BUSINESS BANK ACCOUNT SWITCH SERVICE

From starting your application, it can take up to six weeks to open your new account. Once your new account is open, switching business bank accounts takes seven working days and is opened under the Current Account Switch Service guarantee.

Yes, all banks and building societies that display the Current Account Switch Guarantee Trustmark will follow the same switching process and must offer the same guarantees. There are over 40 participating banks and building societies in the UK and you can see them here.

Switching accounts in the UK is free however not all current accounts are free to open and may charge a monthly fee. At Tide, you can open a free business bank account and switch without incurring any fees.

You will be able to access the funds in your old account up to and until your switch date, after which they will be transferred to your new account.

No – the Current Account Switch Service will take care of payments up until seven working days before your switch date. If you want to make new payment arrangements during this seven day period you need to do it on your new account.

Whilst we don’t offer overdrafts, we’ve partnered with Iwoca to bring you business loans – allowing you to apply for up to £150,000 of credit straight through the app, which can be used as an alternative to a traditional overdraft. Your clients can apply straight through the app, on the home screen. For more information visit our business loans page.

The Current Account Switch Service makes switching your current account simple, reliable and stress-free.

Over 10 million current accounts have been switched so far and over 50 banks and building societies are already part of the service.

The Account Switch Service Guarantee means your new bank will switch your payments and transfer your balance, and your old bank will take care of closing your old account. So you don’t need to worry.

You can read more about the guarantee here.