Compare Business Accounts for Switchers
- Find a new provider for your business banking needs.
- Switch to take advantage of the latest deals and special offers
- Compare business bank accounts from leading UK providers.
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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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Switching business bank accounts FAQ
Can I switch my business bank account?
Yes, you are able to switch your business bank account to one offered by another provider if you find a better deal or are unhappy with your existing account. In fact, you can switch accounts for any reason at all and it really shouldn't be too much of a headache.
Is it easy to switch business bank accounts?
Switching business bank accounts should be an easy process as this action is covered by the Current Account Switching Guarantee, which was initially set up to help people to switch their bank accounts quickly and easily.
The guarantee may come with certain conditions, such as maximum turnover and number of employees in your company, so check first that you qualify before making the decision to switch.
How long does it take to switch business bank accounts?
For small businesses covered by the Current Account Switching Guarantee the entire switching process should take no longer than seven days once you have notified your bank account provider.
What is the Current Account Switching Guarantee?
The Current Account Switching Guarantee was established in 2013 to encourage consumers to switch their current accounts and to open up the banking market. Many consumers felt that it was too much hassle to switch before the guarantee was introduced and therefore stayed within their existing agreements. Now, switching has been made simpler and will be completed within seven days. This includes all direct debits and standing orders, which will automatically be transferred to your new account by your bank.
What services are usually offered by business bank accounts?
Anyone looking to switch business bank accounts will notice that the services offered by different account providers vary hugely. Here are some of the services commonly offered through business bank accounts:
- Receiving payments
- Cash withdrawals
- Chequing service
- Paying bills
- Balance transfers
- Transferring payments to bank accounts
- Direct debits
- Standing orders
- Online and telephone banking
- Overdrafts
- Access to support services and business finance
Why might I want to switch my business bank account?
Switching business bank accounts could be a decision you make for many reasons. Perhaps you have found an account that offers services your existing account doesn't offer, or perhaps you have found one that offers the same services for a cheaper fee. It may be that your needs as a business owner have changed and you would like your business bank account to better fulfil your new requirements.
Other reasons for wanting to switch could include access to a larger overdraft facility, better customer service, or access to specialist support services that can help you to grow as a business. It doesn't matter why you want to switch business accounts, you are fully within your rights to do so at any time.
Will I incur a penalty if I switch business accounts?
You shouldn't incur any penalty charges when you switch accounts, but you will have to ensure you clear any debts you have with your existing account before you are able to switch. This could include an overdraft balance or an unpaid bill for example. It is advisable to check with your provider for any charges that apply to switchers just in case there are exceptions in certain circumstances.
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