Business Resources

How do I transfer/ change a business bank account?

By

Chris Andreou

How do I transfer/ change a business bank account? guide

Contents

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.

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.

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