Hi, We've been trading since 2010 and have always had a Barclays Business Account but lately they have been completely and utterly unreliable over a range of services, so we have taken the plunge to go with Tide banking.
How simple is the process (legally speaking) to transfer all monies from our Barclays Business Account to Tide? Do we need to inform anyone or can we just transfer and close the Barclays account after?
Sorry for the newb question!
If the second account is open it should just simply be a transfer of funds and arranging any new direct debits etc.
You need to understand Tide is not a traditional bank account, but like a few others offer banking services via pre-paid card account.
You can set up Tide and then cancel banking services at Barclays, it only takes 5 minutes to get a sort code/acc number to get going.
You might not solve your problem re range of services, best of luck
Thanks for the advice John!
I have read about setting up a Tide account (it seems very easy) however am going to keep the Barclays account open mainly due to fact that as Tide is completely reliant on the internet - if something goes down online then we're all locked out till they sort it. Hopefully they'll get a phone line sorted soon!