{"id":30684,"date":"2025-01-24T14:44:07","date_gmt":"2025-01-24T14:44:07","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/?post_type=knowledge&#038;p=30684"},"modified":"2025-05-22T13:03:52","modified_gmt":"2025-05-22T13:03:52","slug":"how-to-switch-business-bank-account","status":"publish","type":"knowledge","link":"https:\/\/www.simplybusiness.co.uk\/knowledge\/banking\/how-to-switch-business-bank-account\/","title":{"rendered":"How to switch business bank account: a small business guide"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">It might surprise you to know that switching your business bank account is a fairly simple process. There are lots of reasons why switching might benefit your business \u2013 from lower fees to better benefits, technology, and tools. And if your bank is <a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/banking\/what-do-bank-closures-mean-for-small-businesses\/\" data-type=\"knowledge\" data-id=\"1204\" >closing its local branch<\/a>, switching to one with a brick and mortar branch close by could be helpful.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Most of the switching process is managed by the Current Account Switching Service. But it\u2019s also important to identify the bank account that best suits your business and prepare your payments and records for the switch.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We look at these steps and more in this guide.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><a href=\"#switch\">Should I switch business bank accounts?&nbsp;<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#choosing-a-business-bank-account\">Choosing a business bank account\u00a0<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#preparing\">Preparing to switch business bank accounts\u00a0<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#how-to\">How to switch business bank accounts\u00a0<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"#how-long\">How long does it take to switch business bank accounts?\u00a0<\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"switch\">Should I switch business bank accounts?&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">There are number of reasons you might want to switch your business bank account:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><strong>Changing business needs \u2013<\/strong> some bank accounts are built with smaller businesses in mind. As your company grows, you might find yourself needing to switch&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>International business \u2013<\/strong> if you start working internationally, you\u2019ll need an account that can handle multiple currencies and international payments<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>Fees \u2013<\/strong> you may have initially opened your account with a fee-free offer period, or could be finding that the fees you\u2019ve been paying are hitting your bottom line. It might benefit you to switch to another account with lower fees, or none at all&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>Benefits \u2013<\/strong> some business accounts offer useful benefits such as debit card cashback, or you might want to switch to take advantage of better interest rates. You can even get a cash bonus when you switch&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>Tech and tools \u2013<\/strong> certain banking apps are easier to use and come with more useful features, such as the ability to pay in cheques as well as built-in tools for jobs like invoicing&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>Branch closures \u2013<\/strong> Banks and building societies have closed 6,228 branches since 2015, with big brands such as Lloyds, Halifax, and Barclays planning more closures for 2025. If you prefer to do your banking in person, you might choose to switch to a bank with a nearby branch&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">If you think switching bank accounts might benefit your business for any reason, read on to find out how to find the best bank account for you and how to prepare for and manage the switching process.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-group has-azure-200-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-30c80bf8 wp-block-group-is-layout-constrained\" style=\"border-radius:35px;margin-top:var(--wp--preset--spacing--90);margin-bottom:var(--wp--preset--spacing--90);padding-top:var(--wp--preset--spacing--90);padding-right:var(--wp--preset--spacing--90);padding-bottom:var(--wp--preset--spacing--90);padding-left:var(--wp--preset--spacing--90)\">\n<h2 class=\"wp-block-heading\" id=\"choosing-a-business-bank-account\">Choosing a business bank account&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">With so many options to choose from, finding the right bank account for your business can feel overwhelming. We\u2019ve identified a few key categories you should consider:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">Overall service quality<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Online and mobile banking services&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Small business overdraft and loan services&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Relationship and account management&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Service in branches and business centres&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This helps you identify what\u2019s most important to your business and choose an account that\u2019s ranked best in this area.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Check out our full article to <a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/banking\/best-small-business-bank-account\/\" data-type=\"knowledge\" data-id=\"1332\" >compare business bank accounts<\/a>.&nbsp;<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"preparing\">Preparing to switch business bank accounts&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Once you\u2019ve decided which business bank account will likely suit your business, there are a few final checks you need to make.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><strong>Check the fees \u2013 <\/strong>many business bank accounts have a monthly fee, and you\u2019ll want to see if the benefits of the account for your business offset the fees. You\u2019ll also want to find out much you might have to pay to send and receive money \u2013 such as via debit and credit cards, BACS, CHAPS, and cheque&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>Check any small print \u2013<\/strong> while many bank accounts are marketed well, you\u2019ll want to look beyond the headlines to find out if they\u2019ll really suit your business and if you meet any eligibility requirements. You might need to make a minimum number of deposits or direct debits a month&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\"><strong>Agree an overdraft limit \u2013<\/strong> make sure you\u2019re allowed an overdraft limit that covers any amount withdrawn on your existing account and your regular business needs&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">If you hold your business bank account with a partner, they\u2019ll also have to agree to move to a new bank.