must tell us about changes to your business. We’re updating these to make it clear that you must tell us about any important changes to your business. This includes changes to the nature of your business, such as the activities your business normally carries out. It also applies to any changes to your trading address or to the type of entity your business is, e.g. a change from a sole trader or a partnership to a limited company.

Coin deposit restrictions 

We’re removing the general restriction on the amount of coin you can deposit into any account in each year, but limits on individual deposits will still apply to particular accounts. You can ask us about these limits at any time. You can also find more information on the annual deposit limits that apply to your account in your Key Facts Document.

Updating the addresses you can contact us at 

We’re updating some of our postal addresses if you want to get in touch with us in writing.

Why we’re making these changes 

From 4 February 2025, we’re making changes to our terms.

• We’re making changes to ensure our terms comply with law and regulation. 
• There are updates to reflect how we do business including our approach to changes in technology.

Do you need to do anything? 

These changes will happen automatically on 4 February 2025. If you’re happy with the changes, you don’t need to do anything to accept them. If you currently rely on making fax payments, you’ll need to make alternative payment arrangements.

We’re here to support you and can provide you with details of how to make payments in other ways. On our website, there are several ways you can make convenient, secure payments for free. Visit santander.co.uk and search ‘ways to bank’.

If you’re not happy with the changes, or feel your account is no longer right for you, you can close it and end your agreement with us with no charge (subject to your product terms and conditions).

If you’d like to close your account, our website has the most up to date information on how you can do this. Visit santander.co.uk and search ‘close business account’.

Your right to close an account without charge doesn’t apply if you have a Fixed Rate Business Bond. If you have an overdraft, you’ll need to repay this before we close your account. 

From 4 July 2024 we’ll no longer be part of the Lending Standards Board’s (LSB) Standards of Lending Practice. 
Membership of the LSB is voluntary for the banking and lending industry. 

Our withdrawal won’t impact the products we provide to you and how they operate, or the way we treat you.