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.

Rates last updated September 22nd, 2017
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
St.George Complete Freedom Account
10% Cash back for online gaming purchases and $50 cash bonus offer.
Waived account keeping fees when minimum deposit is met with no minimum balance.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 fee applies. Unlimited free withdrawals at St.George, Westpac and BankSA ATMs. Go to site More
NAB Classic Banking
Use NAB's Switching Wizard to switch all your debits and credits.
Visa $0 $0 $0 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs. Go to site More
ING Orange Everyday Account
Move phone bills, house repayments and your hard-earned salary to your new ING Direct bank account.
Visa $0 $1,000 $0 monthly account keeping fees. Unlimited free withdrawals at any ATM in Australia if you deposit $1,000 each month. Go to site More
Westpac Choice
Once you've opened an account with Westpac, you can switch your banking across online.
Mastercard $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at St.George, Westpac, Bank of Melbourne and BankSA ATMs. Go to site More
ME EveryDay Transaction Account
Changing banks a lot simpler than you might think with ME.
Mastercard $0 $0 No fees when using any ATM in Australia – you'll get a refund within 30 days for any fees you pay for an ATM. More
Citibank Plus Everyday Account
Free international money transfers and free overseas Citibank ATM withdrawals.
Mastercard $0 $0 No ATM fees using Citibank, Westpac, BankSA and St.George branded ATMs in Australia. Use overseas Citibank ATMs for free. More
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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 is finder.com.au's publisher for banking and investments. She has completed a Masters in Commerce (Finance) and is the author of hundreds of articles. She is passionate about helping Aussies make an informed decision, save money and find the best deal for their needs.

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