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"how-to\">How to switch business bank accounts&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Switching bank accounts is relatively simple \u2013 either contact your new bank or apply for an account online. They will then use the Current Account Switching Service to safely move your banking to a new bank or building society. This will help you move your money, standing orders, Direct Debits, and even future payments to a new account.<\/p>\n\n\n\n<div class=\"wp-block-group has-azure-300-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-69910985 wp-block-group-is-layout-constrained\" style=\"border-radius:10px;padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--90);padding-bottom:var(--wp--preset--spacing--50);padding-left:var(--wp--preset--spacing--90)\">\n<p class=\"wp-block-paragraph\">To prepare for the switch, it\u2019s a good idea to:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">let your bank know if you want a copy of your account history, as your transactions won\u2019t be transferred when you move&nbsp;<\/li>\n\n\n\n<li class=\"wp-block-list-item\">review standing orders and Direct Debits on your existing account and cancel any that you don\u2019t need&nbsp;<\/li>\n<\/ul>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">The final step is setting a switch date. This will need to be at least seven days after your application and can\u2019t be on a weekend or bank holiday. You\u2019ll also want to consider how long it will take for the bank to send you and activate new debit or credit cards and whether you\u2019ll be making or receiving any payments during this time.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If there are any problems with your switch date, your bank will contact you. If anything goes wrong with the switch, you\u2019ll be covered for any losses.&nbsp;<\/p>\n\n\n\n<div id=\"nba-body-001\">\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-can-i-switch-business-bank-accounts-if-i-have-a-loan\">Can I switch business bank accounts if I have a loan?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If you have a small business loan, many banks will let you use another provider to look after your your business banking while continuing to manage your loan. You might have to open something called a fee-free Loan Servicing Account with your old bank while you pay off the loan.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"how-long\">How long does it take to switch business bank accounts?&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While it only takes seven days to switch once your application has gone through, some banks can take around a week to decide whether to accept you. Some will accept you instantly online.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-more-business-banking-guides-nbsp\">More business banking guides&nbsp;<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/business-structure\/current-bank-of-england-base-rate-for-businesses\/\" data-type=\"knowledge\" data-id=\"1374\" >How the Bank of England base rate affects your business<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/banking\/cash-deposit-limits-for-businesses\/\" data-type=\"knowledge\" data-id=\"25217\" >Cash deposit limits on business bank accounts<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/banking\/getting-a-mortgage-when-self-employed\/\" data-type=\"knowledge\" data-id=\"1093\" >How to get a mortgage when self-employed<\/a><\/li>\n\n\n\n<li class=\"wp-block-list-item\"><a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/banking\/joint-business-account-for-small-businesses\/\" data-type=\"knowledge\" data-id=\"1466\" >The best joint business account for small businesses<\/a><\/li>\n<\/ul>\n\n\n\n<div id=\"nba-body-end\">\n<\/div>\n\n\n\n<div id=\"nba-upsell-001\" class=\"wp-block-group has-azure-200-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-94e519ba wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--80);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--80);padding-left:var(--wp--preset--spacing--40)\">\n<h3 class=\"wp-block-heading has-text-align-center\">Ready to set up your cover?<\/h3>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">As one of the UK&#8217;s biggest <a href=\"\/business-insurance\/\" data-type=\"page\" data-id=\"5152\" >business insurance<\/a> providers, we specialise in <a href=\"\/business-insurance\/public-liability-insurance\/\">public liability insurance<\/a> and protect more trades than anybody else. Why not take a look now and build a quick, tailored quote?<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/quote.simplybusiness.co.uk\/business\">Start your quote<\/a><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Deciding to switch business bank account could benefit your small business \u2013 find out how to do it with our guide.<\/p>\n","protected":false},"author":52,"featured_media":23915,"comment_status":"open","ping_status":"closed","template":"","meta":{"sb_hreflang":"","sb_hreflang_url":"","disable_breadcrumbs":false,"sb_breadcrumbs":[],"sb_reviewed_by":"","sb_review_date":"","sb_enable_content_gating":true,"footnotes":""},"categories":[356],"hidden-category":[],"coauthors":[308],"class_list":["post-30684","knowledge","type-knowledge","status-publish","has-post-thumbnail","hentry","category-banking"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How to switch business bank account: a small business guide<\/title>\n<meta name=\"description\" content=\"Deciding to switch business bank account could benefit your small business \u2013 find out how to do it with our guide.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/banking\/how-to-switch-business-bank-account\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to switch business bank account: a small business guide\" \/>\n<meta property=\"og:description\" content=\"Deciding to switch business bank account could benefit your small business \u2013 find out how to do it with our guide.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/banking\/how-to-switch-business-bank-account\/\" \/>\n<meta property=\"og:site_name\" content=\"Simply Business UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/simplybusiness\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-22T13:03:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.simplybusiness.co.uk\/wp-content\/uploads\/sites\/3\/2024\/08\/how-to-open-a-business-bank-account.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"815\" \/>\n\t<meta property=\"og:image:height\" content=\"549\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@simplybusiness\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"6 minutes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data2\" content=\"Lucy England\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.simplybusiness.co.uk\/knowledge\/banking\/how-to-switch-business-bank-account\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.simplybusiness.co.uk\/knowledge\/banking\/how-to-switch-business-bank-account\/\"},\"author\":{\"@type\":\"Person\",\"name\":\"Lucy England\",\"description\":\"Lucy England has been writing for and about small businesses for around ten years. 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