Business Resources

How do I transfer/ change a business bank account?

By

Chris Andreou

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

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.

Read more of our free business resource guides

Business accountant available for free consultation

Speak to an accountant

Get a free 20 minute consultation about starting your business

Business accounting from £35