Switching business bank accounts can be a tedious and time-consuming task.
But if you’re a small business with less than 50 employees and an annual turnover of less than £6.5 million, you’ll benefit from a simpler and quicker process—by using the Current Account Switch Service. This free-to-use service is part of Pay UK, and enables the transfer to be completed within seven days.
You’ll need to take the following steps:
- Check that your bank or building society is participating in the scheme
- Get your paperwork sorted out. Use this resource to obtain a checklist of the documents you need.
- Apply for a new business bank account. After the security checks have been completed, you’ll be able to choose a switch date.
- You’ll be able to use the services on your present bank account as usual until the switch date—after which you can then begin using your new account.
