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Compare Business Accounts for Switchers

  • Work out what you need from your business banking.
  • Compare accounts from apps, online-only and high street banks.
  • Switch to a better deal - and review your banking regularly.

Choose your business current account options

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Switchers
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22 products found
    • Cashplus logo

      Cashplus Business Bank Account

      • Monthly Fee
        Free
      • Card Purchases
        Free
      • Bank Transfers
        30p
      • Overdraft
      • Access
        App & Online
      See Deal + More info
    • Cashplus logo

      Cashplus Business Bank Account with Cashback

      • Monthly Fee
        £69 per year
      • Card Purchases
        Free
      • Bank Transfers
        99p
      • Overdraft
      • Access
        App & Online
      See Deal + More info
      Offer
      No annual fee for the first year First years annual fee of £69 refunded.
      • See 1 more Cashplus product
    • Tide logo

      Tide Business Bank Account

      • Monthly Fee
        Free
      • Card Purchases
        Free
      • Bank Transfers
        20p
      • Overdraft
      • Access
        App & Online
      See Deal + More info
    • Tide logo

      Tide Plus Business Bank Account

      • Monthly Fee
        £9.99
      • Card Purchases
        Free
      • Bank Transfers
        Free
      • Overdraft
      • Access
        App & Online
      See Deal + More info
    • Tide logo

      Tide Cashback Business Bank Account

      • Monthly Fee
        £49.99
      • Card Purchases
        Free
      • Bank Transfers
        Free
      • Overdraft
      • Access
        App & Online
      See Deal + More info
      • See 2 more Tide products
  • HSBC logo

    HSBC Kinetic Business Current Account

    • Monthly Fee
      £6.50*
    • Card Purchases
      Free
    • Bank Transfers
      Free
    • Overdraft
    • Access
      App & Online
    See Deal + More info
    Offer
    *No monthly account fees for the first 12 months
    • ANNA Money logo

      ANNA Money £0 a month

      • Monthly Fee
        Free
      • Card Purchases
        Free
      • Bank Transfers
        Free
      • Overdraft
      • Access
        App only
      See Deal + More info
    • ANNA Money logo

      ANNA Money £19.90 a month

      • Monthly Fee
        £19.90
      • Card Purchases
        Free
      • Bank Transfers
        Free
      • Overdraft
      • Access
        App only
      See Deal + More info
      Offer
      6 months free No transaction or transfer charges.
    • ANNA Money logo

      ANNA Money £9.90 a month

      • Monthly Fee
        £9.90
      • Card Purchases
        Free
      • Bank Transfers
        Free
      • Overdraft
      • Access
        App only
      See Deal + More info
      Offer
      6 months free No transaction or transfer charges.
    • ANNA Money logo

      ANNA Money £4.90 a month

      • Monthly Fee
        £4.90
      • Card Purchases
        Free
      • Bank Transfers
        Free
      • Overdraft
      • Access
        App only
      See Deal + More info
      Offer
      6 months free No transaction or transfer charges.
      • See 3 more ANNA Money products
  • Mettle logo

    Mettle by NatWest

    • Monthly Fee
      Free
    • Card Purchases
      Free
    • Bank Transfers
      Free
    • Overdraft
    • Access
      App only
    See Deal + More info
  • Virgin Money logo

    Virgin Money Business Current Account

    • Monthly Fee
      £6.50
    • Card Purchases
      Free
    • Bank Transfers
      Free
    • Overdraft
    • Access
      Branch, app & online
    See Deal + More info
    Offer
    25 months' fee free day-to-day banking for eligible customers when you open or switch to this account. Fees and charges apply thereafter.
    • Countingup logo

      Countingup Business Account (Starter)

      • Monthly Fee
        Free
      • Card Purchases
        Free
      • Bank Transfers
        20p
      • Overdraft
      • Access
        App only
      See Deal + More info
      Offer
      No monthly charges or bank transfer fees for your first 3 months
    • Countingup logo

