Overview

• Santander will start levying a £9.99 monthly charge on longstanding business accounts from October despite written guarantees of free banking forever.
• The bank says accounts opened before its 2008 mergers were moved in 2015 into the Business Every Day contract, which omitted the original fee waiver.
• Customers who successfully blocked a similar 2012 fee attempt are among those mobilising objections and considering legal action.
• Santander argues the new charge is part of a strategy to streamline its business banking products and adapt to sector changes over the past decade.
• The fee announcement comes alongside Santander’s £2.65 billion all-cash agreement to acquire TSB Banking Group, reinforcing its UK expansion plans.