Small or Medium-sized Enterprise? The process is the same as your individual switching journey, as everything is handled and covered by the Current Account Switching Service.
To be an eligible business for the CASS switching service you must have fewer than 50 employees and an annual turnover not exceeding £6.5 million.
And thanks to the guarantee, if there are any problems with payments as a result of the switching process, you can be confident that your new bank or building society will correct them.
Here are a breakdown of the steps you’ll need to follow:
Step 1: Check that you’re allowed to leave your existing bank.
It’s rare that you’d not be able to, but worth checking, just in case you’re tied into your existing banking provider for a given amount of time.
Step 2: Research your business bank account options.
We try to make it as easy as possible to compare bank’s business offerings side-by-side, so you can come to a quick and easy decision about your next provider.
To make the most of this tool, prioritise what you need most out of your new account. As with your current account, coming up with your top three priorities will make it easier for you to choose between the banks on offer with green credentials.
Please feel welcome to reach out to us! We’d love to know what else to include in our comparison, or if there’s any important information you feel that we’ve missed.
When you’re ready, talk to the new bank to find out if you are eligible for an account and any deals. There might be a limit on how long you’ve been trading, your number of employees and your turnover. Check everything the account offers and for how long, what the bank’s process is for helping you switch, including how long it will take (normally within seven days) and what you’ll need to do.
Before you begin the process of transferring, first you’ll need to apply for a new business bank account. The application should be just as smooth as it was when you applied for your current account! It’s in the interest of banking providers to make this process as simple and user-friendly as possible. Depending on the account you’ve chosen, this will be either online or in person and keep in mind, you will have to supply various business identifying and financial documents to complete the application.
If you’re not eligible for the first choice of bank that you want to switch to, Switch It Green’s site will help you pick the next best option for you.
Step 3: Prepare what you’ll need to switch your banking provider
Make sure you’ve got these things to hand:
If not using the Switching Service, you’ll need to set up your new bank account and check that everything is running smoothly before closing your old account.
Things to check:
Step 4: Switch It
So – you’re happy with your new banking provider and everything is running as it should. It’s time to make the switch!
These days, many providers offer business bank account transfer kits, specifically designed to make your life easier. A great example of how easy the switch can be found on Monzo’s website, one of our top ethical providers:
“No trips to the bank. No messing with ID and statements. You just need to tell us when you want to move, and we’ll do the rest in 7 working days.”
As Monzo state: Less time on finances means more time for the important stuff.
There’s some extra things you might want to check before switching.
While you’re at it – why not let them know why you’re making the switch, and tell them how easy the process is! Direct them to switchit.green and they can join our next Switch Day.
Thank you to our partner Switch It Green for their contribution to this guide to switching your Business Account.