      Countingup Business Account (Premium)

      • Monthly Fee
        £9.95
      • Card Purchases
        Free
      • Bank Transfers
        20p
      • Overdraft
      • Access
        App only
      See Deal + More info
      Offer
      No monthly charges or bank transfer fees for your first 3 months
    • Countingup logo

      Countingup Business Account (Standard)

      • Monthly Fee
        £4.95
      • Card Purchases
        Free
      • Bank Transfers
        20p
      • Overdraft
      • Access
        App only
      See Deal + More info
      Offer
      No monthly charges or bank transfer fees for your first 3 months
      • See 2 more Countingup products
  • Starling Bank logo

    Starling Business Bank Account

    • Monthly Fee
      Free
    • Card Purchases
      Free
    • Bank Transfers
      Free
    • Overdraft
    • Access
      App & Online
    See Deal + More info
    Offer
    Add the Business Toolkit into your Starling account and get the first month free (RRP £7pcm)
  • CardOneMoney logo

    CardOneMoney Business Account

    • Monthly Fee
      £12.50*
    • Card Purchases
      Free
    • Bank Transfers
      30p
    • Overdraft
    • Access
      App & Online
    See Deal + More info
    Offer
    *No monthly fee for the first 6 months
  • Acorn logo

    Acorn Business Account

    • Monthly Fee
      £12.50
    • Card Purchases
      Free
    • Bank Transfers
      30p
    • Overdraft
    • Access
      App & Online
    See Deal + More info
    • Revolut logo

      Companies: Revolut Scale

      • Monthly Fee
        £100
      • Card Purchases
        Free
      • Bank Transfers
        Free
      • Overdraft
      • Access
        App & Online
      See Deal + More info
    • Revolut logo

      Companies: Revolut Free

      • Monthly Fee
        Free
      • Card Purchases
        Free
      • Bank Transfers
        Free
      • Overdraft
      • Access
        App & Online
      See Deal + More info
    • Revolut logo

      Companies: Revolut Enterprise

      • Monthly Fee
        Contact Revolut for details
      • Card Purchases
        Free
      • Bank Transfers
        Free
      • Overdraft
      • Access
        App & Online
      See Deal + More info
    • Revolut logo

      Companies: Revolut Grow

      • Monthly Fee
        £25
      • Card Purchases
        Free
      • Bank Transfers
        Free
      • Overdraft
      • Access
        App & Online
      See Deal + More info
      • See 3 more Revolut products

Our comparison service features a selection of providers from whom we receive commission. This table is initially ordered according to our commercial arrangements. Use the drop down menu at the top of the page to order by other criteria.

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Information written by Suzanne Worthington Last updated on 27 July 2021.

It’s easier than ever to switch your business bank account

Switching business bank accounts is easier than ever thanks to support from the UK government and banking industry. Back in 2013, the government launched the Current Account Switch

Service to encourage customers to shop around. The service aims to make switching your current account easy and stress-free and now covers 99% of UK current accounts - including accounts for small businesses.

The switching service boosts healthy competition in UK banking. For customers, this means lower prices, fairer terms and better service. For many business owners, the benefits of switching can outweigh staying with a provider you’ve been with for years.

Pros and cons of switching your business banking

Should you switch? Some common reasons people switch their business banking include:

  • To match what your business needs
    If your business has changed, the way you bank might benefit from changing too. For example, if you no longer need branch service, or to pay in cash or cheques regularly, then a digital-only account might now be an option for you.

  • To get a better deal
    You could save money or pick up an attractive incentive to switch.

  • To integrate your account with your accountancy software
    You might want to switch if you or your accountant is using a software system like QuickBooks, Sage or Xero but your existing account isn’t compatible.

