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?

Fact checked

Business bank accounts that offer the guaranteed switching service

Starling

Starling Business Account

★★★★★

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24/7 customer support

Instant notifications

Software integration
The era of banking in its traditional form is being surpassed. Digital banking is on the rise, offering customers 24/7 access to their bank accounts via apps and other types of online accounts. Thanks to that you can manage your money anytime you want and anywhere you are. What’s more, you can get instant notifications about the payments you made or received and, in many cases, sort your invoices quickly and easily. If you’re looking for the best user-experience, Starling may be the best option for you.
  • Add the new Business Toolkit onto your free Starling account, and get the first month free of charge (RRP £7pcm)
  • Completely free UK current account opened and ready to use in 20 minutes
  • Safe and secure
  • Fully licensed by the FCA and PRA
  • Free to use your card abroad including ATM withdrawals, splitting the bill made easy with "settle up" feature competitive and comprehensible overdraft fees
  • Decent interest rate paid on current account balances
  • Efficient app offering a range of good features such as budgeting tools and saving features
  • Has a marketplace offering competitive pensions
  • Mortgages and insurance from other growing fintech companies
  • Teen account options
  • 24/7 customer support (for all types of enquiries)
  • Relatively new so does not offer every feature e.g. mortgages
  • No bank branches, all done via the web
  • Only available to UK residents
Account fee £0
UK ATM Charge Free
Account software integration platforms Xero, FreeAgent
UK transfer charge £0
Additional cards No additional cards
Additional card fee N/A
Credit check Soft search with no impact on credit score
Promoted
Tide

Open an account with Tide

  • Award-winning, smart, simple business account
  • The hassle-free account for your business
  • Get your sort code and account number in minutes

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

Data indicated here is updated regularly
Name Product Account fee Bank transfers Accounting integrations Non-Sterling transactions Overdraft Account management Key benefits
Tide
Free
£0.20
Free if both accounts are with Tide
Xero, QuickBooks, FreeAgent, ReckonOne, Kashflow and Sage
Free
App
Free company registration when you open a Tide business account (usually £12)
Amaiz
£9.99 per month
Free in first month
Free Starter plan available
£0.20
FreeAgent, Xero, Sage, Reckon One, Kashflow, QuickBooks
1%
0.5% in Europe, 1% elsewhere
App, Online
Cashplus business
£69
£0.99
Free transfers in first 3 months
FreeAgent, Xero
2.99%

On invitation
App, Online
ANNA
Free
Free up to a max. balance of £5,000 (or up to £500 paid in per month)
Free
2 free transfers per month and unlimited free transfers to Anna accounts
Coming soon
Free
App
Earn 1% cashback for paying with your ANNA card in selected categories. Enjoy premium benefits free for the first 6 months.
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