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

ING Orange Everyday Account

Bank Account Offer

$75 cash bonus. $0 monthly account fees. Receive a $75 cash bonus if you open a new Orange Everyday account, enter the promotional code and deposit at least $1,000 within a calendar month and make 5+ card purchases (T&Cs apply). Get a competitive ongoing variable rate when linked with an ING Savings Maximiser.

  • Account keeping fee: $0.00
  • Linked debit card: Visa
  • ATM withdrawal fee: $0.00
  • Overseas EFTPOS fee: 2.5%
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Rates last updated August 20th, 2018
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
ING Orange Everyday Account
Move phone bills, house repayments and your hard-earned salary to your new ING Direct bank account.
NAB Classic Banking
Use NAB's Switching Wizard to switch all your debits and credits.
NAB Classic Banking with Platinum Visa Debit Card
$10 cashback on contactless purchases, $0 foreign transaction fee and complimentary travel insurance.
$10 monthly account fee.
Receive $10 cashback when you spend $1000 on contactless purchases. Complimentary travel insurance, transport accident insurance, purchase protection insurance and more when you meet eligibility criteria.
ME EveryDay Transaction Account
Changing banks a lot simpler than you might think with ME.
Citibank Plus Everyday Account
Free international money transfers and free overseas Citibank ATM withdrawals.

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.

Shirley Liu

Shirley Liu is a program manager at finder, formerly the publisher for Banking and Investments. She is passionate about helping people make an informed decision, save money and find the best deal for their needs.

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