One day, you may realise that your current bank account just isn’t working for you anymore. If this happens, you may feel it's time to switch. Whilst this may seem daunting, with the right planning, it can be a smooth and rewarding experience.
Whether it's better interest rates or customer service you want, there’s no reason you shouldn’t switch to fit your needs. You know what they say, there’s no time like the present…
How Can You Prepare To Switch Bank Accounts?
Once you’ve decided you’d like to switch bank accounts, it may be tempting to surge ahead in the process. But hold on! This move will go a lot smoother with proper planning and organisation.
In preparation for the switch, the first step is to identify which bank account you wish to move to.
Remember, banks try to lure you in with promises of exclusive discounts and deals. But don’t let these dazzle you! Use a comparison platform to help you keep your eye on the prize and search for more functional benefits.
This includes things like fees, interest rates, and branch accessibility. Though, of course, it doesn’t hurt to take a look at the perks and deals too.
Once you’ve made an informed decision on where to move to, it’s time to open your new account. You will need to hop on the website or go into the branch to do this. Either way, it will require proof of address and identification.
Now, no one likes to read the small print. But make sure that, during this process, you carefully read through the terms and conditions of the new account. Once you’re happy with everything, you can complete the switch with three simple steps.
What Are The Steps To Switch Bank Accounts?
1. Update Deposits, Payments and Account Details
First things first, time to move any direct deposits and payments linked to your old account. These will all need to be moved to your new one. This includes things like your salary, bills, and subscriptions.
Contact each organisation, including your employer and loan providers, and inform them of your new details. Failure to do this could lead to your wages being sent to the wrong account - the horror!
2. Transfer All Funds
Once you’re certain all deposits and payments are linked to your new account, transfer your funds. Every penny from your old account needs to be moved to your new one.
You can do this by check or by electronic payment, though the latter is faster.
3. Close Old Bank Account
As soon as your old account is empty, time to go ahead and close it. To do this, just visit the branch or contact them online. Just ensure you have any final statements and request a confirmation document of the closure.
And just like that, you’re done!
Once the move is complete, you can focus on keeping an eye on your new bank account. Regularly review any new bank statements to ensure nothing is amiss.
You may also tie up any loose ends like setting up your new mobile banking app and Apple Pay. If you like to pay with a physical card, make sure to also set this up too.
Finally, cast your eye over any perks and rewards your new bank offers. Why wait to start taking advantage of the bank account you’ve switched to?
To summarise, is it hard to switch bank accounts? The answer - not really. This process can be a smooth and simple one as long as you remain organised.
It’s always easy to be lazy and stay with your current bank. But this could be a mistake. If you find a better deal elsewhere, switching could open you up to even better financial opportunities.