We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
If you've been putting off switching bank accounts because you're worried it'll be a difficult task, don't be. It's easier to switch than you may think, and your bank actually does most of the work for you.
Here are the three basic steps involved with switching bank accounts:
Before you can switch your account, you first need to find a new account to switch to. Here's what to consider when choosing a new account.
Earn 2% cashback on tap and pay purchases. T&Cs apply.
Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available.
The Australian government banking reforms that became active from 1 July 2012 made it very easy to change banks. All you have to do is choose the financial institution you want, whether it be a bank, credit union or building society, fill out one form and the institution will do all the work for you.
The bank will contact all the institutions you have automatic debit and credit arrangements with giving them your new transaction account details.
Once you have shopped around and found the bank you want to work with, ask them to help with the switch. When contacting your new bank for help, the bank will need a 13-month transcript of direct debits and credits from your previous bank.
The 13-month list will be given to you by your new bank so you can choose what debits and credits you would like to transfer over to your new bank account. If you have trouble, just ask your new bank to help you.
The following items will not be included on the 13-month list:
Once you've opened your new account, don't forget to close the old one. Although the old account may have no money in it, the bank could still charge you account keeping fees. Close your old account once you have:
Closing your old account is a relatively hassle-free process. Normally you will have to visit a branch to close the account.
The cash rate has gone up for the first time in more than 11 years as the Reserve Bank of Australia tries to combat rising inflation. Home loan rates are rising – but so are savings rates.
Read more…
Make your banking less boring with these 6 tips and start saving more today.
Read more…
ING will give customers up to $100 cashback per year on their gas, water and electricity bills when you pay using your Orange Everyday account.
Read more…
The merger will create Australia's largest customer-owned bank, and maintain both bank brands.
Read more…
Xinja is closing its bank account and Stash savings account and returning its banking licence. Here's what you need to do if you're a customer.
Read more…
With school banking programs like CBA's Dollarmites getting axed, how else can you teach your kids about managing money?
Read more…The Bank of Queensland Simple Saver Account offers an ongoing interest rate with no account conditions to meet. Open up to 9 accounts.
Earn a special fixed interest rate for terms of 1 or 2 years in length when you invest at least $25,000.
The Great Southern Bank Goal Saver Account has an ongoing bonus rate on balances up to $50,000 for customers aged 18-24.
The Newcastle Permanent Smart Saver Youth Account has an ongoing bonus rate for customers under 25.
The Bank of Queensland Smart Saver Account has an ongoing bonus rate on balances up to $250,000 for customers over 36.
The Everyday Account has no monthly account keeping fees, spend tracking features and instant payments via PayID.
The Bank of Queensland Future Saver Account has a high ongoing bonus rate on balances up to $50,000 for customers under 35.
Delphi Bank offers a range of personal banking products for customers in Australia.
Citi offers a range of personal banking products for customers in Australia.
