We’ve partnered with Cater Allen Bank to offer the Reserve Account business bank account to our contractors.
The Reserve Account, provided by Cater Allen Bank (part of the Santander Group).
The Cater Allen Reserve Account is a business banking current account ideal for professionals who provide services to multiple clients through a Limited Company structure. This could include self-employed professionals such as contractors, consultants, interim managers, freelancers and locums.
Cater Allen recognises the growth within this sector and the requirement for these individuals to have an account that offers services such as duplicate statements and 24/7 online access to balances and transactions, to meet both their needs and those of their accountant. The Reserve Account also offers the high level of service and support you would expect from a private bank.
- The Cater Allen Reserve Account is a fully transactional business account with no monthly or annual account fee, providing the minimum balance of £5,000 is maintained on the account.
- A minimum account opening balance of £5,000 is required (per account), with a minimum balance of £5,000 to be maintained in the account.
- The account provides full internet and telephone banking services.
- Statements are sent to you as the account holder and you can choose have duplicate statements sent to your accountant to facilitate, for example, the preparation of quarterly VAT returns and year-end tax returns.
- Online visibility of the account balance and transactions are available to your accountant to support their ability to provide you with a more dynamic and efficient service.
- 30 day-to-day debit banking transactions can be made per calendar month without incurring a transaction fee, thereafter a charge of 75p per debit transaction applies. Separate service charges are applicable for all non-standard services/transactions.
- The Reserve Account is also available as a US dollar and/or euro account. Multiple currency accounts can be linked under the one business customer name and number. No currency conversion commission/charges are applied when money is transferred between any of the currency Reserve Accounts.
- A Cater Allen Private Bank cheque book and paying book are available for sterling Reserve Accounts and a Visa Deferred-Debit Card is available for each of the respective currencies.
- Interest rates are variable and tiered with a minimum account balance of £100,000 required for interest to be paid on the account.