By Kayla Gomez 
No matter where you do business, your banking institution needs to work for you. As one of the largest banks in the world, Santander Bank offers many services for international business transactions that can make them a major contender in the banking industry, especially if your business does any international transactions.
With account options geared towards accelerating company growth, Santander Bank offers account options for both smaller and larger businesses. Here’s the lowdown on their main business account offerings.
| Account Type | Company Type | Details |
|---|---|---|
| Basic Business Checking | Small companies with low monthly transactions. | • $7.50 monthly fee • Daily balance of $1,500 • 50 free transactions per month |
| Business Checking | Companies with low to moderate balances and transaction volumes. | • $15 monthly fee • Daily balance of $5,000 • 300 free transactions per month |
| Business Checking Plus | Larger organizations seeking a premium banking partnership. | • $50 monthly fee • Daily balance of $40,000 • 750 free transactions per month |
The minimum initial deposit for your new business account varies between checking account types, but you can waive the monthly account fee by maintaining a balance of at least $1,500 for Basic Business Checking, $5,000 for Business Checking, and $40,000 for Business Checking Plus. Santander Bank offers decent CD and money market rates, as well as other specialty banking accounts, but with a relatively low APY of 0.03% on savings accounts, businesses looking for high interest-bearing potential may need to look elsewhere.
While the personal banking app seems to perform better, the Santander Bank mobile business banking app receives consistently low ratings for both iPhone and Android users. Rated 1.7 out of 5 stars in the Apple store (64 ratings), and 3.2 out of 5 stars in the Google Play store (94 ratings), the app could use some more focused development. Common complaints include feeling like the app development needs a serious upgrade to make it competitive with other banking apps, though I did like the fact I could keep my business and personal banking separate within the app. More on the mobile app below:
Though under-performing compared to larger retail banks, Santander’s mobile app does provide some advantages to business consumers. Check out these pros and cons of the app itself.
| Pros | Cons |
|---|---|
| Mobile Bill Pay With an update to the in-app calendar, you can now set up and schedule bill pay services from your mobile device. | Poor UX Design Compared to other mobile banking apps, the user interface is lackluster, and new developments tend to be released before the bugs are fixed. |
| Business or Pleasure For small business owners who want to keep personal and business banking separate but within reach, you can see your balances from both types of accounts on the same dashboard screen. | Freeze-out Essential mobile account access features like mobile deposit are lackluster and often crash or freeze at the most inconvenient times. |
A bank’s reputation goes beyond their mobile presence. You probably want to know how banking with Santander Bank would affect your bottom line, so here are a few more details to consider.
| Pros | Cons |
|---|---|
| International Exchange Rates When it comes to doing business overseas, Santander offers competitive currency exchange rates and dedicated foreign exchange advisors to help you grow your business internationally. | Few U.S. Branches Their domestic presence is limited to a small Northeast region of the U.S., making branch visits difficult outside of that area. |
| Foreign Trade Partner International-trade services and an online Trade Portal are designed to make the financial aspect of your exporting and importing activities go smoothly. | High Fees Be prepared for some hefty fees when withdrawing money abroad or out-of-network. High overdraft fees can also be piled on, so watch your balance. |
| Entrepreneur Resources Check out their Business First resources for ideas and inspiration for growing or improving your business |
As far as banking goes, Santander Bank could be a good option for businesses that are looking for a banking partnership that will give them an international edge. However, busy entrepreneurs in the digital age need better mobile access to their financial lifeline, so I give them 3 out of 5 stars.
Want to be the first to know when they launch?
No business owner wants to be in the red or pay avoidable fees — but when it happens, it’s important to have a plan. Setting up a line of credit to cover your businesses overdraft fees is one option.
By Chris KellerMaking sure you have enough cash on hand to pay your expenses all year round can be tricky when you’re earning most of your revenue during only part of the year.
By Jennifer SokolowskyYou should consider much more than which bank is close by or which one you’re currently using to manage personal accounts. Though there are many reasons to a select a business bank, one of the most important is understanding the bank’s overdraft fee policy.
By Chris KellerWith a wide range of variety in the banking needs of small businesses, it can be difficult to find a one-size-fits-all financial solution. As a small business owner, you want to be able to make the best choice in finding a banking partner to help your company grow. We’ve compiled the account features and downsides […]
By Kayla Gomez