Best business bank account switching offers

Want to switch your business bank account? Compare business bank and e-money accounts to find the best offer available.

Promoted
Tide Free logo

Free £80 voucher when switching

  • No monthly fees
  • Earn interest on savings
  • 24/7 customer support
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reviews.io logo
★★★★★
1100+ customer reviews

Best for online banking

Free business account
T&C apply
  • Quick and easy application
  • Freeze your card if you lose it
  • Free, with useful features

Best for small businesses

Finder Award
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No monthly fee
  • Flexible account options
  • Mobile app with lots of good features
  • Ability to issue cards to all employees

Promoted for start ups

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12-month free trial
T&cs apply
  • Includes FreshBooks Accounting Software
  • FSCS Protected

Promoted for free banking

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No monthly fees
  • Fee-free spending abroad
  • Custom payment links
  • Pots to separate money
Table: sorted by promoted deals first
Name Product Finder score Account fee Bank transfers Requires credit check Arranged overdraft Account management Key benefits Business bottom txt Link
OFFER
Monzo Business Lite
3.7
★★★★★
Free
Free
Online & app
Get a free business account with no monthly fees.
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Business Account - Startups
Business Account - Startups
Not yet rated
£8.50 per month
(waived in first 12 months)
Free*

Subject to application, financial circumstances and borrowing history.
Branch, online, app & phone
No monthly account fee for the first 12 months, then £8.50 per month. T&Cs apply. Other charges apply. Free invoice and accounting software provided by FreshBooks, worth over £260 per year, with your Barclays business account. T&Cs apply. *Charges for other bank transfers and card payments apply.
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View details
CASHBACK
ANNA Pay As You Go
4.2
★★★★★
Free
£0.20
per transfer
Online & app
Earn 1% cashback for paying with your ANNA card in selected categories.
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View details
Finder Award
OFFER
Revolut Business Basic
4.3
★★★★★
Free
5/month then 20p per transfer
Online & app
Sign up today and unlock 1 month of a paid plan without subscription fees. T&Cs apply.
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View details
Finder Award
EXCLUSIVE
Tide Free
4.1
★★★★★
Free
£0.20
Free if both accounts are with Tide
Online & app
Get an £50 voucher when you open a Tide business bank account using the code £50VOUCHER
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View details
OFFER
Multi-Currency Business Account
Not yet rated
Free
Free
Online & app
Earn 10% cashback on your first $1,000 of international transactions with Airwallex (T&Cs apply)
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View details
OFFER
Cashplus Business Go Bank Account
3.7
★★★★★
Free
£0.30
Free for first 3 payments sent each month (£0.30 for every transfer thereafter)

By invitation
Online & app
No annual or monthly fee when you apply using the Finder link
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View details
Finder Award
FREE TRIAL
The Co-operative Bank Business Current Account
3.5
★★★★★
Free
Free

On application (subject to status, eligibility and The Co-operative Bank's Lending policy)
Branch, online, app & phone
Free everyday digital business banking with the original ethical bank, plus access to the free ‘Go Get Paid’ app from BankiFi to help you get paid faster, rated 4.9 stars. Sole traders or Single Directors only. Charges apply for cash and cheque transactions. Apply online. T&Cs apply.
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Business account - Turnover up to 400k
Not yet rated
£8.50 per month
Free for EU digital transfers (SEPA)*

Subject to application, financial circumstances and borrowing history.
Branch, online, app & phone
No monthly account fee for the first 12 months, then £8.50 per month. T&Cs apply. Other charges apply. Free invoice and accounting software provided by FreshBooks, worth over £260 per year, with your Barclays business account. T&Cs apply. *Charges for other bank transfers and card payments apply.
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View details
FREE TRIAL
Small Business Account
3.3
★★★★★
£12.50 per month
(waived in first 3 months)
From £0.30
Online, app & phone
No monthly account fee for the first three months
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View details
Business Account - £400k-£6.5m turnover
3.6
★★★★★
£8.50 per month
(waived in first 12 months)
Free for EU digital transfers (SEPA)*

Subject to application, financial circumstances and borrowing history.
Branch, online, app & phone
No monthly account fee for the first 12 months, then £8.50 per month. T&Cs apply. Other charges apply. Free invoice and accounting software provided by FreshBooks, worth over £260 per year, with your Barclays business account. T&Cs apply. *Charges for other bank transfers and card payments apply. Visit here for more information.

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OFFER
Business Account For Start Ups
3.3
★★★★★
£8.50 per month
(no account fee for the first 12 months)
Free
(First 100 electronic payments out free per month; 20p thereafter)

