Compare Business Accounts for Switchers

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Free mobile business account by NatWest. Apply in minutes.

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Get paid faster - Create and send invoices on the go
Get tax ready - sync with accounting software like FreeAgent, Xero and Quickbooks

Available for UK based limited companies, sole traders or side hustlers with up to two owners that are UK residents. Maximum balance of £100k for limited companies and £50k for sole traders.

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Information written by Kristina Fox Last updated on 25 May 2022.

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

Switching business bank accounts has never been easier 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 includes bank 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 a 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 such as 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 via an app or by 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 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 existing provider will redirect payments from your old account to your new one indefinitely 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 services such as mobile or broadband, and for 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 that your payment will fail, and you might lose access to services or subscriptions. Your service provider may try to take the payment again or contact you to ask for alternative payment details, but it’s best to proactively update these beforehand so you don’t risk disruption.

How to switch business bank accounts

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

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

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 it will ask you if you want to use the service when you apply. Expect it to take seven working days for the new bank to arrange the switch. 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. Repeated incoming payments such as your salary will also be moved over.

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 use the Current Account Switching Scheme, you'll need to:

download any statements you need from your old account – your bank will also send your statements from the past five years
update your invoice template with your new details
tell customers to use your new details
update any companies you're paying by CPA
update your saved payment details next time you buy online

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.

Review your business banking regularly
It’s a good idea to review your business banking at least once a year to make sure you’re getting the service you need. You could set a recurring reminder in your calendar or 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 FAQs

Can I switch my business bank account?

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

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

What is the Current Account Switch Scheme?

The Current Account Switch Scheme was established in 2013 to make it easier for 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 working days. This includes moving your direct debits, standing orders and any remaining balance to your new account.

What is the Current Account Switch Guarantee?

The Current Account Switch 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 working 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 is now closed, but small businesses who hold an account with RBS or NatWest can still switch using the Current Account Switch Service.

How long does it take to switch business bank accounts?

For business accounts covered by the Current Account Switch Scheme, banks promise to complete the entire switching process in no longer than seven working 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 Service, there is 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?

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

So if you want the option to keep your old account open, you can’t use the Current Account Switch Service, and will need to arrange the switch yourself.

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 Ts&Cs of your account.

About the author:

Kristina is a writer at NerdWallet. A recent graduate trading French for finance, she has experience creating content for student newspaper Cherwell and an edtech company. Read more

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22 products found

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- Tide Business Bank Account
  
  Monthly Fee
  Free
  
  Card
  Purchases
  Free
  
  Bank Transfers
  20p*
  
  Overdraft
  
  Access
  App & Online
  See Deal + More info
  Product Features
  
  Contactless MasterCard - with unlimited free purchases in any currency, plus add up to 35 team cards for free
  
  Instant invoicing directly from your Tide app
  
  FSCS protected
  Eligibility Criteria
  
  For registered business account: you must be registered with UK Companies House as a director of that company or partnership
  
  For sole trader account: you must be a UK based sole trader/freelancer
  
  For all accounts: you must be aged 18+, have a valid UK phone number and address, and hold compatible device registered to a UK App or Google Play store
  See Deal
  Exclusive
  *6 months free bank transfers Use code 6FREENERD on signup and get 6 months of free transfers. Offer ends 31/05/22.
- Tide Plus Business Bank Account
  
  Monthly Fee
  £9.99
  
  Card
  Purchases
  Free
  
  Bank Transfers
  Free
  
  Overdraft
  
  Access
  App & Online
  See Deal + More info
  Product Features
  
  Priority business support
  
  Free transfers
  
  Free legal advice
  Eligibility Criteria
  
  For registered business account: you must be registered with UK Companies House as a director of that company or partnership
  
  For sole trader account: you must be a UK based sole trader/freelancer
  
  For all accounts: you must be aged 18+, have a valid UK phone number and address, and hold compatible device registered to a UK App or Google Play store
  See Deal
- Tide Cashback Business Bank Account
  
  Monthly Fee
  £49.99
  
  Card
  Purchases
  Free
  
  Bank Transfers
  Free
  
  Overdraft
  
  Access
  App & Online
  See Deal + More info
  Product Features
  
  150 transfers a month with no fee
  
  Dedicated account manager
  
  Phone support and 24/7 legal helpline
  
  0.5% cashback when using Tide card on all eligible card transactions
  Eligibility Criteria
  
  To apply for a registered business account, you’ll need to be registered with UK Companies House as a director of that company
  
  To apply for a sole trader account, you’ll need to be a UK based sole trader or freelancer
  
  For all accounts: you must be aged 18+, have a valid UK phone number and address, and hold compatible device registered to a UK App or Google Play store
  See Deal
- Virgin Money M Account for Business
  
