By switching your business bank account, you may be able to reduce your monthly fees or take advantage of different features like smart bookkeeping tools. Switching has never been easier, so there’s no excuse for sticking with your existing bank if you’re unhappy.
List of current switching offers from business bank account and e-money providers for 2025
Get £150 cashback when you open a Tide business bank account using the code 150BOOST.
Tide is a fintech app that offers business accounts to small businesses and freelancers, hoping to relieve some of the financial stress that comes with a growing company. One of the ways it does this is to help new businesses register their limited company and open an account all in one go. Tide also stands out for the number of accountancy software packages it can integrate with, giving you more choices to find one that suits your business needs.
Pros
24/7 customer support
Categorised spending
FCA regulated
Quick set-up
No monthly fees
Easy to manage accounts and track payments within the app
Ability to set up direct debits and standing orders
Monzo has teamed up with international money transfer company Wise to support international payments. Wise is a specialised money transfer service that shows its fees and exchange rates upfront. If you are keen to avoid any nasty surprises, then you can use Wise’s calculator before making your payment to see how much you will be charged. Limits on how much you can send are the same as your daily and rolling 30-day transfer limits tied to your Monzo Business account.
Pros
Fee-free spending abroad.
Custom payment links.
Pots to separate money.
FSCS protected.
Cons
No branches.
Charge to deposit cash.
Accounting software only available with Pro account.
No annual or monthly fee when you apply using the Finder link.
Opening a business bank account with bad credit can be complicated. Most banks carry out a credit check when you submit your application and reject it if you don’t meet the requirements. All is not lost, though! Some companies, like Zempler, offer banking services perfect for businesses with poor or no credit history. There are no credit checks when you apply. The only thing that needs to be verified is your contact details.
Pros
Open an account in 5 minutes
"Cashplus iDraft" once eligible
Currency cards for travel
Online services in addition to the mobile app
Cons
Charge to have your bank card issued
Traditional bank still needed for majority of your business finance needs
Earn 10% cashback on your first $1,000 of international transactions with Airwallex (T&Cs apply).
This bank account enables businesses to collect, hold and send money in multiple currencies. There are no monthly fees and accounts can be opened in a matter of minutes. Users will be able to transfer funds in more than 34 currencies into over 130 countries at competitive exchange rates. What’s more, you’ll be able to create virtual employee and expense cards for your business which will enable you to track spending and set spend limits. You can also use your multi-currency debit card to pay for expenses online or in person in different currencies with no transaction fees, provided you have the right currencies in your account. Further benefits include the option to connect your currency accounts with platforms like eBay, Shopify and PayPal, and the ability to sync your account with Xero to ensure your Xero transaction records are up to date for your accountant or bookkeeper.
Pros
Send to 120+ countries
Competitive FX rates
No monthly account fees
Collect, hold & send money in several currencies
No transaction fees for card payments
Cons
Not covered by the Financial Services Compensation Scheme
Transfers can only be made to your Airwallex wallet or to a business bank account
Earn up to 4.58% AER (variable)* on your company’s spare cash and up to 1.5% cashback on eligible card spend.
Allica Bank’s business current account is made for businesses with between 5 and 250 employees. It comes with no monthly fees and most transactions are free to make as well, though there is a fee for outgoing CHAPS payments.
You can earn up to 4.58% (please datafy) on instant access savings in the linked savings pot and up to 1.5% cashback on eligible spending. You’re also able to sync your accounts automatically with Sage or Xero, simplifying your accounting.
Each account comes with a dedicated relationship manager who understands your business and a UK-based customer support team.
Free banking on everyday transactions for the first 2 years*.
NatWest’s Start-up Business Bank Account has no monthly fee and no transaction fees for the first 2 years. It also comes with free access to accounting software, FreeAgent, and offers support to help your business grow, through NatWest’s Entrepreneur hub. The account is available for businesses that have been trading for less than a year with a turnover of less than £1 million. You’re able to do your banking online, through the app or in a branch, so it gives you plenty of flexibility to bank whichever way best suits your business.
Sign up today and unlock 1 month of a paid plan without subscription fees.
The business account from Revolut enables you to create, send, manage and reconcile invoices, all within its Basic service. Revolut is known for its multicurrency approach, and its business account is no different. You can receive, hold and exchange money in more than 25 currencies worldwide with no hidden fees. You can set up as many sub-accounts in each currency as you need. In addition, you can get fixed foreign exchange rates for a set amount and date in the future, and you can spend like a local worldwide with your company debit card in 150 currencies. Each team member can get up to 200 virtual cards and 3 physical plastic cards. You can set card limits, track, freeze and unfreeze cards, as well as decide where cards can be used. If you’re looking for something a little more impressive, choose the Revolut Metal card, exclusive to Revolut’s paid plans. If you're a sole trader or a freelancer, you can't get this account but you can apply for Revolut Pro.
Pros
Flexible account options
Mobile app with lots of good features
Ability to issue cards to all employees
Easy to apply
Freeze card if lost or stolen
Safe and secure
Free purchases
Cons
Basic account does not include many free transactions
Access to products and benefits on accounting software, insurance and more.
