Switching business account

monkeypanda00

Hi there,

I had opened a business bank account with Santander in the past week or so and now realised there online banking is terrible and I applied to switch to my normal bank Lloyds.

The question is when I switch and I open up the account with Lloyds will Santander get a notification and close my Santander account automatically after a certain period or will I have to call them and tell them to close it.

(At the moment no money has come into the account or is due to come in except from trying to setup Paypal however that can be canceled within Paypal)

eskbanker

monkeypanda00 wrote: »

The question is when I switch and I open up the account with Lloyds will Santander get a notification and close my Santander account automatically after a certain period or will I have to call them and tell them to close it.

If you use the Current Account Switching Service then the old account is automatically closed for you as part of the process, but it's 'open' and then 'switch' not the other way round!

meer53

You can't use the current account switching service to switch a business account to a personal account.

eskbanker

meer53 wrote: »

You can't use the current account switching service to switch a business account to a personal account.

True but I didn't think that was what OP is trying to do, it reads to me like they just want to open a new business account where they already have a personal one (Lloyds)....

Edit: post was clumsily worded and wasn't meant to suggest not switching, but to clarify that OP's reference to their existing bank wasn't signifying a desire to switch to a personal account there!

bigadaj

eskbanker wrote: »

True but I didn't think that was what OP is trying to do, it reads to me like they just want to open a new business account where they already have a personal one (Lloyds)....

Don't think so, they appear to want to move a business bank account, thread title indicates and the OP indicates this but could be interpreted differently.

monkeypanda00

Sorry should have been clearer I'm switching from business to business

badger09

monkeypanda00 wrote: »

Sorry should have been clearer I'm switching from business to business

But if there has been no activity whatsoever on your new Santander account, why are you thinking about switching? There is nothing to switch:cool:

Just tell Santander you've changed your mind and don't want the account. Then, assuming Lloyds will accept you as a business account customer, start afresh with Lloyds.