Switching business bank accounts | Finder UK

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.

Promoted
Starling Business Account

Starling - Current account switch guarantee

  • No monthly fees or fees overseas from Starling Bank
  • Apply in minutes from your mobile
  • Cut down on admin with Quickbooks, Xero & FreeAgent integrations
  • Get real-time payment notifications and categorised transactions
  • Flexible overdraft facility with clear, reasonable rates

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

Data updated regularly
Name Product Account fee Bank transfers Accounting integrations Non-Sterling transactions Overdraft Account management Key benefits
Cashplus Business Bank Account
Free
£0.20
First 10 payments sent each month FREE
Clear Books, FreeAgent, KashFlow, QuickBooks, Sage, Xero
2.99%

On invitation
App, Online
Tide
Free
£0.20
Free if both accounts are with Tide
FreeAgent, KashFlow, QuickBooks, Reckon One, Sage, Xero
Free
App, Online
Register your limited company for free (usually £12) and open a Tide account in one go: choose 'Register a company' from the Tide homepage menu
Starling Business Account
Free
Free
FreeAgent, Xero
Free

Min. 18 months trading to apply
App, Online
Add the new Business Toolkit onto your free Starling account, and get the first month free of charge (RRP £7pcm)
Mettle
Free
Free
FreeAgent, Xero
Unable to make international payments
App
Comes with a suite of free accounting software to integrate with
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
N/A
Free
App
Earn 1% cashback for paying with your ANNA card in selected categories. Enjoy premium benefits free for the first 6 months.
CardOneMoney
£12.50
Free in first 3 months
No monthly account fee for the first three months*

From £0.30
N/A
£10
(international transfer out)
App, Online, Telephone
HSBC Kinetic

No monthly account fees during early access*
Free
QuickBooks, Sage, Xero

International payments unavailable

Up to £30,000 subject to eligibility and application
App, Online
*No monthly account fees for 18 months, thereafter a monthly charge of £6.50 applies
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Compare up to 4 providers

Frequently asked questions about switching business bank accounts

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.

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