  • To use services not offered by your current provider
    Providers are offering more features to make your finance admin quicker and easier. You might want to switch to get features like invoicing, receipt logging or sub-accounts you can use to put money aside for tax or wages. Or perhaps you’d like access to customer service by text or email.

And here are some common reasons why people decide not to switch:

  • You have to learn how to use a new system
    A new account with a new provider means learning new rules, new processes and a new online banking system.

  • You need to tell customers to use your new details
    You’ll need to update your invoice template and give your new details to everyone who makes transfers to you.

    If you use the Current Account Switch Scheme, your providers promise to redirect payments from your old account to your new one indefinitely, for as long as required, and contact anyone who makes a transfer into your old account to give them your new account details. But in terms of your relationship with your customers, it’s best if you let them know the new details.

  • You have to update your web payments
    Web browsers, mobile systems and shopping sites offer to save your details when you’re buying online. If you’ve stored your details to make online purchasing easier, you’ll need to set them up again if you switch accounts.

  • You have to update your recurring card payments
    A recurring payment on your debit or credit card is called a ‘continuous payment authority’ (CPA). This type of payment isn’t switched by the Current Account Switch Scheme. CPAs are common for things like mobile or broadband services, membership subscriptions and insurance. You’ll need to inform the services you’re paying by CPA that your details have changed. If you don’t do anything, it’s likely the service provider will contact you to ask for alternative payment details but you risk having your account cancelled.

  • You’ll need to give your new details to any third party providers
    If you use a service like Cleo, Emma, Snoop or Yolt that pulls together information about your finances in one app, then you’ll need to add the details or your new account.

Using the same bank for your personal and business banking

You might be able to use the same account provider for your business and personal accounts. There are several reasons some people prefer this:

  • Manage your money more easily
    Some account providers allow you to manage your personal and business finances on the same online platform or app, with the same login. And if your accounts are with a high street bank, you can save time by doing your personal banking and business banking at the same branch.

  • Get a discount
    It’s worth asking your personal account provider if they can offer you a discount or incentive to open a business account with them.

  • Pay yourself faster and fee-free
    If your bank charges a fee for transfers, they might offer free and instantaneous ‘internal transfers’: moving money between accounts at that provider.

And here are two big reasons why you might not want to have your personal and business accounts with the same provider:

  • Get a better deal elsewhere
    Even if managing your money would be easier if your personal and business accounts were in the same place, this might be outweighed by an incentive to switch, lower fees or better services offered elsewhere.

  • Protect more of your money with the FSCS
    This will depend on how much money you hold in your accounts, how your business operates, and how likely you think it is that your provider will fail.

    The Financial Services Compensation Scheme (FSCS) protects up to £85,000 of the ‘eligible’ money you hold with a bank that’s part of the scheme, if that bank fails. (The FSCS defines ‘fail’ as ‘in default’ - if the bank can’t give your money back when you ask them to.)

    If you’re a sole trader, the money in your business and personal accounts held at the same bank adds together to count towards the £85,000 FSCS limit - you wouldn’t be able to make separate claims. But if your business is a limited company, it’s considered legally separate from you so you can claim separately for your business and personal money.

How to switch business bank accounts

  1. Weigh up the pros and cons of switching
    Read through the pros and cons we’ve listed above to help decide whether to switch your account.

  2. Compare business accounts to find the best deal
    Get stuck into some research. You can start by using our comparison table above to find deals for business accounts.

    If you want to take advantage of the Current Account Switch Service, check which providers are signed up.

  3. Apply and switch
    When you’re ready to switch, the first step is to apply for an account with the new provider.

    If your new provider is signed up to the Current Account Switch Service, it’s likely they’ll ask you if you want to use the service when you apply. Then, on the date you pick, your new account will be ready to use with your existing scheduled payments (Direct Debits and standing orders) transferred to the new account.

    If your provider isn’t part of the Current Account Switch Service, you’ll need to cancel your existing scheduled payments and set them up on your new account.

