What if I want to switch banks for my business?

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My limited company has been with the same bank (Santander) for three years. It’s not bad, but I’ve seen some great incentives for joining Barclays, and I would like to switch. Is this allowed/worthwhile, or do you think it would just be too big of a hassle?

Cheers

Michel

Answers

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Hi Michel,

You can switch banks whenever you like. It’s not uncommon for people and businesses to change to a new bank when a better deal is available. Just make sure that the terms of the new bank account are not worse than your current one after the introductory rates cease. It is easy to get caught out by cash incentives and sparkly introductory offers!

If you decide to open a new business bank account, you new bank will take care of moving your credit balance and transferring your Direct Debits and any other regular payments on the agreed switch date. They will also notify the originators of your Direct Debits. You will be responsible for updating your bank details with HMRC within 14 days of the change, which you can do online by signing into the tax accounts you are registered for.

a year ago
 

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