Switching business bank accounts
The process is quick and simple. In fact, all of the work is done by the bank you’re switching to.
Business owners should have no concerns when it comes to switching business bank accounts.
So, if you spot a business bank account that is superior to your existing one, you shouldn’t hesitate to switch and enjoy the benefits of your new account.
How easy is it to change?
When you switch business bank accounts, the process is backed by the Current Account Switch Guarantee.
Under this guarantee, you can be sure that the switch will take no longer than seven working days and that there will be no errors made during the switch. On the rare occasions that this guarantee isn’t met, your new bank will compensate you.
Most UK banks have signed up to this guarantee.
When you apply for a business bank account from any of these banks, you’ll be asked whether you want to switch from an existing account, during your application.
If you do, you’ll be asked to provide the details of this old account. That’s all you need to do!
Your new bank will take care of the rest in seven working days. This includes informing your old bank of the switch, plus transferring over all incoming payments, direct debits and standing orders.
Is it worth switching?
There will be no disruption to your business banking during the seven-day switch process. You’ll continue to use your old business bank account during this time. Your new bank will inform you when the switch is complete, at which point you’ll be able to begin using your new business bank account.
You will be credit checked if you’re applying for a new business bank with an overdraft, which can cause a small dent in your business credit score.
It’s also recommended not to set up any new direct debits or standing orders during the switching process, as these won’t be transferred to your new account.
But, apart from that, if you spot a business bank account with lower fees or more perks, there is no real reason to hesitate on switching.
See our list of the best business bank accounts currently available to see if there’s a more suitable deal out there for you.
Compare business bank accounts
Frequently asked questions about switching business bank accounts
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