Santander Virtual Accounts can help towards compliance with client money regulations and may be suitable for solicitors, accountants and general cash management.
Features and benefits of Santander Virtual Accounts
- Automatic allocation of receipts into individual virtual accounts
- Reductions in administrative time and effort
- Centralise cash into the Pooled Account and benefit from higher rates of return
- Directly control the opening of any number of virtual accounts
- Accessed through a secure online web portal to manage funds from any location
- We’ll provide initial training and ongoing back office support
How does it work?
To operate Santander Virtual Accounts you’ll need to open a minimum of two Corporate Current Account Plus (CCA+) accounts - an Office Account for interest and charges and a Pooled Account to hold all cash balances.
Once set up, Santander Virtual Accounts reflects the total balance held in the Pooled Account across any number of virtual accounts. Virtual accounts are not real bank accounts but are a means of identifying specific funds held within the overall Pooled Account balance.
- Two Corporate Current Account Plus (CCA+) accounts (Office Account and Pooled Account) to be opened
- Connect Plus (Online Banking) access
- CCA+ and Connect Plus fees apply in addition to the fees for Santander Virtual Accounts
If you require more than one Santander Virtual Accounts structure (one Office Account, one Pooled Account and multiple virtual accounts) e.g. one for clients and one for payroll, you’ll be charged separately for each structure and any additional fees associated with Connect Plus.
You can cancel Santander Virtual Accounts by providing two months’ notice. Any fees paid are non-refundable. For more information on Santander Virtual Accounts, including the product eligibility criteria, please contact your local Relationship Director.