Switch from a business account to a new current account

LC2015

Hello MSE users (newbie here btw!)

I was wondering if any of you might know the answer to my question. I've been seatching Is it possible to switch from a business account to a new current account rather than switch to a new business account.

I'm closing my business account with Lloyds as I get no interest on the money in there, get charged £5 per month and get no benefits plus extra charges if I withdraw cash etc! I'm a sole trader with not a lot of transactions a month, so I thought it would make sense to open up a new current bank account for my business use, where I don't get charges. If possible, I'd like to switch my business account so I can get one of the cash incentives for opening a new current account. I have 3 direct debits in my business account that I could 'switch'. If it's not possible I'll just close my Lloyds Business Account and then open up a new normal account. (I already have a Santander Current Account that I use for my personal banking.) But if there's a way to get the cash incentive for a new current account, I'd be very glad to do it!

Thanks for your advice

colsten

I don't know whether you can switch from a business to a personal current account but I do know that using a personal account for business is against the T&Cs. Be prepared that the bank will close your account with little or no notice once they spot it.

LC2015

Thank you for the heads up. I'll do a bit more thinking and planning in that case!

meer53

You can't switch from a business account to a personal account.