Add, update, or change your Settlement bank account

You can add a new bank account, change the account that receives your Settlements, or link an account to a specific store directly in the Teya app. You can do this by connecting your bank instantly with Open Banking, or by entering your details manually. This guide explains both options and the details you need to set up your account.

How do I add or change a bank account?

1. Open the Teya App.
2. On the Home page, tap the + button. Alternatively, tap your business name at the top of the screen to open the side menu. 
3. Tap Bank accounts.
4. Click the + button at the top right corner of the page.
5. Navigate to the Add bank account screen.

You can now choose one of two ways to verify your bank account.

Option 1: Connect your bank with Open Banking (Recommended)

Connecting your bank with Open Banking verifies your account securely and immediately. Teya recommends this option because it is:

• Instant: Your account is verified immediately with no waiting.
• Accurate: You do not need to type a sort code or account number, removing the risk of typos.
• Reliable: Your details come directly from your bank, making name-match problems far less likely.
• Secure: You log in through your own bank, and Teya never sees your banking password.
• Read-only: Teya can only confirm your account details. It cannot move money or make payments from your account.

To connect your bank:

1. Tap Bank Accounts.

2. Click the + button on the top-right corner.

3. Tap Connect your bank.

4. You are securely redirected to your bank's own app or website to log in.
5. Approve the request to share your account details with Teya.
6. You return to the Teya app and your account is verified straight away.

Option 2: Enter your bank details manually

If you prefer not to connect your bank, you can type your details in by hand.

To add your account manually:

1. Have your sort code, account number, and the exact account holder name ready.
2. Enter your sort code and account number into the app.
3. Enter the account holder name exactly as it appears on your bank account.
4. The app will automatically check your bank account details.

How do I link a bank account to a store?

Once you add your new bank account, you need to assign it to the correct store to receive your Settlements.

1. In Bank Accounts, tap the bank account you want to use.
2. Tap Link stores.
3. Select the store or stores that should receive Settlements into this account.
4. Confirm your selection.

What happens next: Future Settlements will go to the new account. Any Settlements already in progress will still go to the previous account.

Can I use different bank accounts for different stores?

Yes. You can add more than one bank account and link different accounts to different stores.

How it works:

1. Add each bank account you want to use (using Open Banking or manual entry).
2. Each account will be checked separately.
3. Open Bank Accounts.
4. Tap the bank account you want to assign.
5. Tap Link stores.
6. Select the store or stores you want to link.

Important: Each store can only be linked to one bank account at a time.

What happens when my bank account is checked?

When you add a bank account, Teya automatically checks the account holder name against your business details. If you connect your bank with Open Banking, these details come straight from your bank, so checks usually pass first time.

How can I avoid verification problems?

The easiest way to avoid verification problems is to connect your bank with Open Banking (Option 1), as your details come directly from your bank. If you enter your details manually, to help your bank account pass verification first time:

• use the exact name shown on your bank account
• check a recent bank statement if you are not sure
• for limited companies, enter the company name exactly as registered
• check that your sort code and account number are correct
• make sure you have not swapped any digits by mistake

For example:

If your bank account says J Smith Trading, do not enter John Smith.

Why did my verification fail?

If you get a not matched result, it usually means the name on the bank account does not match the name registered with Teya.

Common reasons include:

• the bank account is in a personal name, but your Teya account is registered as a limited company
• there is a spelling difference between your bank records and your Teya registration
• your business name or structure has changed, but your Teya details have not been updated yet

What to do:

• try connecting your bank with Open Banking instead, which pulls the details directly from your bank
• compare the account name on your bank statement with the name registered with Teya
• if your business details have changed, update them in Settings > Business Information
• then try adding the bank account again

What if I use a Teya Business Account?

If you have a Teya Business Account, your Settlements may go there instead of to an external bank account. This is common if you signed up for Instant Settlement, because Instant Settlement requires a Teya Business Account.

Can I switch from my Teya Business Account to an external bank account?

Yes. You can add a new external bank account and link it to your store.

Important: If you switch away from your Teya Business Account, you will not be able to receive Instant Settlements for that store.

What if I want Instant Settlement?

You need a Teya Business Account. You can open one in the app from Settings or when adding a bank account.

When do I need to contact Team Teya?

Most bank account changes can be done in the app. You need to contact Team Teya if:

• you have an active Cash Advance (MCA)
• verification keeps failing after you have checked your details
• you are changing your legal entity type, for example from sole trader to limited company

Quick answers