The decision to switch your business bank account is a decision not to be taken lightly. This article will summarise the main switching costs when changing your business bank account.
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How easy is it to switch my business bank account?
Most people tend to stay with their bank for many years. However, it’s a lot easier than you might think to switch business bank accounts.
The Current Account Switch Guarantee means the process is now super simple and low cost:
- It’s free.
- A switch date within seven days.
- You can choose the switch date.
- Your balance is transferred.
- Your incoming and outgoing payments are automatically moved.
- Your old bank account is closed.
- Any interest lost is reimbursed.
However, before you consider switching there are other costs you may need to consider.
Switching fees for free business bank accounts
We’ve listed below some of the main free UK business bank accounts and the various fees. Some banks have temporarily paused applications for new accounts due to the Covid-19 pandemic.
Bank |
Switching fee |
Introductory offer |
Monthly fees |
E-Payment fees |
£0 |
18 months free business banking. |
£6.50 |
Free |
|
£0 |
Free day-to-day transactions for up to 18 months. |
Choose £7.50-£40 tariff after the free period. |
Free within limits. |
|
£0 |
18 months free business banking. |
After the free period minimum monthly charge of £5. |
35p |
|
£0 |
18 months free day-to-day banking. |
Choose a tariff from £5 a month. |
Free to 20p depending on tariff. |
|
£0 |
18 months free business banking. |
£5.50 |
23p (small business) or free e-banking. |
|
£0 |
12 months free. |
£6 (mixed) or £6.50 (e-payments). |
35p (mixed) or free (e-payments). |
|
£0 |
18 months free business banking. |
£10 |
10p-20p |
|
£0 |
25 months free. |
£6.50 |
30p |
|
£0 |
25 months free. |
£6.50 |
30p |
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