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Switching fees for free business bank accounts

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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
Lloyd’s Business Current Account	£0	18 months free business banking.	£6.50	Free
Santander Start-Up Business Account	£0	Free day-to-day transactions for up to 18 months.	Choose £7.50-£40 tariff after the free period.	Free within limits.
Natwest Start-Up Business Account	£0	18 months free business banking.	After the free period minimum monthly charge of £5.	35p
TSB Start-Up Business Banking	£0	18 months free day-to-day banking.	Choose a tariff from £5 a month.	Free to 20p depending on tariff.
HSBC Start-Up Business Account	£0	18 months free business banking.	£5.50	23p (small business) or free e-banking.
Barclays Start-Up Business Account	£0	12 months free.	£6 (mixed) or £6.50 (e-payments).	35p (mixed) or free (e-payments).
Coop Business Banking	£0	18 months free business banking.	£10	10p-20p
Yorkshire Bank – Start-up Business Banking	£0	25 months free.	£6.50	30p
Clydesdale Bank – Start-up Business Banking	£0	25 months free.	£6.50	30p

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