Online, app & phone
Digital banking with no account fee for 12 months*. Free accounting software available to business account holders. T&Cs Apply
*After 12 months, there’s a monthly fee of £8.50. Some fees and transaction charges will apply as soon as the account is open. This offer only applies to the business’s first current account.
Free accounting software available to business account holders. You must be registered for Online for Business or Commercial Banking Online. UK based businesses only.
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Allica Business Current Account
OFFER
Allica Business Current
Not yet rated
Free
Free
Online, app & phone
Earn 4.33% AER* (variable) interest rate on a linked savings pot.
Must have been trading for at least 12 months, and have a minimum balance of £50,000 or be an existing loan product customer of Allica Bank.
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View details
Revolut Business Scale
4.0
★★★★★
£79 per month
1000/month free then 20p per transfer
Online & app
Sign up today and unlock 1 month of a paid plan without subscription fees. T&Cs apply.
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View details
Revolut Business Grow
4.0
★★★★★
£19 per month
100/month free then 20p per transfer
Online & app
Sign up today and unlock 1 month of a paid plan without subscription fees. T&Cs apply.
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View details
Finder Award
CASHBACK
Tide Cashback
3.7
★★★★★
£49.99 per month
Free
150 free per month
Online & app
Get 3 months free with our code, FREEPLAN - Available for a limited time only.
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View details
Finder Award
OFFER
Tide Plus
3.8
★★★★★
£9.99 per month
Free
20 free per month
Online & app
Get 3 months free with our code, FREEPLAN - Available for a limited time only.
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Tide Pro
3.7
★★★★★
£18.99 per month
+ VAT
Free
Online & app
Get 3 months free with our code, FREEPLAN - Available for a limited time only.
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View details
FREE TRIAL
ANNA Business
3.8
★★★★★
£14.90 per month
(waived in first month)
Free
50 free bank transfers per month (20p per transfer after that)
Online & app
Earn 1% cashback for paying with your ANNA card in selected categories.
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View details
FREE TRIAL
ANNA Big Business
4.0
★★★★★
£49.90 per month
Free
Unlimited free bank transfers
Online & app
Earn 1% cashback for paying with your ANNA card in selected categories.
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View details
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Why should I switch business bank accounts?

There are several reasons to switch bank accounts. These could centre around cost, customer service or new features at a rival bank. Here are a few things to think about:

  • Cost. By switching business bank accounts, you could get a better deal on fees. You may be able to reduce your monthly fee or manage to avoid charges on international payments.
  • Incentives. Keep an eye out for incentives to switch. This could be introductory periods for free banking or some sort of bonus.
  • Features. You could be missing out on features that will save you time and money. Invoice servicing, smart bookkeeping, expense management and account integrations can all make a big difference.
  • Customer service. Experiencing poor customer service can be frustrating. Look for a bank that has positive customer testimonials or can offer services like relationship managers.

What is the business banking switch scheme?

There is no official business banking switch scheme. Instead, as long as you’re a small business with an annual turnover that does not exceed £6.5 million and you employ fewer than 50 people, you can use the Current Account Switch Service (CASS).

This means that your new business bank will switch your payments and transfer your balance, and your old bank will close your old account as long as you’re switching between banks and building societies that participate in the scheme.

Don’t get confused with the old RBS Business Banking Switch Scheme. This programme was one of the conditions for the government bailout of the RBS Group, which encouraged RBS business customers to switch to a number of challenger banks. It offered incentives such as “dowries” and financial contributions towards professional fees. But this scheme ended on 28 February 2021.

How do I switch business accounts?

If you’re using the Current Account Switch Service, it’s very easy to switch business accounts. First, make sure you’re eligible to switch. Your business must have fewer than 50 employees and an annual turnover below £6.5 million. Then follow these steps.

  1. Find a new account by comparing features and charges.
  2. Gather the documents you will need to open a new business account.
  3. Open your new account and choose your switch date.
  4. Ask your new bank to move your old account using the Current Account Switch Service.
  5. Start using your new account on the agreed switch date.

As part of the Current Account Switch Guarantee, all your payments will be moved across, and any payments accidentally made to your old account will be automatically redirected to your new account.

Which business banks are part of the scheme?

To make use of the Current Account Switch Scheme, both your old and new bank need to be part of it.

There are over 40 participating banks and building societies in the UK. You can find the full list on the Current Account Switch Service website.

Expert analysis: Why it pays to use a business bank account over a personal one

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Rachel Wait

Writer

Opening a business bank account for your company makes a lot of sense. For a start, some banks simply won't let you use a personal bank account for business transactions. What's more, opening a business bank account will make you look more professional and trustworthy to your clients, who might be happier making payments into a business account rather than a personal one.

Keeping your business transactions separate from personal payments will also make your life a lot easier when it comes to filing your tax returns, plus you can often sync accounting software with your business bank account. Additional benefits include that it can enable you to build a business credit score and you might be able to take advantage of switching perks and higher transaction limits.

Pros and cons

Pros

  • You can potentially reduce your account costs.
  • You can get an incentive for switching.
  • You can choose a bank with better customer service or a better mobile app.
  • All payments are automatically transferred to your new business account thanks to CASS.
  • It’s free and fairly quick; switches are usually completed in 7 days.

Cons

  • Other accounts you might have with the same bank, like business savings accounts, won’t be transferred.
  • If you have a larger business, you must manage and do the switching process yourself.

Bottom line

If you’re looking to switch your business bank account, plenty of choices are available. Consider any switching incentive that’s on offer, and make sure your new business bank account has all the right features and functionalities for you. You can use our best business bank accounts guide to help make your choice.

If your business is small enough, the Current Account Switch Service should make switching accounts painless.

Frequently asked questions

Banking scores

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.

To find out more, read our full methodology.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

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