The switching process
Find the right account for you
Bank accounts are not all the same, and our banking needs change with time. It pays to find the bank that works best for you.
Check you can switch
Before you can switch, your new bank will need to carry out some security checks.
Open your new account
Then choose your switch date. All your regular payments will be transferred automatically.
UK Finance has made it simpler for you
18 UK business bank account providers, in conjunction with UK Finance, have agreed to a basic set of info you’ll need to set up a UK business account.
You're covered by our Guarantee
All your payments are covered by the Current Account Switch Guarantee. Any charges or interest incurred in the unlikely event of an error will be refunded.
Your full guide to switching
Three simple steps which will guide you through the switching process.
1. Find the right account for you
Every six months, the Competition and Markets Authority (CMA) publishes independent data that enables people to compare banks' service levels. See what others are saying about their bank accounts in the CMA's independent survey.
Have a look at the 'Why Switch?' page. This will give you a list of trusted independent sites that give advice about the things to think about when you're weighing up bank accounts.
2. Check you can switch
For security checks, you will need to provide the following details:
- The name of your business/charity
- Your trading address
- Funding requirements
- A Companies House registration number
- An HM Revenue & Customs certificate
- A recent utility bill or statement relating to the business
Your new provider may also ask for personal info from you and any business partners/directors, along with a passport, driving licence or bank statement.
Top tip: Contact your new bank or building society first to find out what documentation they’ll need.
Lastly, get all your statements from your old bank and keep them somewhere safe. You never know when you might need them.
3. Open your new account
Request the switch, and choose your switch date. You'll need to allow 7 working days for the switch, and it can't be a weekend or a Bank Holiday. You'll be able to use your old account until your agreed date – just don't set up any new payments during this 7-day period as these will not be transferred.
You'll need to agree and sign the Current Account Switch Agreement and the Current Account Closure Instruction. Your new bank or building society will give you these and the switch is handled by them. All your regular payments in and out will be transferred automatically to your new account.
Congratulations – you’ve successfully switched!
Your new bank will have transferred all your regular incoming payments and outgoing payments (salaries, Direct Debits, standing orders, bills) to your new account, along with your balance. Your saved Payee details will also be transferred over.
If there are any problems with payments because of the switching process, your new bank or building society will correct them – it’s all part of the Current Account Switch Guarantee.
Download our guide to switching