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.
What is the Current Account Switch Service?
The Current Account Switch Service was established in 2013 to make it easier for consumers to switch their current accounts and to open up the banking market.
Switching – including accounts for small businesses – should be simple. Banks and building societies signed up to the scheme can complete the switch in 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 Service. The guarantee includes promises to:
- complete the switch in seven working days
- offer the service for free
- redirect your incoming payments, such as your salary or one-off payments made to your old account
- move your outgoing payments, such as standing orders and direct debits
- transfer your existing balance into your new account
The Guarantee also ensures that if you are mischarged interest or fees because something goes wrong with the switch, this amount will be refunded to you.