ComparisonLast checked 8 November 2026

Incard vs Santander Business: which suits your business?

Santander's Business Current Account – Classic is a high-street bank account with FSCS cover, free UK and SEPA electronic payments and a £9.99 monthly fee, for businesses with up to two directors or owners. Incard is an e-money account that pays uncapped cashback on eligible card spend on a £0 plan, with GBP, EUR and USD IBANs.

By the editorial team. How we make money.

Incard suits you if

Ads, software or travel are a big part of your card spending
You want cashback on the account's own card, with no monthly fee
You pay in other currencies: 1.8% on Incard Free against 2.95% at Santander
Your business has more than two directors or owners, which Santander's Classic account doesn't accept

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

What a year of card spending earns you

Incard Free against Santander Business Current Account – Classic, 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 Business Current Account – Classic: 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 is free for the first 12 months for start-ups and switchers, then £9.99 a month. It doesn't list cashback on the debit card.

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

The biggest difference: bank vs e-money

Santander is a bank (Santander UK plc). Eligible deposits are protected by the FSCS up to £120,000 per depositor, added together across Santander brands, and a sole trader's balance is added to the owner's personal balances.

Incard is an e-money institution (FCA firm reference number 1027309). It safeguards your money, kept separate from its own and not lent out, and it isn't covered by the FSCS. Is Incard safe? explains what that means.

Monthly and everyday fees

Santander charges £9.99 a month, free for the first 12 months for start-ups and switchers. Faster Payments, SEPA and other electronic payments are free. The first £1,000 of cash a month is free at Santander cash machines, then £1.25 per £100, and cheques cost £0.70 each. CHAPS and international payments cost £25, and the account pays no interest.

Incard Free costs £0 a month with 100 local transfers included, then £0.30 each. It doesn't list cash deposits.

Cashback: only Incard pays it on the account

Santander doesn't list cashback on its business debit card; it offers 1% on a separate Business Cashback Credit Card with an annual fee. Incard pays 1% on advertising, recurring software and travel and 0.5% on other eligible spend on its £0 Free plan, uncapped, from the account itself. £5,000 a month on ads and software earns about £600 a year on Incard; Santander's account costs about £120 a year after the free period. Simple arithmetic, not a forecast. See which brands count.

Foreign currency

Santander charges 2.95% on debit card payments and cash in a foreign currency (no fee at Santander cash machines in Spain), and doesn't list a currency account on its account pages. Incard charges 1.8% on Free and 1.5% on Grow and Plus, and gives you GBP, EUR and USD IBANs with £5,000 a month of exchange at the interbank rate on Free.

Who can open each account

Santander's Classic account is for UK-registered sole traders, partnerships, LLPs and private limited companies with no more than two directors, owners or partners, each 18 or over and living in the UK. Payment and e-money institutions aren't accepted. Incard accepts UK limited companies, LLPs and registered sole traders, and Swiss GmbH, AG and sole-trader businesses.

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

Our verdict

Incard is the better fit for card-heavy businesses: cashback on ads, software and travel, lower card FX fees and three currencies, with no monthly fee. Santander is the better fit if you need a bank with FSCS cover, pay in cash, or send lots of free SEPA payments.

Our pick for card spend

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E-money · safeguarded, no FSCS

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