  Monthly Fee
  Free
  
  Card
  Purchases
  Free
  
  Bank Transfers
  Free
  
  Overdraft
  
  Access
  App/Online
  See Deal + More info
  Product Features
  
  Free day-to-day online business banking (excluding CHAPS and international payments)
  
  Debit Card Cashback - automatically get 0.25% cashback with no cap (exclusions and conditions apply)
  
  Automatic access to £1,000 of Planned Borrowing (overdraft)
  Eligibility Criteria
  
  Designed for businesses with an annual turnover less than £1m
  
  Must be based and operate in the UK (excluding Channel Islands, Isle of Man and Northern Ireland)
  
  All owners, directors, senior managers and account signatories must be over 18 years old
  See Deal
- Virgin Money Business Current Account
  
  Monthly Fee
  £6.50
  
  Card
  Purchases
  Free
  
  Bank Transfers
  Free
  
  Overdraft
  
  Access
  Branch, app & online
  See Deal + More info
  Product Features
  
  Debit Card Cashback - automatically earn up to £500 per calendar year when using your Debit Card for purchases (some exclusions apply)
  
  MasterCard Business Savings - get discounts when you use your Debit Card at participating retailers (terms apply)
  
  Digital Money Management Tools - helping you manage cash flow, budgets and invoices
  Eligibility Criteria
  
  Available for eligible businesses with up to £6.5m annual turnover
  
  Must be based and operated in the UK (excluding Channel Islands, Isle of Man and Northern Ireland)
  
  All owners, directors, senior managers and account signatories must be over 18 years old
  See Deal
  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.
- Cashplus Business Bank Account
  
  Monthly Fee
  Free
  
  Card
  Purchases
  Free
  
  Bank Transfers
  30p
  
  Overdraft
  
  Access
  App & Online
  See Deal + More info
  Product Features
  
  Instant Account Number and Sort Code
  
  No credit checks to open an account
  
  Business cash advance facility available to eligible customers
  Eligibility Criteria
  
  UK Businesses
  
  Application to be made by UK Director over age of 18
  
  Overdraft available subject to eligibility
  See Deal
- 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
  Product Features
  
  Instant Account Number and Sort Code
  
  No credit checks to open an account
  
  Earn 1% Cashback on the first £100,000 of eligible card purchases each calendar month
  Eligibility Criteria
  
  UK Businesses
  
  Application to be made by UK Director over age of 18
  
  Overdraft available subject to eligibility
  See Deal
  Offer
  No annual fee for the first year First years annual fee of £69 refunded.
Mettle by NatWest
- Monthly Fee
  Free
- Card
  Purchases
  Free
- Bank Transfers
  Free
- Overdraft
- Access
  App only
See Deal + More info
Product Features
- Mettle is 100% free - no hidden charges
- Get paid faster - create and send invoices on the go
- Sync with accounting software like FreeAgent, Xero and Quickbooks
Eligibility Criteria
- For sole traders or limited companies with up to two owners
- Maximum balance of £100k for limited companies and £50k for sole traders
- For UK-based companies with owners that are UK residents
See Deal
Offer
FreeAgent for Free To get FreeAgent for free you'll need to make at least one transaction a month from your Mettle account. A saving of £114 a year (based on FreeAgent's lowest tariff).
- ANNA Money - Pay as you go
  
  Monthly Fee
  Free
  
  Card
  Purchases
  Free
  
  Bank Transfers
  20p
  
  Overdraft
  
  Access
  App only
  See Deal + More info
  Product Features
  
  Free Business Account with Automated Bookkeeping
  
  Free Invoice Generator, Receipt Scanner, Accountant Access, Multiple Expense Cards for Employees, Personalised Payment Collection Link, Direct Debits, Bulk Payments & Payroll
  
  This plan has pay as you go charges of £1 per cash withdrawals, £5 per international payment
  Eligibility Criteria
  
  You can open an account if you are a Sole Trader, Director of a Limited Company (and listed on Companies House), or a Partner in a Limited Liability Partnership
  
  Your business should be located within the UK and you also need to have a UK residential address
  
  Not available to charities
  See Deal
  Offer
  Free VAT and invoicing tools + No account fee for the first month
- ANNA Money - Business
  
  Monthly Fee
  £14.90
  
  Card
  Purchases
  Free
  
  Bank Transfers
  Free
  
  Overdraft
  
  Access
  App only
  See Deal + More info
  Product Features
  
  Business account and tax app for your small-to-medium sized business
  
  Free Invoice Generator, Receipt Scanner, Accountant Access, Multiple Expense Cards for Employees, Personalised Payment Collection Link, Direct Debits, Bulk Payments & Payroll
  
  This plan comes with 3 free cash withdrawals per month (then £1 thereafter), 1 free international transfer per month (then £5 thereafter) and up to 5 additional debit cards (then £3 per card per month thereafter)
  Eligibility Criteria
  