One of the biggest benefits of this business account from HSBC is its easy application process. You can apply in just a matter of minutes via the app, providing you meet HSBC’s eligibility criteria. The account enables you to keep track of your spending and will automatically categorise transactions so you can see what’s going where. You’ll also have the option of an arranged overdraft and access to a savings account for your business. What’s more, the app can help you scan and deposit cheques securely, freeze and unfreeze your debit card and make payments of up to £25,000 per day. There’s also no monthly account fee for the first 12 months. To qualify, you must have a limited company and be the only director or sole shareholder, or be a sole trader and the sole owner of the business for which you are applying.
Pros
Easy to apply for and manage
Arranged overdraft
Useful app features to help you track spending
No monthly fee for 12 months
Cons
Interest is charged on overdraft
Monthly maintenance fee applies after first 12 months
This two-in-one business account and accounting app is designed to make it easier to run your business. The account has built-in accounting software that automates bookkeeping and taxes to free up your time. New customers can benefit from a three-month free trial, after which the standard monthly pricing applies. There are three different pricing plans and how much you will be charged will depend on the total amount of monthly deposits your business makes. If your business has a quieter month, your subscription might decrease, while if you deposit a larger sum of money the following month, your subscription may increase. All plans include automated transaction categorisation, instant notifications, receipt capture to organise receipts, and invoice and billing features. Note that banking transactions will be charged a fee. The account can be opened in a matter of minutes via the app and you’ll receive a contactless Mastercard.
Mettle is the first standalone business banking app offered by one of the high street banks, NatWest Group. It lets business customers apply for an account in minutes, forecast business performance and create invoices. All of this can be done from its free-to-use app, which rivals the mobile app-based business accounts already offered by challenger banks. Mettle’s app has some of the highest ratings in both the Apple App Store and Google Play Store, showing it’s invested in a mobile-first customer experience.
There are several reasons to switch bank accounts. These could centre around cost, customer service or new features at a rival bank. Here are a few things to think about:
Incentives. Keep an eye out for incentives to switch. This could be introductory periods for free banking or some sort of bonus.
Features. You could be missing out on features that will save you time and money. Invoice servicing, smart bookkeeping, expense management, prepaid business cards and account integrations can all make a big difference.
Customer service. Experiencing poor customer service can be frustrating. Look for a bank that has positive customer testimonials or can offer services like relationship managers.
There is no official business banking switch scheme. Instead, as long as you’re a small business with an annual turnover that does not exceed £6.5 million and you employ fewer than 50 people, you can use the Current Account Switch Service (CASS).
This means that your new business bank will switch your payments and transfer your balance, and your old bank will close your old account as long as you’re switching between banks and building societies that participate in the scheme.
Don’t get confused with the old RBS Business Banking Switch Scheme. This programme was one of the conditions for the government bailout of the RBS Group, which encouraged RBS business customers to switch to a number of challenger banks. It offered incentives such as “dowries” and financial contributions towards professional fees. But this scheme ended on 28 February 2021.
How do I switch business accounts?
If you’re using the Current Account Switch Service, it’s very easy to switch business accounts. First, make sure you’re eligible to switch. Your business must have fewer than 50 employees and an annual turnover below £6.5 million. Then follow these steps.
Find a new account by comparing features and charges.
Gather the documents you will need to open a new business account.
Open your new account and choose your switch date.
Ask your new bank to move your old account using the Current Account Switch Service.
Start using your new account on the agreed switch date.
As part of the Current Account Switch Guarantee, all your payments will be moved across, and any payments accidentally made to your old account will be automatically redirected to your new account.
Pros and cons
Pros
You can potentially reduce your account costs.
You can get an incentive for switching.
You can choose a bank with better customer service or a better mobile app.
All payments are automatically transferred to your new business account thanks to CASS.
It’s free and fairly quick; switches are usually completed in 7 days.
Cons
Other accounts you might have with the same bank, like business savings accounts, won’t be transferred.
If you have a larger business, you must manage and do the switching process yourself.
Bottom line
If you’re looking to switch your business bank account, plenty of choices are available. Consider any switching incentive that’s on offer, and make sure your new business bank account has all the right features and functionalities for you. You can use our best business bank accounts guide to help make your choice.
If your business is small enough, the Current Account Switch Service should make switching accounts painless.
Frequently asked questions
Banks don’t tend to offer cash incentives for switching business bank accounts, unlike what they do for current accounts. Instead, you are more likely to get an introductory period of free banking or something similar.
You can still switch your business account if you are overdrawn. First, you’ll need to agree on any overdraft facilities with your new bank or building society. Alternatively, your new bank may be able to provide lending facilities to help you pay off your existing overdraft.
To make use of the Current Account Switch Scheme, both your old and new bank need to be part of it.
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To make sure you get accurate and helpful information, this guide has been reviewed by Rachel Wait, a member of Finder's Editorial Review Board.
Kate Steere is an editor at Finder, specialising in fintech, banking and cryptocurrency. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run. See full bio
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Metro Bank business banking comes with lots of options. Read our review for an overview of the challenger’s accounts, features, fees, pros and cons.
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