

You can switch bank accounts by first opening your new account and changing your direct deposit and recurring transactions. Once any pending transactions have cleared, you can close your old bank account.
Switching to a new bank account can help you earn more interest, save on fees or take advantage of better features. It takes some effort and coordination, but the benefits of switching are often worth it. Follow these steps to switch bank accounts seamlessly.
Start by researching which bank will fit your needs and daily banking habits. Compare new accounts to your current one, weighing the benefits and costs of each.
To choose a new bank, consider:
Learn more: Signs It's Time to Switch Banks
Once you've selected a bank, opening an account is a straightforward process. Most banks let you apply online, though you can visit a branch if you prefer in-person service at a traditional bank.
To open an account, you'll typically need:
Tip: If you're switching banks to earn a bonus, make sure you meet the eligibility requirements before opening an account.
Some banks require a small initial deposit to open the account, usually at least $25. Depending on whether you're opening your account online or in person, you can make your minimum deposit a few ways:
The minimum deposit is just a start. Depositing more will allow you to switch over automated payments and start using your new account right away.
Before closing your old account, update your bank information—your routing and account numbers—with your employer, government benefits sponsor or any other income sources. Direct deposits can take one or two pay cycles to switch over. Keeping your old account open ensures you don't miss a paycheck.
Once your deposits are going to your new bank, review your old bank statements for automatic payments connected to your account. This is critical to avoid late fees or canceled subscriptions. Check your recent bank statements for:
Tip: Review at least three to six months of statements so you don't miss quarterly or annual charges.
If you have automatic transfers to savings or retirement accounts, update them to pull from your new checking account. This is also a good time to review your monthly contributions. If your income has increased or you've cut expenses, you can raise your savings amount and reach your goals faster.
Don't empty out your old account right away. Keep a small cushion to cover any charges you might have overlooked. Otherwise, you could accidentally overdraft your account and end up with fees.
If your bank charges a fee for low balances, keep at least the minimum balance in the account to avoid this fee. Watch out for any outstanding checks that haven't cleared, pending debit card transactions or subscription renewals.
Learn more: How Long Does It Take to Switch Banks?
After you've confirmed that your deposits, payments and transfers have successfully moved, transfer any remaining funds to your new account and close the old one. You can usually do this by calling your bank, visiting a branch or sending a written request. Finally, shred old checks and debit cards and store bank records for tax or proof of payment.
Having the right bank account can simplify your money management. If your current bank isn't meeting your needs, switching bank accounts could be the first step to reaching your financial goals. Make sure you've successfully moved automatic deposits and payments before closing your old account to avoid potential negative effects of switching.
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Compare accountsLaToya Irby is a personal finance writer who works with consumer media outlets to help people navigate their money and credit. She’s been published and quoted extensively in USA Today, U.S. News and World Report, myFICO, Investopedia, The Balance and more.
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