Switching your business bank account can save you money and bring a host of other benefits. It might seem a lot of effort to switch but it really isn’t – the banks will look after most of the process for you. The main work on your part will be to provide the information and documentation covered in this article.
Documentation to prove identity
First, you’ll need to be able to prove who you are.
This means providing the following photo identification to the bank you’re switching to:
- UK driving license
- A valid UK passport
- EU national ID card
With some of the digital banks, like Starling and Tide, you can actually do this with your mobile phone. Instead of going into a branch with your documentation, you’ll scan it on your phone and may need to record a short video proving who you are.
Documentation to prove UK residency
You’ll need to prove you are a UK resident with documentation that includes your name and current address. The following documentation can be used:
- Driving license
- Utility bill
- Council Tax bill
- Bank statement
- Mortgage statement
- HMRC letter
The following documentation is not generally accepted as proof of residence:
- Promotional mail
- Medical correspondence
Basic business information
You’ll need to provide some basic information about your business. This will likely include the following information:
- Business name
- Business address
- Details of your existing business bank account
- Are you a sole trader, limited company, or a partnership?
How you answer the final question will have a bearing on the additional information the bank will need from you.
Further business details
Depending on the type of business bank account you’re opening and the legal structure of your business (ie sole trader or limited company), you will need to provide some or all of the following details:
- Turnover information
- Tax information
- Company’s House registration number
- Number of employees
- Estimated number of business transactions per month – including domestic and international
Whilst some of this information may be less easy to access, it will help to validate your application and enable the bank to set you up with the right support.
Personal information
If you’re a limited company or partnership, the bank or building society will usually ask you to provide details of all directors and partners, including photo ID and proof of address. You’ll also need to provide the following information:
- Name
- Address
- Phone number
- Email address
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