Last Updated on October 1, 2026
Switching a business account takes seven working days. The offers that tempt you to switch last 12 to 31 months. The tariff you land on lasts for as long as you stay.
We read the switching offers and standard tariffs of the main UK business banks on 1 October 2026 and priced the year after each offer for a van trade. A van trade that switched to NatWest for two free years would pay £564.60 in its first full year on the Standard Tariff, against £188.40 at Barclays once its 12 months ended.
The quick verdict
Compare standard tariffs when you switch. The offer ends and the tariff stays.
Use the Current Account Switch Service if your business has an annual turnover of up to £6.5 million and fewer than 50 employees. It moves your payments and Direct Debits in seven working days and redirects payments sent to the old account.
Check what you lose
An overdraft, a loan, a card machine or a cash route can be tied to your old bank.
Switching offers, and the year after
| Bank | Switching offer | Standard year after it, van trade |
|---|---|---|
| Metro Bank | 31 months without the monthly fee for full switchers | Not modelled: cash price unclear on Metro’s own documents |
| Virgin Money Business Current Account | 25 months free day-to-day banking | Not modelled: internet banking payment fee in a separate tariff |
| NatWest | 2 years free for switchers with turnover under £2m (not from RBS or Ulster Bank) | £564.60 |
| Santander Classic | 12 months with no fee for switchers | £299.88 |
| Barclays | 12 months with no monthly fee for businesses new to Barclays | £188.40 |
| Lloyds | 12 months with no account fee for businesses new to Lloyds | £350.40 |
| HSBC UK Business Banking Account | 12 months free for start-ups and switchers | £336 (£10 a month plus Post Office cash at 1.5%, tariff from 14 December 2026) |
For comparison, Monzo Business Lite cost the same van trade £48 a year with no offer at all.
Before you switch
- Price a standard year at the new bank with your own month of activity. Our best business bank accounts UK page shows how.
- Check cash: fees, limits and where you can pay in. See paying cash into a business account.
- Check protection: who holds the money and whether it shares an FSCS limit with a bank you already use. See FSCS protection on business accounts.
- List anything tied to the old bank: overdraft, loans, card machine, business credit card, bank feeds into your bookkeeping.
- Pick a switch date away from payroll, VAT and rent days.
During and after
The switch takes seven working days. Your old account closes on the switch date and payments into it are redirected. Reconnect your accounting software’s bank feed on day one; our best accounting software and Xero alternatives pages cover which bookkeeping tools connect to which banks.
Tell customers your new details on your next invoice even though redirection runs. See our invoicing software page for tools that update templates in one place.
Limited company or sole trader
If you trade as a limited company, the gov.uk guidance on company and accounting records says the company’s banking must be separate from your personal banking, and that the simplest way is a business bank account. Switching between business accounts keeps that separation; moving business money through a personal account does not.
Diary the date your offer ends, then price the standard tariff against the market. Switching takes seven working days; staying on the wrong tariff takes the year.
Questions
Can a business use the Current Account Switch Service?
Yes, if it has an annual turnover of up to £6.5 million and fewer than 50 employees. Charities and trusts can use it too (trusts with net assets under £6.5 million). The switch completes in seven working days.
How long does it take to switch business bank account?
Seven working days through the Current Account Switch Service. The service moves your balance, payments in and Direct Debits, and redirects payments sent to the old account.
Which banks have switching offers for businesses?
On 1 October 2026: Metro Bank offered 31 months without the monthly fee for full switchers, Virgin Money 25 months of free day-to-day banking, NatWest two years free for switchers with turnover under £2m (not from RBS or Ulster Bank), and Santander 12 months with no fee. Barclays and Lloyds offered 12 months to businesses new to them.
What should I check before switching business bank account?
The standard tariff after any offer, cash deposit fees and limits, whether the account connects to your accounting software, FSCS cover, and any loans or overdraft tied to your old bank.
