Changing bank accounts

Wondering if it's worth the trouble to switch your bank account? Trust us, changing bank accounts is no big deal and you'll feel much happier with all the extra savings you'll make. Banks make billions of dollars out of customer laziness - so keep your mind on the prize and soldier through these 5 Steps to Bank Account Paradise.

The Mozo Bank-Switch Checklist

Step 1. Compare bank accounts.

Kick-off your move towards better banking services by comparing the best bank accounts through Mozo's comparison table. Pick the one that has the best features based on your financial requirements, click on the 'Go to site' button and head over to the bank's website directly. Check out the eligibility criteria to make sure you fulfil all the requirements and then make an online application. After the bank has accepted your application and you have your brand new account, don't be in a rush to close your old account. Leave it open for the moment.

Step 2. Transfer your salary deposits

Once your new bank account is active, move your salary payments here, so that it's soon nice and full. Also, if there are any minimum deposit requirements to waive the monthly account keeping fee, then make sure you're fulfilling those conditions.   

Step 3. Check your bank statement

While your new bank account is slowly filling up with money, check at least three months' worth of statements for direct debits OR credits on your current bank account so you know exactly where your money is going. You're looking for:

  • credit cards, paypal account
  • linked savings or term deposits
  • rent, utilities
  • Medicare
  • gyms, subscriptions, weekly cheese clubs
  • friends, family

Step 4. Reorganise your payments

Knuckle down, and move all these payments across to your peachy new bank account - your new bank might help with this, so do ask them. (Simply notify any regular depositors such as family and friends that you've changed accounts. This will also highlight your financial savviness and make your new account the envy of your peers.) And this is also a good opportunity to take stock of your finances and make sure you're sticking to your savings goal.

Step 5. Close your old bank account

After your new account is up to date on all your regular transactions and you're sure you won't be missing any bill payments, you can say goodbye to your old transaction account! 

Now sit back and enjoy your banking fabulousness or... sit up and become a little more fabulous still, with Mozo's nifty budget calculator.

Compare today's top bank accounts