Bank Bribe Switches for Self Employed

Puffling75

Hi 
I want to do a bank bribe switch however as I’m self employed I have payments sent to my bank weekly by customers.  I don’t want to keep telling them new account details if I switch more than once.  Anyone else done this without any issues?  Many thanks 

Section62

Puffling75 said:

Hi 
I want to do a bank bribe switch however as I’m self employed I have payments sent to my bank weekly by customers.  I don’t want to keep telling them new account details if I switch more than once.  Anyone else done this without any issues?  Many thanks 

Are you having business payments going into your personal account, or do you have a business account?

flaneurs_lobster

What bank are you looking to switch? It's often possible to open a second current account with them just for switching and leave the original as is.

Can be a faff if there are requirements to have active DDs in place for the switch bribe to be paid.

MyRealNameToo

Puffling75 said:

Hi 
I want to do a bank bribe switch however as I’m self employed I have payments sent to my bank weekly by customers.  I don’t want to keep telling them new account details if I switch more than once.  Anyone else done this without any issues?  Many thanks 

Which bank is offering incentives for switching business accounts? At best you are normally looking at a couple of years of being fee free

wmb194

Puffling75 said:

Hi 
I want to do a bank bribe switch however as I’m self employed I have payments sent to my bank weekly by customers.  I don’t want to keep telling them new account details if I switch more than once.  Anyone else done this without any issues?  Many thanks 

Don't switch your main account.

eskbanker

Puffling75 said:

Hi 
I want to do a bank bribe switch however as I’m self employed I have payments sent to my bank weekly by customers.  I don’t want to keep telling them new account details if I switch more than once.  Anyone else done this without any issues?  Many thanks 

Any switch handled via the Current Account Switching Service will take care of redirecting credits to your account, however many times you switch, so you don't need to tell payers about the new details if you don't want to.

boingy

wmb194 said:

Puffling75 said:

Hi 
I want to do a bank bribe switch however as I’m self employed I have payments sent to my bank weekly by customers.  I don’t want to keep telling them new account details if I switch more than once.  Anyone else done this without any issues?  Many thanks 

Don't switch your main account.

This. ^^^^

Puffling75

Section62 said:

Puffling75 said:

Hi 
I want to do a bank bribe switch however as I’m self employed I have payments sent to my bank weekly by customers.  I don’t want to keep telling them new account details if I switch more than once.  Anyone else done this without any issues?  Many thanks 

Are you having business payments going into your personal account, or do you have a business account?

My personal 

eskbanker

Puffling75 said:

Section62 said:

Puffling75 said:

Hi 
I want to do a bank bribe switch however as I’m self employed I have payments sent to my bank weekly by customers.  I don’t want to keep telling them new account details if I switch more than once.  Anyone else done this without any issues?  Many thanks 

Are you having business payments going into your personal account, or do you have a business account?

My personal 

In which case you'll probably expect what's coming next....

Using a personal account for business purposes will be against its Ts & Cs - you may have got away with it up to now but there's no guarantee that a new bank will be so forgiving, so you'd be better opening a business account for your business.

Section62

Puffling75 said:

Section62 said:

Puffling75 said:

Hi 
I want to do a bank bribe switch however as I’m self employed I have payments sent to my bank weekly by customers.  I don’t want to keep telling them new account details if I switch more than once.  Anyone else done this without any issues?  Many thanks 

Are you having business payments going into your personal account, or do you have a business account?

My personal 

As eskbanker says... in that case the first job is to stop business transactions going through your personal account (unless the T&C's specifically allow this).

After your business banking is sorted, open a second personal current account with a different provider.  Set up a couple of direct debits on it, then after a few months use this new personal account for switching.

Nasqueron

eskbanker said:

Puffling75 said:

Section62 said:

Puffling75 said:

Hi 
I want to do a bank bribe switch however as I’m self employed I have payments sent to my bank weekly by customers.  I don’t want to keep telling them new account details if I switch more than once.  Anyone else done this without any issues?  Many thanks 

Are you having business payments going into your personal account, or do you have a business account?

My personal 

In which case you'll probably expect what's coming next....

Using a personal account for business purposes will be against its Ts & Cs - you may have got away with it up to now but there's no guarantee that a new bank will be so forgiving, so you'd be better opening a business account for your business.

Depends on the type of business and bank policy. They will ban LLP and limited companies from using them as they're mandated to have business accounts but sole traders are not required to have one, albeit of course the bank policies may say otherwise!