How to change bank accounts in 4 easy steps

Are you considering switching your bank account? Whether you're looking for better rates, fewer fees, or improved services and features, changing your bank account can be a smart financial move. This guide will walk you through the process in four easy to follow steps.

There are several compelling reasons to consider switching your bank account:

• High fees: Are you paying too much for basic banking services?
• Low interest rates: Is your money not working hard enough for you?
• Poor customer service: Feeling undervalued by your current bank?
• Lack of features: Do you need more from your banking experience?

Many of the best bank accounts offer perks like no monthly fees, cashback on purchases, and connected high-interest savings accounts. By switching, you could improve your finances.

Follow these four steps to transition to a new bank account seamlessly:

1. Search for a new bank account

Start by researching your options. When comparing bank accounts, consider:

• Frequency of deposits
• Primary use (e.g., everyday purchases, savings)
• Additional services offered (savings accounts, loans)
• ATM and branch accessibility
• International access
• Fees and account requirements

Having a clear idea of your needs will help narrow down your choices.

2. Open a new account

Once you've chosen a bank, it's time to open your account. You'll typically need:

• Personal details
• Proof of identity (passport, driver's licence, Medicare card)

Note: Most banks offer online account openings, but check if in-person options are available if you prefer face-to-face interactions.

3. Change your regular payments

This step might seem daunting, but it's easier than you think. Thanks to [government regulations], you can ask your new bank to contact businesses you have direct payments with and provide your updated details.

Remember to:

• Inform your employer of your new account information
• Update your details with Medicare, superannuation funds, and government accounts
• Manually change any regular BPAY payments

4. Close your old bank account

Once you've confirmed that all your direct payments and deposits are successfully transitioning to your new account, it's time to bid farewell to your old bank. Double-check that all transactions have cleared before closing the account.

Still unsure which bank to choose? Discover top-performing banks and their products and services with insights from the latest Mozo Experts Choice Awards best banking winners.

Remember, the best bank account for you will depend on your needs and financial goals.