What is the Current Account Switch Service?
It's a free service for you to transfer all regular payments (in and out) from your business current account from another bank to us. It takes only 7 working days and you can choose a switch date that suits you.
We'll arrange everything for you, including the closure of your old account and transfer of any credit balance. We'll even redirect any payments accidentally made to your old account.
It's backed by the Current Account Switch Guarantee, which means you won't be charged by your old bank (if you are, we'll refund you).
How do I switch?
You'll need to apply for a Business current account first. Once your account is open and you have your account number and all the stationery you’ll need to operate your account, you're ready to switch.
You can continue to use your old account as normal right up to your switch date. There's no need for you to contact your old bank - we'll make sure the account is closed and any funds on the switch date are transferred.
Who can use the Current Account Switch Service?
It's available for:
- a business with an annual turnover that does not exceed £6.5 million and employs fewer than 50 people
- charities with an annual income of less than £6.5 million
- small trusts with a net asset value of less than £6.5 million.
You must transfer all regular payments and close your old account. A partial switch service is available if you don't want to do this, or for customers who do not qualify. This will take longer and is not backed by the Current Account Switch Guarantee.
Switching Third Party Providers (TPP) Open Banking
We allow you to give TPPs (such as financial comparison websites, money management apps and payment services) the ability to make payments on your behalf, and to access your financial data.
If you could do this with your old account, there are a couple of simple things you’ll need to do once you switch to us.
- Before you close your old account, check whether you have any TPP authorisations set up and if so, who with.
- Authorisations to TPP services – including any payments you’ve set up through them won’t be transferred by the Current Account Switch Service. However, once your new account is open you can re-authorise these TPP services to access your new account by contacting them direct.
Please note: we only allow access to TPPs that are authorised by law to provide their services, so there’s a chance that your current TPP may not be supported to access Co-operative Bank accounts. Our terms and conditions provide more information about TPPs.