Tips for switching banks with ease

Lots of people are now looking at their various banking options, there are many more options out there today than there were 15 years ago. No longer is a branch as important as it once was, with the internet playing a significant role in the way we live more and more people are happy to do their banking online. Lots of people think about switching but not many people do, transferring accounts can take time and effort. It doesn’t have to be difficult, if you break the process down and follow some simple steps you can switch bank accounts easily.


1) Do your homework to find a new provider for your banking needs. A good idea is to look online at banks, some banks don’t have branches which means they can offer better rates. Remember to study your banking history, if you’re usually in credit then you need a bank that will offer good interest on accounts in the black. The same applies the other way, if you’re usually overdrawn then look for accounts that offer low rates for being in the red.


2) Open your new account, then you should meet the minimum deposit amount that is required when opening. While you are waiting for your first deposit to clear you can order a cheque book, debit card and everything else that you need.


3) If you do not get sent your statements in the post from you old bank, go online and print out all the statements that you can. This could be important in the future if you need to check your records or do tax returns.


4) Tell your boss. You need to tell your employer as soon as you can because he/she will need to with your salary payments to your new account. When you’re telling them of the switch ask them how long it will take and be sure to follow up. You will also need to check other deposits are transferred to your new account.


5) Check your bill payments. You need to make sure that you transfer all bill payments that are made through direct debit to your new account. This may take some time, it might be useful to pay by paper billing or by cheque whilst you are waiting for the direct debits to be switched to your new account.


6) It’s a good idea to leave a little amount of money in your old account for a month or so, this way if there are any bills or payments that you have forgotten about they will be taken care of. Doing this will mean you avoid any potential late payment charges and you can also switch these payments over to your new account.