    Regardless of whether or not you’re using the Current Account Switching Scheme, you'll need to:

    • download any statements you need from your old account.
    • update your invoice template with your new details.
    • tell customers to use your new details.
    • update any companies you're paying by recurring card payment.
    • update your saved payment details next time you buy online.
    • add your new account details to any third party apps which aggregate your financial information.

  4. Check your old account
    If you’ve switched using the Current Account Switch Service, your old account will be closed automatically. Check your post and email for notifications.

    If you didn’t use the Current Account Switch Service and you want to close the old account, you’ll need to ask your old provider to do this.

  5. Review your business banking regularly
    It’s sensible to review your business banking at least annually to make sure you’re getting the service you need at the best price. You could set a recurring reminder in your calendar. If you have an accountant, you could ask them to keep an eye on your account to make sure you’re getting value for money.

Switching business bank accounts FAQ

Can I switch my business bank account?

Switching business bank accounts isn’t only possible, it’s actively encouraged by the UK government and banking industry.

In the past, switching was a hassle but the Current Account Switch Service has made it much easier and there’s more choice than ever.

What is the Current Account Switching Scheme?

The Current Account Switching Scheme was established in 2013 to encourage consumers to switch their current accounts and to open up the banking market.

Before the scheme was introduced, many customers thought it was too much hassle to switch so they stuck with their existing accounts. Now, switching - including accounts for small businesses - is much simpler and providers signed up to the scheme promise to complete the switch within seven days. This includes moving your Direct Debits, standing orders and any remaining balance to your new account.

What is the Current Account Switching Guarantee?

The Current Account Switching Guarantee is the set of promises made by account providers signed up to the Current Account Switch Scheme. The guarantee includes promises to complete the switch in seven days, to offer the service for free, and to redirect your payments.

What is the Business Banking Switch Scheme?

The Business Banking Switch Scheme isn’t the same as the Current Account Switch Scheme (see above).

The Business Banking Switch Scheme was for people who held their business current account with RBS or NatWest - it offered incentives to switch to other providers. The scheme was one of the measures RBS and NatWest agreed to after they received a government bail-out in 2008. The aim was to decrease the market-share RBS and NatWest held for business accounts and to improve competition in UK banking.

The scheme expired on 28 February 2021. Small businesses who still hold an account with RBS or NatWest can still switch but the incentivised scheme has now ended.

How long does it take to switch business bank accounts?

For business accounts covered by the Current Account Switching Scheme, banks promise to complete the entire switching process in no longer than seven days. You’ll need to apply for an account with your new provider and inform them that you want to use the switching service (often they’ll ask you about this during the application process). You can then pick a date for the switch - it must be a weekday in at least seven working days time, and not a weekend or bank holiday. Your new bank will do the rest. You don’t need to inform your old bank.

If you’re switching to a provider that isn’t covered by the Current Account Switch Scheme, there’s no guarantee about how long it will take. It could take minutes to open your new account, or it could take weeks. When your new account is open, you’ll need to do the switch yourself: cancel existing scheduled payments and set them up again on the new account, transfer across money in the old account, inform your customers and so on.

Do I have to close my existing account when I open a new business bank account?

It’s up to you.

If you use the Current Account Switch Service, your old provider will close your existing account for you automatically after they have transferred all the money and scheduled payments (Direct Debits and standing orders) to your new account.

If you want to keep your old account open, you can’t use the Current Account Switch Service.

Will I be charged a penalty fee if I switch business accounts?

You shouldn't be charged a penalty to switch accounts but you’ll need to clear any debts with your existing provider before you can switch. For example, your balance must be positive or zero and you’ll need to be up-to-date with your payments for their services. If you’re not sure, check the T&Cs of your account.

About the author:

Sooze is a specialist financial services writer, working ‘on the inside’ to help businesses communicate clearly for over 10 years. Her work has been awarded Fairer Finance’s Clear & Simple Mark. Read more

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