Personal Finance Personal Finance

Switching Bank Accounts in 5 Easy Steps

Managing Your Money

Back to Managing Your Money

Switching Bank Accounts in 5 Easy Steps

As smaller community banks merge with national and large regional banks, you may feel like you have fewer and fewer options to save your money somewhere that delivers local, personal service. And even if you found a place like that, switching banks seems like such a pain.

Despite frustrations with bad service or fees, you might just opt to stay put instead of dealing with the hassle of changing everything.

It doesn’t have to be that way. Community bank service still exists, and it can be really easy to move your money to a better banking partner with competitive rates. If you follow these simple steps, setting up your new account will be easier than ever.

  1. Pick a trusted partner, maybe one you already work with in other areas. Where is your mortgage? Your checking account? Where do you bank for your business? Streamlining your finances with a single bank – including your savings – can offer you more convenience and better advice. You might even get a more favorable rate thanks to relationship-based pricing.

  2. Organize your banking information like direct deposits and automatic debits. Make a list of all other accounts connected to your savings so you can reconnect them to your new account after it’s open. And if you automatically direct part of your paycheck to savings, get the right paperwork together to change that transfer.

  3. Open accounts at your new bank. It’s easy to do online, or you can go in person. Depending on what kind of account you’re opening, it may be better to visit an office so you get all the information you need. The associates can even help you get familiar with online banking and other services in person.

  4. Set up direct deposits, automatic payments and online bill pay. Take the list you made earlier and dedicate a few minutes to checking them off one by one as you change the account information.

  5. Leave your old accounts open for at least one month. This will make sure your drafts have stopped, any outstanding checks have cleared and deposits to your new account are coming in correctly.

See? It’s not so hard. Getting the rate you need with the service you deserve doesn’t have to be a chore. You can switch in just a few simple steps to get the most out of your savings.

Article Search

Calculators

How much mortgage can you afford? Do you have enough insurance? Get answers with these free calculators.

Case Studies

Learn how we've helped our clients purchase dream homes, build their businesses and become successful.

Pinnacle 5 Podcast Series

Arm yourself with knowledge on financial topics from the advisors at Pinnacle.