Dissatisfaction with investment options, the arrival of new financial institutions, or the desire for tailored services – these are just some reasons why people switch banks. The good news? The process is surprisingly straightforward, with new banks often handling automatic payment transfers themselves.
Gone are the days of mandatory branch visits. Modern banking allows you to complete the entire process online, with identity verification possible from the comfort of your home. Many banks now offer verification through your existing bank identity credentials.
The traditional approach involves opening a new account, transferring funds, and resetting standing orders. You’ll need to inform your employer and other regular payment sources about your new banking details before closing the old account. However, your new bank can handle most of these tasks for you, typically completing the transition within 15 days.
Some banks even offer the option to retain most of your existing account number, though the suffix will change. However, it’s important to note that if you have additional commitments like a mortgage with your current bank, the transfer process might be more complicated.
For accounts older than one year, there’s an added benefit – your existing bank cannot charge you any fees for closing your account.