Cater Allen private banking guide for businesses

Considering a Cater Allen business account? As a private bank with more than 200 years of history and Santander backing, it has a certain appeal for UK businesses looking for something beyond the high street.¹ But private banking isn't for everyone, and the features that matter most depend on how your business actually operates.

In this Cater Allen business account review, we've broken down everything you need to know about the company's business accounts, from account types and fees to eligibility requirements and services. We've also looked at how Wise Business could work as an alternative, especially if your business deals in multiple currencies, sends payments internationally or needs to make large transfers efficiently.

💡 Learn more about Wise Business

Cater Allen private banking for business: a summary

Here's a quick snapshot of what Cater Allen offers for businesses:²

What private bank accounts are available for businesses at Cater Allen?

Cater Allen offers three business accounts. One is a current account; the other two are savings products.² Each serves a different purpose, so the right choice depends on whether you need day-to-day banking, a place to park surplus cash, or both.

Reserve Account

This is Cater Allen's business current account. It's available in GBP, EUR, and USD, making it the only account in their range that supports multiple currencies.³

It comes with a Visa Debit card, up to 30 everyday debit transactions per month, and access to internet banking. Interest is paid on GBP balances over £500,000 at a rate of 0.05% AER.³

No monthly or annual account fees apply. But there's no overdraft facility, so it's designed for businesses that operate in credit.

Fixed Term Deposit Account

If your business has cash it won't need for a set period, this account locks it away at a guaranteed interest rate. Terms range from 3 to 24 months, with rates currently between 3.53% and 3.85% AER depending on the term.⁴

The minimum deposit is £5,000. It's available in GBP only, and you can't access the funds until the term ends. Deposits must be made by electronic transfer, not cheques.

Business Notice 35 Account

A middle ground between instant access and a fixed term. You earn interest on all balances, but you need to give 35 days' notice before making a withdrawal.⁵

Rates are tiered: 2.20% AER on balances under £1 million, 3.40% AER between £1 million and £5 million, and 3.65% AER on balances over £5 million.⁵ It's GBP only.

What are the features of Cater Allen business accounts?

Each account has a different feature set. Here's what you get with each.

Reserve Account features

• Visa Debit card with contactless payments
• Up to 30 free everyday debit transactions per month (£0.75 per transaction after that)⁶
• Internet banking access (no mobile app)⁷
• Accounts available in GBP, EUR, and USD
• No charge for transfers between your own Cater Allen currency accounts³
• Standing orders, Direct Debits, and bill payments included
• Faster Payments up to £100,000 per single transaction online⁸

For businesses that send or receive international payments, it's worth noting that Cater Allen processes these by phone only, meaning you can't send money outside the UK through their internet banking platform.⁷ If international transactions are a regular part of your operations, a service like Wise Business could handle those more efficiently, with international transfers processed online using the mid-market exchange rate*.

Fixed Term Deposit Account features⁴

• Guaranteed fixed interest rate for the full term
• Terms of 3, 6, 9, 12, 18, or 24 months
• Interest paid into the deposit (12 and 24 month terms pay yearly, then again at maturity)
• Rollover options at maturity: reinvest, add funds, partially withdraw, or close⁴
• GBP only

Business Notice 35 Account features⁵

• Interest paid on all balances (no minimum threshold)
• 35-day notice period for withdrawals
• Interest calculated daily, credited monthly
• Internet banking access⁵
• GBP only

What are the eligibility and minimum deposit requirements for Cater Allen business banking?

Cater Allen business accounts are available to limited companies, partnerships, and contractors.² Sole traders may also be eligible, though the application process can be more involved.

To open an account, you'll need to provide identification documents as outlined in Cater Allen's Customer Identification Requirements.³ This typically includes proof of identity and address for all directors, partners, or authorised signatories.

Here's what to expect:

• Reserve Account: No minimum deposit. Account opening takes an average of 5 days, with 50% of customers receiving their account number on the same day (once all documents are submitted).⁷ Debit cards arrive within approximately 7 days.⁷
• Fixed Term Deposit: Minimum deposit of £5,000. Funds must be sent by electronic transfer to a control account before being moved to your FTD.⁴
• Business Notice 35 Account: No minimum deposit. Account opening within 7 days for new customers; quicker for existing ones.⁵

One thing to note: Cater Allen doesn't have a branch network. Applications are handled by post or online, and all account management is done via internet banking or phone. There's no mobile app available.⁷

If you're a business that values being able to open an account quickly and manage everything from a single app, Wise Business offers online registration with a business account opening fee of £50 (Advanced plan) or for free (Essential plan).

What are the private banking fees for Cater Allen business accounts?

One of Cater Allen's selling points is that the Reserve Account has no monthly or annual fees.³ But that doesn't mean banking is entirely free. Here's a breakdown of the key charges from their Banking Tariff:⁶

For businesses making regular international payments, SWIFT and CHAPS fees can add up, particularly when combined with foreign exchange commission on card transactions. Wise Business offers a different approach: transparent fees shown before you send, with conversions at the mid-market exchange rate* and no hidden markups.

💡 Learn more about Wise Business

What services does Cater Allen offer for businesses?

