Switch to Silicon Valley Bank
At Silicon Valley Bank, we do everything within our power to make switching accounts as hassle free and efficient as possible and aim to have your account fully transferred within one calendar month*
*We rely on your previous bank or building society to respond within recommended timescales, we also rely on the organisations you pay by Direct Debits to change their records and respond in a timely manner to our requests.
Timeline
Your new account is open. We ask your old bank for a list of all the Direct Debits and Standing Orders that you have.
Your old bank provides a list of your current automated payments.
You review this list and let us know of any amendments.
Ready for transfer
- We make any amendments to your list and set up your Direct Debits and standing orders.
- We will advise the Direct Debit companies of your new account details and ask them to change their records.
- At your request we ask your previous bank to close your old account, and transfer any remaining balance to your new account on the agreed date (if required).
- We give you a list of the companies that have not confirmed they have updated their records. You will need to contact the Direct Debit originator and ask them to change their records.
- We have now completed all the actions required to switch your account to Silicon Valley Bank
Frequently Asked Questions
- Silicon Valley Bank specialise in banking businesses from the technology, life science, cleantech, private equity and venture capital industries. Our niche sector focus has enabled us to offer our clients expertise, guidance and the kind of networking connections that only a bank with our true industry knowledge can deliver. If you switch to us, you will be welcomed into a banking community that truly understands your industry dynamics, knows how to manage risk and has the experience to help you to get to the next stage.
We will set up your new account quickly and transfer your current Direct Debits and standing orders within one calendar month of when your switching request is received. We promise to keep you regularly informed throughout the entire transfer process.
- Complete, sign and return a Silicon Valley Bank account switching form.
- Review the list of your current automated payments that we obtain from your old bank, and inform us of any amendments.
- You will need to make separate arrangements with us for any irregular payments or salaries, i.e. bill payments that you currently pay through your account. Our advisors will be able to assist you with this, see below for contact details.
- We recommend that you review your account for the first month to ensure all payments go out as usual. This will make sure that all the organisations we have contacted have responded to our requests in a timely manner.
- Once the process is complete, if there are any Direct Debits not appearing on your new account, you will be required to contact the companies directly, as they may not have changed their records following our request.
You can use both your new and existing bank accounts as normal during the entire switching process.
If you have any questions you can contact us on 0800 023 1441 from within the UK, or +44 (0)20 7367 7881 from overseas. Lines are open: 8:00am – 5:00pm Monday to Friday.