Business Banking Switch

Switching your business bank account can help you find one that is more suitable for your business’s needs. Another bank might offer a better deal for your business.

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Business Banking Switch

Are you thinking about switching banks?

If you're unhappy with your business's current account, switching to another bank is relatively easy. Most banks will move everything from your old bank account to your new one, including any direct debits and standing orders.

To switch to a new bank, apply for a business account online and write a note that you are switching during the application process. You'll need to provide your old bank account details and tell the new bank when you want the switch to start. Under no circumstances will you ever be asked for any passwords.

How to switch business bank accounts?

It's standard practice that banks charge a small fee to their business clients per transaction. You'll pay a fixed amount with every payment or bank transfer, something that, over time, can add up to a substantial amount. This is why shopping around for an account with a better rate might save you money in the long run as a small business owner.

What is the Current Account Switch Service?

This free service allows you to switch your current account from one bank to another in five to seven working days. It's easy to do, and once the switch is complete, you can close your old account and start using the new one immediately. 

As part of the switch, payments on your behalf, such as salary and subscription payments, will be moved to your new account once the account is open. Payment redirections can be set up for any credits or debits from your old account for up to three years.

Is my bank participating in the scheme?

If your bank is registered in England and Wales with a registered office in either country, it will most likely be signed up for the big switch. How can I check? On their website, you can check if your current bank is participating in the Current Account Switch Service. Over 40 UK banks and building societies are signed up for the Current Account Switch Service. 

Which banks offer incentives?

There are currently nine banks that offer incentives, and the independent Banking Competition Remedies Limited has chosen them.

  • Arbuthnot Latham & Co.

  • Clydesdale & Yorkshire Bank

  • The Co-operative Bank

  • Hampden & Co.

  • Handelsbanken

  • Metro Bank

  • Santander UK

  • Starling Bank

  • TSB

If the bank you were thinking of switching to isn't included in the list above, you can still compare business current accounts to find the one with the best terms and conditions.

Why switch?

The incentives will vary between cash and non-monetary offers. It might be an extended period of free business banking or access to premium benefits or even lower transaction fees.

Once you enter your details and are confirmed eligible, you can see the relevant offers available.

Check third-party provider permissions before you switch

Permissions given to Third Party Providers (TPPs) to make payments on your behalf or access your financial data won't be transferred automatically to your new account as part of the Current Account Switch Service.

  • Before closing your bank account, check whether you have any TPP permissions

  • Once your new account is open, you can give any TPP access to it by providing them with your new business's current account details. You'll need to contact the TPP directly to set this up

How to apply

If you are eligible to switch to a new bank plc — one that is registered and regulated by the financial conduct authority — you will need to follow these steps:

  • Go to the website of the bank you want to switch to, such as NatWest or RBS to apply

  • Enter your account number and sort code to confirm your eligibility

  • Browse and compare offers from participating banks

  • Choose an offer and apply

If you meet the eligibility criteria and all account checks are completed, any bank that is authorised by the financial conduct authority and the prudential regulation authority will expect the following:

Businesses with turnover of £400k+

If you've been trading for more than a year and have sales of more than £400k in the last 12 months, the bank will, in most cases, assign you a dedicated business development manager to help with the switch.

Businesses with turnover under £400k

If you've been trading for less than 12 months, or your business had sales of less than £400k in the last 12 months, you will need to call the bank's customer service number for more details about switching.

Simon Cureton

Chief Executive Officer

Simon has been Chief Executive Officer at Funding Options since 2019, spearheading its transformation into a leading fintech with the launch of its Funding Cloud platform. Simon has over 27 years of experience in financial services, having held senior posts at some of the biggest players in the industry all over the world.

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