  You can open an account if you are a Sole Trader, Director of a Limited Company (and listed on Companies House), or a Partner in a Limited Liability Partnership
  
  Your business should be located within the UK and you also need to have a UK residential address
  
  Not available to charities
  See Deal
  Offer
  Free VAT and invoicing tools + No account fee for the first month
- ANNA Money - Big Business
  
  Monthly Fee
  £49.90
  
  Card
  Purchases
  Free
  
  Bank Transfers
  Free
  
  Overdraft
  
  Access
  App only
  See Deal + More info
  Product Features
  
  Business account and tax app for your larger businesses
  
  Free Invoice Generator, Receipt Scanner, Accountant Access, Multiple Expense Cards for Employees, Personalised Payment Collection Link, Direct Debits, Bulk Payments & Payroll
  
  This plan comes with unlimited free cash withdrawals and additional debit cards, and 4 free international payment per month (then £5 thereafter)
  Eligibility Criteria
  
  You can open an account if you are a Sole Trader, Director of a Limited Company (and listed on Companies House), or a Partner in a Limited Liability Partnership
  
  Your business should be located within the UK and you also need to have a UK residential address
  
  Not available to charities
  See Deal
  Offer
  Free VAT and invoicing tools + No account fee for the first month
The Co-operative Bank Business Current Account
- Monthly Fee
  £10*
- Card
  Purchases
  Free
- Bank Transfers
  Free
- Overdraft
- Access
  Branch, App & Online
See Deal + More info
Product Features
- Manage your account on the go with mobile app (subject to eligbility), online banking, telephone banking via UK-based call centre plus banking in-branch and at your local Post Office
- Open a savings account and apply for lending products (subject to status and Co-operative Bank's lending policy)
- Access business support services from our preferred third party providers (additional charges apply)
Eligibility Criteria
- Aged 18+, UK resident with a business address in the UK. Applications subject to status, eligibility and T&Cs.
- You or your organisation must be either a: Sole trader or Limited company (Single Director)
See Deal
Offer
*Free everyday business banking for the first 30 months Sole Traders or Single Directors only. Apply online. Charges apply for cash and cheque transactions & other special services. Subject to status, eligibility and T&Cs.
Card One Money Business Account
- Monthly Fee
  £12.50*
- Card
  Purchases
  Free
- Bank Transfers
  30p
- Overdraft
- Access
  App & Online
See Deal + More info
Product Features
- No credit checks to open an account
- Pay in cash and cheques
- IBAN and SWIFT codes for international payments
Eligibility Criteria
- Limited companies
- Sole traders
- Partnerships
See Deal
Offer
*No monthly fee for the first 3 months
- Countingup Business Account (Starter)
  
  Monthly Fee
  £3
  
  Card
  Purchases
  Free
  
  Bank Transfers
  30p
  
  Overdraft
  
  Access
  App only
  See Deal + More info
  Product Features
  
  Open an account in 5 minutes - instant account number, sort code and Mastercard in days
  
  Business account and accounting software in one app - instant automated bookkeeping, receipt tracker and invoice management
  
  £750 maximum monthly deposit on this plan
  Eligibility Criteria
  
  To open an account you must be a UK resident, at least 18 years old and running a small business (Sole Trader/Director of a limited company)
  
  If your maximum monthly deposit is exceeded, then your account will automatically upgrade to the appropriate subscription plan. You will not be able to downgrade from this plan.
  See Deal
  Offer
  0.3% cashback on purchases for new and existing customers Offer available until the 31/5/2022
- Countingup Business Account (Standard)
  
  Monthly Fee
  £9
  
  Card
  Purchases
  Free
  
  Bank Transfers
  30p
  
  Overdraft
  
  Access
  App only
  See Deal + More info
  Product Features
  
  Open an account in 5 minutes - instant account number, sort code and Mastercard in days
  
  Business account and accounting software in one app - instant automated bookkeeping, receipt tracker and invoice management
  
  £7,500 maximum monthly deposit on this plan
  Eligibility Criteria
  
  To open an account you must be a UK resident, at least 18 years old and running a small business (Sole Trader/Director of a limited company)
  
  If your maximum monthly deposit is exceeded, then your account will automatically upgrade to the appropriate subscription plan. You will not be able to downgrade from this plan.
  See Deal
  Offer
  0.3% cashback on purchases for new and existing customers Offer available until the 31/5/2022
- Countingup Business Account (Premium)
  
  Monthly Fee
  £18
  
  Card
  Purchases
  Free
  
  Bank Transfers
  30p
  
  Overdraft
  
  Access
  App only
  See Deal + More info
  Product Features
  
  Open an account in 5 minutes - instant account number, sort code and Mastercard in days
  
  Business account and accounting software in one app - instant automated bookkeeping, receipt tracker and invoice management
  
