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How to change your business banking provider

  • Blog
  • 16 August 2017

How your business manages its finances is important. This often starts with your choice of banking provider.

But what about if you spot a better deal elsewhere? Or you find terms that are more suitable for your business? We explain what to keep in mind when it comes to changing your business banking provider.

How to change your business banking provider

Why would you change?

There could be a number of reasons for changing your banking provider:

  • Better interest rates
  • Better terms
  • Lower charges
  • Beneficial products
  • Dissatisfaction with current service

Once you’ve identified a new business banking provider, there are a few steps you should follow.

Open a new account

The first step is to apply to open a business bank account with your new provider. This should be a straightforward process. Our blog post, which covers what you need to qualify for business banking, explains the different documentation you might be asked to provide when opening a new business bank account.

Close the old account

Once the new account is open, you should request that your current provider closes your business account and transfers funds and payment details to the new bank account.

This can involve filling out paperwork, designating that you’re closing the account, and requesting that everything is being transferred over to the new one. You usually get to choose the day you would like the change of account to take place. Once the paperwork is submitted and the process begins, it can be just a case of waiting for the switchover to happen. Depending on the account, this should be completed in around seven days.

Check the transfer has gone through properly

It is the responsibility of your new banking provider to ensure that your switch goes through successfully.

On the day of the switch, however, it’s worth checking for yourself that:

  • Direct debits have been transferred
  • Billing information is correct
  • Payment details have been updated
  • Account details are correct

If you identify any issues, you should contact your new banking provider as soon as possible in order to rectify the problem.

How can FSB help with your business banking?

If you’re looking to switch bank accounts, researching your options first is important. This way you should find the bank account that’s best suited to your needs. You should then ensure that you take the necessary steps to make sure the switch is as painless as possible

FSB provides members with a business bank account through The Co-operative Bank. This bank account is designed to help meet the day-to-day needs of a business, while entitling members to a range of additional benefits. This includes:

  • 24/7 access to online business banking
  • Free to pay in up to £2,000 cash per month
  • UK-based call centres
  • Free change facilities at The Co-operative Bank branches
  • No charges on everyday banking services, including paying in cheques

If you’d like to find out more about how this service can help you, please visit the FSB Business Banking page. Access to our business banking services are included with our Business Essentials package. Please visit our package comparison page to compare benefits of our packages.

FSB Business Banking from FSB

FSB members are entitled to a specially tailored bank account from the Co-operative Bank, giving you the freedom to focus on running your business.

Find out more