Switch your bank account
The Current Account Switch Service is a free service that lets you switch a business current account from one participating bank to another – in 7 business days. It’s simple and stress-free, and the full switch option is backed by the Current Account Switch Guarantee. If anything goes wrong with the switch, we will refund any interest or charges you have incurred on your old or new account as a result of a delay caused by us, as soon as we are told.
As part of the full switch, we’ll arrange everything for you, including transferring any credit balance and the closure of your old account, as well as transferring all your payments (such as any Direct Debits) to your new account with us. In addition, we'll set up a payment redirection for any credits or debits from your old account, to your new one, for at least 3 years.
Please note, you will not be able to transfer an overdrawn balance to us. It is your responsibility to pay off any overdrawn balance including any fees or charges on your old account before the switch can take place.
For more information or to check if your old bank is a participating bank, go to the Current Account Switch website.
Full Current Account Switch Service is available for
- Businesses 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
- If you don’t qualify for a full switch or you'd rather not transfer all your payments over or close your old account, you can apply for a partial switch instead.
How do I switch?
If you don’t already hold a business current account with us for the account you want to switch, then you can apply for one here:
View our Business current accounts
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 and just need to complete the relevant switch form.
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- We'll move all your regular incoming and outgoing payments, like Direct Debits, standing orders, bills and your salary, to your new account with us
- We'll close your old account and transfer the credit balance over to your new account with us within 7 business days
- Any payment sent to your old account will be redirected for at least 3 years
- You are covered by the Current Account Switch Guarantee
Don't forget to read about Switching Third Party Providers (TPP) Open Banking before you apply.
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- We’ll ask your old bank for a list of outgoing payments for the account you're switching from
- You tell us which ones you want us to move to your new account with us
- Your old account open remains open and any credit balance isn’t transferred.
Don't forget to read about Switching Third Party Providers (TPP) Open Banking before you apply.
- We won't be able to switch any one-off, future-dated payments
- You'll need to arrange the transfer of any credit payments (like your salary) to the new account
- It could take longer than 7 business days and isn't covered by the Current Account Switch Guarantee
Please ensure you read the important documents below and save copies of them for future reference
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.
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We have designed the Current Account Switch Service to let you switch your current account from one bank or building society to another in a simple, reliable and stress-free way. It will only take 7 working days. As your new current account provider we offer the following guarantee:
- The service is free to use and you can choose and agree your switch date with us.
- We will take care of moving all your payments going out (for example, your Direct Debits and standing orders) and those coming in (for example, your salary).
- If you have money in your old account, we will transfer it to your new account on your switch date.
- We will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details.
- If there are any issues in making the switch, we will contact you before your switch date.
- If anything goes wrong with the switch, as soon as we are told, we will refund any interest (paid or lost) and charges made on either your old or new current accounts as a result of this failure.
For more information go to www.currentaccountswitch.co.uk
Important documentation
Please ensure you read the important documents below and save copies of them for future reference
Current Account Switch Agreement
Download Current Account Switch Agreement PDFHow we use your personal information
Download How we use your personal information PDFFSCS Information Sheet and Exclusions List
Download FSCS Information Sheet and Exclusions List PDFContact us
If you'd like more help & information, you can:
