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.
Updated . What changed?
Business bank accounts that offer the guaranteed switching service
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.
Frequently asked questions about switching business bank accounts
Compare business bank accounts
More guides on Finder
PayPal and your debit card
Linking your debit and credit card to your PayPal account can save you time when shopping online. Here’s how.
Opening a second bank account
Discover whether it’s possible for you to open a second bank account, plus the pros and cons of doing so.
Best bank accounts
Discover how to find the best bank account for your needs.
How does life insurance work?
Find out how life insurance works and what policy is right for you.
Guaranteed business bank accounts
If your credit score is less than ideal, you might be worried about being refused for a business account application. But there are business accounts with no credit checks, sometimes referred to as “guaranteed”, that can offer a solution.
Business bank accounts for discharged bankrupts
It can be hard to get accepted for a business account after bankruptcy, even once you have been discharged. But some banks do offer business bank accounts without credit checks and will allow you to open an account.
Benefits of a business account
While it may look like additional admin work, opening a separate business account is actually likely to make your work life easier and more organised. Here are the pros and cons.
How to set up a business bank account
Need a bank account for your business but unsure of where to start? This guide covers all the basics, from why it’s a good idea to open one to the documents you will need.
Which banks give you money for switching?
We look at switching bonuses, what they are, how they work, and which banks offer the best ones. If you’re fed up with your current bank, there is no good reason not to switch and get a nice little cash bonus as an extra perk.
The safest bank in the UK
While there is no such thing as absolute safety, there are a few things you can look at to try and figure out how likely your bank is to collapse.
Ask an Expert