The Payments Council has released a ‘Current Account Switch Service - Small Business Checklist’ setting out considerations and steps to be taken when switching bank accounts.  The checklist advises small businesses to utilise comparison websites to assess which type of account is most suitable.  Guidance is also provided on the steps that need to be taken and the key differences between account opening and switching.  Small businesses are advised to ensure that all details held by their bank are correct and that any administration is completed on their old account prior to its closing.

What this means for you

The Payments Council continues to publicise the Current Account Switch Service.  Through the introduction of the checklist, its recent focus is upon supporting small businesses to become more savvy in relation to their bank accounts.  Small businesses are likely to follow the increasing number of consumers that are deciding to switch.