  Unlimited deposit on this plan subject to maximum balance and daily transaction limits
  Eligibility Criteria
  
  To open an account you must be a UK resident, at least 18 years old and running a small business (Sole Trader/Director of a limited company)
  See Deal
  Offer
  No monthly charges or bank transfer fees for your first 3 months Offer available until the 31/5/2022
HSBC Kinetic Business Current Account
- Monthly Fee
  £6.50*
- Card
  Purchases
  Free
- Bank Transfers
  Free
- Overdraft
- Access
  App & Online
See Deal + More info
Product Features
- Same-day overdraft on application - Representative EAR of 10.47% (variable)
- Savings account with instant access - 0.01% AER, subject to eligibility and application
- Manage your cashflow with an HSBC Credit Card - apply in the App and receive a decision in minutes. Representative 15.9% APR (variable).
Eligibility Criteria
- Available to Limited Companies and Sole traders. Applicants must be 18 years or older
- Identity and credit checks apply
See Deal
Offer
*No monthly account fees for the first 12 months
Acorn Business Account
- Monthly Fee
  £12.50
- Card
  Purchases
  Free
- Bank Transfers
  30p
- Overdraft
- Access
  App & Online
See Deal + More info
Product Features
- No credit checks to open an account
- Pay in cash and cheques
- IBAN and SWIFT codes for international payments
Eligibility Criteria
- Available to Limited companies, sole traders and Partnerships
- Maximum turnover £2m per year
See Deal
- Companies: Revolut Free
  
  Monthly Fee
  Free
  
  Card
  Purchases
  Free
  
  Bank Transfers
  Free
  
  Overdraft
  
  Access
  App & Online
  See Deal + More info
  Product Features
  
  Business account: hold, send and receive funds in 28+ currencies, exchange at only 0.4% fees
  
  Free smart debit cards for you and one team member: track and control spending in real-time
  
  Seamless integrations: automate accounting with tools you already use like Xero, QuickBooks and Freeagent
  Eligibility Criteria
  
  Available for limited companies, PLCs, LLPs, Partnerships & unlimited companies
  
  Currently available for companies registered in and with a physical presence within the European Economic Area (EEA) and Switzerland
  
  Revolut accounts do not support cash deposits or cheques
  See Deal
- Companies: Revolut Grow
  
  Monthly Fee
  £25
  
  Card
  Purchases
  Free
  
  Bank Transfers
  Free
  
  Overdraft
  
  Access
  App & Online
  See Deal + More info
  Product Features
  
  Business account and multi-currency accounts: hold, exchange, send and receive funds in 28+ currencies – always at the real (interbank) rate
  
  Issue physical and virtual debit cards: optimize spend and capture receipts in the app instantly; get one metal card free
  
  Ideal for Ecommerce: easily accept payments on your checkout page and with plugins for WooCommerce, Magento 2.0 and PrestaShop
  Eligibility Criteria
  
  Available for limited companies, PLCs, LLPs, Partnerships & unlimited companies
  
  Currently available for companies registered in and with a physical presence within the European Economic Area (EEA) and Switzerland
  
  Revolut accounts do not support cash deposits or cheques
  See Deal
- Companies: Revolut Scale
  
  Monthly Fee
  £100
  
  Card
  Purchases
  Free
  
  Bank Transfers
  Free
  
  Overdraft
  
  Access
  App & Online
  See Deal + More info
  Product Features
  
  Scale your business: £50k free FX, 30 free team members and 2 free metal cards
  
  Designed for international ecommerce: save the FX fees charged by your acquirer, accept card payments directly with our payment gateway and plugins
  
  Safety and full control: use virtual cards to spend online, set limits and customize your own rules for payments approval
  Eligibility Criteria
  
  Available for limited companies, PLCs, LLPs, Partnerships & unlimited companies
  
  Currently available for companies registered in and with a physical presence within the European Economic Area (EEA) and Switzerland
  
  Revolut accounts do not support cash deposits or cheques
  See Deal
- Companies: Revolut Enterprise
  
  Monthly Fee
  Contact Revolut for details
  
  Card
  Purchases
  Free
  
  Bank Transfers
  Free
  
  Overdraft
  
  Access
  App & Online
  See Deal + More info
  Product Features
  
  Ideal for Ecommerce: easily accept payments on your checkout page and with plugins for WooCommerce, Magento 2.0 and PrestaShop
  
  Designed for cross-border business: currency exchange at the real (interbank) rate and unlimited multi-currency accounts
  
  Ideal for corporate expenditure: issue physical and virtual cards, segregate spend, track expenses and capture receipts in the app
  Eligibility Criteria
  
  Available for limited companies, PLCs, LLPs, Partnerships & unlimited companies
  
  Currently available for companies registered in and with a physical presence within the European Economic Area (EEA) and Switzerland
  
  Revolut accounts do not support cash deposits or cheques
  See Deal

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