Check the rights on the machine for the new account.
Might need to give it more rights. Quick check is to add it to the local admin group on the box SQL is running on.
The services do not require admin privelages. Giving the service account eleveated rights is not a best practice.
Use a domain user account
Specifies a domain user account that uses Windows Authentication to set up and connect to SQL Server. Microsoft recommends using a domain user account with minimal rights for the SQL Server service, as the SQL Server service does not require administrator account privileges.
The SQL Server Agent account must have administrator privileges if you create CmdExec and ActiveScript jobs that belong to someone other than a SQL Server administrator, or if you use the AutoRestart feature. If the above features are requirements in your environment, consider using separate service accounts for the SQL Server and SQL Server Agent services.