ComparisonLast checked 8 November 2026

Santander vs Wise Business

Business Current Account – Classic, a high-street account for UK businesses with up to two directors, owners or partners, with free UK electronic payments and a £9.99 monthly fee. A multi-currency account for paying and getting paid internationally, with no monthly fee and conversion fees that vary by currency. We also show Incard, our pick for businesses whose main costs go on cards.

By the editorial team. How we make money.

Where Incard beats both

You spend thousands a month on cards, especially on advertising, software or travel
You want card cashback, which Santander or Wise Business don't list
You want cards for your team, which Santander or Wise Business don't list
You're comfortable with safeguarding instead of FSCS cover

cashback a year on Incard's £0 Free plan from £5,000 a month of eligible ads, software and travel spend. Simple arithmetic, not a forecast.

£600

Apply for Incard on incard.co

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What a year of card spending earns you

Incard Free against Santander's cheapest plan, at your monthly spend on ads, software and travel.

Monthly card spend on ads, software and travel£5,000

£719.88 a year better off with Incard

Incard Free: £600 cashback, £0 fees
Santander's cheapest plan: no cashback, £119.88 fees

Simple arithmetic, not a forecast: 1% on eligible ads, software and travel spend at merchants on Incard's eligible brand list, and each plan's published monthly fee. Other fees, such as FX and ATM charges, aren't included. Santander's cheapest plan: Free for 12 months for start-ups and switchers, then £9.99 a month.

Santander suits you if

Your business has no more than two directors, owners or partners
You pay in up to £1,000 in cash a month at Santander cash machines
You send SEPA euro payments, which are free
You're a start-up or switcher who can use 12 months free

Wise Business suits you if

You get paid or pay suppliers in many currencies
You convert large amounts and want per-conversion pricing from 0.24%
You're a partnership, which Incard doesn't accept

At a glance

**Table notes:** correct as of 8 November 2026, from each provider's own pages listed under Sources. “Not listed” means the provider's pages we checked don't say.
	Santander	Wise Business	Incard
Type and protection	Bank · FSCS cover	E-money · safeguarded, no FSCS	E-money · safeguarded, no FSCS
Who can open one	UK sole traders, UK limited companies and LLPs	UK sole traders and UK limited companies	UK sole traders, UK limited companies, LLPs, Swiss GmbHs and AGs and Swiss sole traders
Cheapest plan	Free for 12 months for start-ups and switchers, then £9.99 a month	No subscription or monthly fee	Free: £0 a month
Plans (monthly)	Business Current Account – Classic: £9.99 a month	No monthly fee; £50 for account details	Free £0, Grow £49, Plus from £199
Card cashback	Not listed for the debit card; 1% on the separate Business Cashback Credit Card, which has an annual fee	Not listed	Free: 1% on ads, software and travel, 0.5% on other eligible spend. Higher on Grow and Plus. Uncapped
Card payments in other currencies	2.95% foreign currency conversion fee	Free in a currency you hold; otherwise conversion from 0.24%	1.8% on Free, 1.5% on Grow and Plus
Domestic transfers	Free	Receiving domestic payments free in 9 currencies	100 included on Free, 250 on Grow, then £0.30 each
International transfers	£25; SEPA payments free	Conversion from 0.24%, varies by currency	3 included on Grow; otherwise from £5 (SHA) or £20 (OUR)
ATM withdrawals	Free at Santander and LINK cash machines in the UK	£250 a month free, then 2.69%	2% in the UK, 2.5% abroad
Cash deposits	First £1,000 a month free at Santander cash machines, then £1.25 per £100	Not listed	Not listed
Currencies you can hold	GBP; no currency account listed on the account pages	Account details in 22 currencies	GBP, EUR and USD, with IBANs
Accepting card payments	Through Santander's partner Worldpay; pricing not listed	Not listed	Not listed

Where they differ

Based on what each provider lists on its own pages. If a feature isn't listed, check with the provider before you rule it out.

Only Santander lists cash deposits and card payments from customers.
Only Incard lists card cashback, cards for your team, accounts for Swiss GmbHs and AGs and accounts for Swiss sole traders.

What each one is, and who can open one

Santander

Santander UK plc, authorised by the PRA and regulated by the FCA and PRA (Financial Services Register number 106054). Eligible deposits are protected up to £120,000 per depositor by the FSCS. Deposits with Santander, cahoot, Santander Business and Santander Corporate & Commercial are added together, and sole trader balances are added to the owner's personal balances.

Who can open one: Sole traders, partnerships, LLPs and private limited companies registered in the UK, with no more than two directors, owners (shareholders) or partners, each 18 or over and living in the UK. Payment institutions, e-money institutions and payment initiation or account information providers aren't accepted. Full Santander profile.

Wise Business

In the UK, Wise Payments Ltd is an FCA-authorised e-money institution (FRN 900507). It is not a bank. Safeguarded: Wise holds customer money as cash at banks, in secure liquid assets such as government bonds, or backed by a guarantee. E-money and payment services from Wise Payments Ltd aren't covered by the FSCS.

Who can open one: Sole traders and freelancers, limited and public companies, and most partnerships. For new UK registrations, Wise doesn't currently accept trusts or Scottish, English or Northern Ireland limited partnerships. Prohibited activities include cryptocurrency, tobacco and adult content. Full Wise Business profile.

Incard

Incard Ltd is authorised by the FCA as an electronic money institution (firm reference number 1027309). It is not a bank. Safeguarded: Incard keeps customer funds separate from its own money, in accounts with authorised credit institutions, and doesn't lend or invest them. Funds are not protected by the FSCS.

Who can open one: UK limited companies and LLPs, UK sole traders and freelancers registered with their local authority, and Swiss GmbH, AG and sole-trader businesses. EEA onboarding is paused until an expected restart in 2027. Public sector bodies, cooperatives, charities, foundations and trusts aren't accepted, and a long list of industries is restricted. Full Incard profile.

Our e-money vs bank account guide explains what safeguarding and FSCS cover mean if a provider fails.

When Incard isn't the answer

Incard isn't the right account if

Your business is registered outside the UK and Switzerland. EEA onboarding is paused until an expected restart in 2027
You're a charity, cooperative, foundation, trust or public body, or work in one of Incard's restricted industries