Beyond the accounts themselves, Cater Allen provides a handful of services for business customers:

• Internet banking: View balances, make UK payments, set up standing orders, and manage payees online. Available 24/7, though the platform is desktop-only with no mobile app.⁷
• Telephone banking: Available Monday to Friday, 8:00–6:00 pm, and Saturday, 9:00–2:00 pm. Required for international payments, notice account withdrawals, and some account changes.⁷
• Visa Debit card: Contactless payments and ATM withdrawals. Free within the UK; commission applies for foreign currency transactions.⁶
• Multi-currency accounts: The Reserve Account supports GBP, EUR, and USD, with free transfers between your own currency accounts under the same customer number.³
• Bulk payments: Upload multiple payments via internet banking using a payment template.⁸
• FSCS protection: Deposits are protected up to £120,000 per eligible depositor under the Financial Services Compensation Scheme.⁹

Cater Allen does not currently offer:⁷

• A mobile banking app
• Overdraft facilities
• Cheque deposit via mobile or branch (cheques must be posted)
• API integrations or accounting software connections
• Merchant services or payment gateway solutions

If your business needs features like batch payments, accounting software integrations, or the ability to hold and convert between 40+ currencies, Wise Business covers those gaps.

What are the benefits of private banking with Cater Allen as a business?

There are genuine reasons a business might choose Cater Allen. Here are the main ones:

• No monthly fees on the current account: The Reserve Account is fee-free for day-to-day banking, which is unusual for a private bank.³
• FSCS protection: As a fully licensed UK bank (a subsidiary of Santander UK plc), deposits are covered up to £120,000.⁹
• Multi-currency current account: GBP, EUR, and USD under one roof, with free internal transfers between your own accounts.³
• Competitive savings rates: The Fixed Term Deposit and Notice 35 accounts offer rates that can outperform many high-street alternatives.
• UK-based client service team: Phone support is handled by a UK team, not outsourced overseas.
• 200+ years of history: Longevity and Santander backing provide a degree of institutional stability.¹

That said, there are trade-offs. The lack of a mobile app, limited online functionality for international payments, and the absence of overdraft facilities mean Cater Allen is better suited to businesses with straightforward banking needs and healthy cash reserves.

Discover Wise Business, an alternative to private banking

If your business operates across borders or simply wants more flexibility with how it manages money, Wise Business is worth a look. Wise Business isn't a bank. It's an authorised electronic money institution, that gives businesses the tools to send, receive, and manage money internationally without the friction that often comes with traditional banking setups.

Here's what Wise Business offers:

• Hold and convert between 40+ currencies in one account
• Get local account details in 8+ currencies, so you can receive payments like a local
• Send money to 140+ countries using the mid-market exchange rate*
• Transparent fees shown upfront before every transfer with no hidden markups
• Batch payments for paying multiple suppliers or employees in one go
• Integration with accounting software like Xero, QuickBooks, and FreeAgent
• A Wise Business debit card that works in 150+ countries
• Earn 0.5% cashback on eligible card spending
• Make your money work harder with Wise Interest (capital at risk, growth not guaranteed)

For businesses that deal with international clients, suppliers, or contractors, the ability to hold funds in local currencies and convert at the mid-market exchange rate* can make a meaningful difference to the bottom line. Cater Allen's Reserve Account supports three currencies, while Wise Business supports 40+.

Open a Wise Business account for a one-off fee of £50 (Advanced plan) or for free (Essential plan) and start managing your business finances across currencies, with full visibility over every fee, every time.

Be Smart, Get Wise.

Get started with Wise Business 🚀

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Investments can fluctuate, and your capital is at risk. Interest is offered by Wise Assets UK Ltd, a subsidiary of Wise Payments Ltd. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you're uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.

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*Disclaimer: The UK Wise Business pricing structure is changing with effect from 26/11/2025 date. Receiving money, direct debits and getting paid features are not available with the Essential Plan which you can open for free. Pay a one-time set up fee of £50 to unlock Advanced features including account details to receive payments in 22+ currencies or 8+ currencies for non-swift payments. You’ll also get access to our invoice generating tool, payment links, QuickPay QR codes and the ability to set up direct debits all within one account. Please check our website for the latest pricing information.

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Sources used:

1. Cater Allen — About Us — https://www.caterallen.co.uk/about-us
2. Cater Allen — Business Banking — https://www.caterallen.co.uk/accounts/business-banking
3. Cater Allen — Reserve Account — https://www.caterallen.co.uk/accounts/business-banking/reserve-account
4. Cater Allen — Fixed Term Deposit Account for Business — https://www.caterallen.co.uk/accounts/business-banking/fixed-term-deposit-account-for-business
5. Cater Allen — Business Notice 35 Account — https://www.caterallen.co.uk/accounts/business-banking/business-notice-35-account
6. Cater Allen — Banking Tariff (PDF) — https://www.caterallen.co.uk/media/g0nhjzry/banking-tariff.pdf
7. Cater Allen — Service Quality Information — https://www.caterallen.co.uk/banking-support/our-service/service-quality-information
8. Cater Allen — Payment Services — https://www.caterallen.co.uk/banking-support/payments/payment-services
9. Cater Allen – Financial Services Compensation Scheme – https://www.caterallen.co.uk/about-us/financial-services-compensation-scheme

Sources last checked: 18th May 2026