Business Banking Switch
Switching your business bank account can help you find one that is more suitable for your business’s needs. Another bank might offer a better deal for your business.
Are you thinking about switching banks?
Switching to another bank
If you're unhappy with your business's current account, switching to another bank is relatively easy. Most banks will move everything from your old bank account to your new one, including any direct debits and standing orders.
Apply online
To switch to a new bank, apply for a business account online and write a note that you are switching during the application process.
Provide old bank account details
You'll need to provide your old bank account details and tell the new bank when you want the switch to start. Under no circumstances will you ever be asked for any passwords.
How to switch business bank accounts?
Small fee
It's standard practice that banks charge a small fee to their business clients per transaction.
Pay a fixed amount
You'll pay a fixed amount with every payment or bank transfer, something that, over time, can add up to a substantial amount.
Better rate
This is why shopping around for an account with a better rate might save you money in the long run as a small business owner.
What is the Current Account Switch Service?
Five to seven working days
This free service allows you to switch your current account from one bank to another in five to seven working days.
Close your old account
It's easy to do, and once the switch is complete, you can close your old account and start using the new one immediately.
Payment redirections
As part of the switch, payments on your behalf, such as salary and subscription payments, will be moved to your new account once the account is open. Payment redirections can be set up for any credits or debits from your old account for up to three years.
How does Funding Options work?
Tell us how much you need
We’ll ask a few questions about your business and the reason for your loan.
Get quotes instantly
Our smart technology will compare quotes from up to 120+ lenders to help you find the ideal business loan.
Apply for a Business Loan 🎉
We'll be there to guide you through every step of the process.
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How to apply
New bank plc
If you are eligible to switch to a new bank plc — one that is registered and regulated by the financial conduct authority — you will need to follow these steps:
The steps
Go to the website of the bank you want to switch to, such as NatWest or RBS to apply. Enter your account number and sort code to confirm your eligibility. Browse and compare offers from participating banks. Choose an offer and apply.
Meet the eligibility criteria
If you meet the eligibility criteria and all account checks are completed, any bank that is authorised by the financial conduct authority and the prudential regulation authority will expect the following:
Businesses with turnover of £400k+
If you've been trading for more than a year and have sales of more than £400k in the last 12 months, the bank will, in most cases, assign you a dedicated business development manager to help with the switch.
Businesses with turnover under £400k
If you've been trading for less than 12 months, or your business had sales of less than £400k in the last 12 months, you will need to call the bank's customer service number for more details about switching.
How much can you afford to borrow?
If you're ready to take your business to the next level, use our business loans calculator to get an idea of what you can afford.
Want to understand the cost of your loan?
Use our business loan calculator below to find out how much you can borrow to take your business to the next level.
Calculations are indicative only and intended as a guide only. The figures calculated are not a statement of the actual repayments that will be charged on any actual loan and do not constitute a loan offer.
Monthly payments
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Monthly interest
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Total interest
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Length of loan
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Total cost of loan
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Financial product information
Representative example*
• 7.63% APR Representative based on a loan of £50,000 repayable over 24 months.
• Monthly repayment of £2,252.94. The total amount payable is £54,070.56
*Some lenders may apply fees during the application process, please note that these are set and provided by these entities.
Annual Percentage Rates
Rates from 2.75% APR
Repayment period
1 month to 30 years terms
Learn more about switching bank accounts
Is my bank participating in the scheme?
If your bank is registered in England and Wales with a registered office in either country, it will most likely be signed up for the big switch. How can I check? On their website, you can check if your current bank is participating in the Current Account Switch Service. Over 40 UK banks and building societies are signed up for the Current Account Switch Service.
Which banks offer incentives?
There are currently nine banks that offer incentives, and the independent Banking Competition Remedies Limited has chosen them.
Arbuthnot Latham & Co.
Clydesdale & Yorkshire Bank
The Co-operative Bank
Hampden & Co.
Handelsbanken
Metro Bank
Santander UK
Starling Bank
TSB
If the bank you were thinking of switching to isn't included in the list above, you can still compare business current accounts to find the one with the best terms and conditions.
Why switch?
The incentives will vary between cash and non-monetary offers. It might be an extended period of free business banking or access to premium benefits or even lower transaction fees.
Once you enter your details and are confirmed eligible, you can see the relevant offers available.
Check third-party provider permissions before you switch
Permissions given to Third Party Providers (TPPs) to make payments on your behalf or access your financial data won't be transferred automatically to your new account as part of the Current Account Switch Service.
Before closing your bank account, check whether you have any TPP permissions
Once your new account is open, you can give any TPP access to it by providing them with your new business's current account details. You'll need to contact the TPP directly to set this up
Please note that the information above is not intended to be financial advice. You should seek independent financial advice before making any decisions about your financial future.
It’s important to remember that all loans and credit agreements come with risks. These risks include non-payment and late-payment of the agreed repayment plan, which could affect your business credit score and impact your ability to find future funding. Always read the terms and conditions of every loan or credit agreement before you proceed. Contact us for support if you ever face difficulties making your repayments.
Funding Options, now part of Tide, helps UK firms access business finance, working directly with businesses and their trusted advisors. Funding Options are a credit broker and do not provide loans directly. All finance and quotes are subject to status and income. Applicants must be aged 18 and over and terms and conditions apply. Guarantees and Indemnities may be required. Funding Options can introduce applicants to a number of providers based on the applicants' circumstances and creditworthiness. Funding Options will receive a commission or finder’s fee for effecting such finance introductions.
