switch-bank-accounts

How to switch banks at a click of a button

Switching banks has never been so easy with this one simple step.

If you’re unhappy with your current bank account, don’t put up with it. It’s easy to switch banks with this one simple step:

Ask your new bank to help you

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:

  • “Pay anyone” transactions (such as fortnightly cleaner payments or bills).
  • BPAY payments.
  • Payments that are recurring and where you've given your debit card number.

Bank Account Offer

HSBC Everyday Global Account

Bank Account Offer

No foreign ATM or transaction fees. $0 monthly account fee. Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available.

  • Account keeping fee: $0.00
  • Linked debit card: Visa
  • ATM withdrawal fee: $0.00
  • Overseas EFTPOS fee: $0.00
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Rates last updated March 23rd, 2019
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
HSBC Everyday Global Account
Visa
$0
$0
No foreign ATM or transaction fees.
$0 monthly account fee.
Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available.
Suncorp Everyday Options Account
Visa
$0
$0
Save for your individual goals by linking to interest-earning sub accounts.
$5 waivable monthly account fee.
Special offer: Enjoy a $0 monthly account fee when you open this account before 30 June 2019. Link up to nine interest-earning sub accounts. Google and Apple Pay available.
NAB Classic Banking
Visa
$0
$0
Enjoy convenient, unlimited access to your money.
$0 monthly account fee.
Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone. Temporarily block your card at the touch of a button if you lose it.
ING Orange Everyday Account
Visa
$0
$0
No fees for any ATM in Australia or overseas.
$0 monthly account fees.
Enjoy $0 ATM withdrawal fees when you deposit $1000 and make 5+ card purchases per month. Get a competitive ongoing variable rate when linked with the ING Savings Maximiser.
Suncorp Everyday Basics Account
Visa
$0
$0
A simple everyday account with low fees.
$0 monthly account fee.
Enjoy no monthly account keeping fees as well as the option to pay using Google and Apple Pay. Free ATM withdrawals at 3000+ Suncorp and rediATMs.
Citi Global Currency Account
Mastercard
$0
$0
Hold up to 10 currencies.
$0 monthly account fee.
Enjoy one linked debit card to hold up to 10 currencies and receive foreign currencies for free. Earn up to 2.25% p.a. interest on your AUD balance.
CUA Everyday Account
Visa
$0
$0
Enjoy flexible payment options and access to a wide network of ATMs.
$0 monthly account fee.
Access to Google, Samsung and Apple Pay. Enjoy fee-free cash withdrawals from 10,000+ ATMs across Australia. Deposit $1,000+ into this each month and receive bonus interest on a linked CUA eSaver Reward Account.
AMP Bett3r Account
Visa
$0
$2,000
Earn 1.50% interest. Manage your budget effectively with a bundle of accounts.
$5 waivable monthly account fee.
Earn 1.50% interest on your balance. Monthly account fee waived if you deposit at least $2,000 a month from a source that is not another AMP bank account. Reach your savings goals with a bundle of linked Pay, Spend and Save accounts.
MyState Bank Glide Account
Visa
$0
$0
Simplify your everyday banking with these sleek digital features.
$0 monthly account fee.
Choose the way you pay with access to Google, Samsung and Apple Pay plus Fitbit Pay and Garmin Pay. Send and receive money in less than 60 seconds with PayID.

Compare up to 4 providers

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Closing your old account

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:

  • Successfully moved all your debits and credits.
  • Collated your list of payments from your old account that include "pay anyone" and BPAY.
  • Told every institution about your new card and account numbers.

Closing your old account is a relatively hassle-free process. Normally you will have to visit a branch to close the account.

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