Changing Business Bank Account - Hassle?

[AndyC_123]

Hi

How much of a ball ache is changing bank account? Has anyone done it and has it annoyed your customers? We get small amount of direct debits and cheques, and 80% BACS.

Getting a commercial mortgage for just under £2m - current bank want 40% deposit and different bank only want 30% deposit - figures are pretty similar apart from that. The 10% difference is quite a large figure and could be helpful for cash flow, but maybe not critical. The new bank would require us to move across to them so they could keep an eye on the current account, hence my initial question of the hassle involve.

Thanks

[jammy-git]

I switched over to Starling and it hasn't been too painful. But I think a lot will depend on your business size and how many transactions you're doing and how many suppliers will need to update details.

[nickv]

i switched over from RBS to starling and Starling gave me 4k for switching

It was pretty much painless, all my supplier details came over so continuing payments i do by BACS were straightforward.

The biggest ballache was getting my card payment terminal payments swapped over to the new account

That took a few days

As for people who make payments direct to my bank account i had to contact them to let them know my new details

The Starling app i dont like it as much as RBS one, but maybe its just me as lots of people seem to rave about the starling app