The Current Account Switch Service makes switching to HSBC easy. All you need to do to get started is open a Business Current Account. Then, you can depend on us to make the switch process simple and straightforward. Once you have opened the account, you decide when you want to start the switching process.
Who is eligible for the Current Account Switch Service
- Businesses with an annual turnover not exceeding £6.5m and employs fewer than fifty employees.
- Charities with an annual income of less than £6.5m and trusts with a net asset value of less than £6.5m.
Once your account has been opened, switching to HSBC is simple and stress free using the 'Full' Current Account Switch Service.
Current Account Switch Guarantee
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 seven 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 your 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 incurred on either your old or new current accounts as a result of this failure
How does it work?
Once you've opened your account,you decide and agree with us when you want to start the switching process.
Any credits or debits sent to your old bank account will be redirected automatically to your new account, giving you plenty of time to make sure you're happy that everything is as it should be.
If you change your mind
You can cancel the switch service up to the seventh working day before your switch date. After that only certain elements can be cancelled and the closure of your old account cannot be stopped. We will guide you through what will happen if you choose to cancel.
If your new bank or building society agrees, bank accounts that include an overdraft can switch using the new Current Account Switch Service. If you'd like to have an overdraft with your new bank account, speak to your new bank or building society before starting your switch.
Your new bank or building society will be able to advise if you're eligible for an overdraft, dependent on their lending criteria and your credit status.