How to switch
Switching banks is easier than you think.
This guide shows the safest, simplest way to move your money, without missed payments, surprise fees or credit score surprises. Most of the work takes an afternoon. The rest is waiting one billing cycle before you close your old account.
The quick version
- Open your new account.Have your ID ready. Many banks and credit unions let you do it online in minutes.
- Move some money in.Leave enough in the old account to cover anything still to come out.
- Switch your income.Give your new account details to your employer or benefits provider.
- Switch your payments.Move your bills, cards and subscriptions across.
- Close your old account.Once everything has worked for one full billing cycle.
Step by step
The full guide.
Open any step for the details.
Step 1: Know what is connected to your old account
Before you open anything new, list everything that pays into or out of your current account. Your last two or three statements are the easiest place to find it all.
- Your salary or other income paid by direct deposit
- Rent or mortgage payments
- Utilities, phone and internet
- Loan and credit card payments
- Insurance
- Subscriptions and memberships
- Transfers to savings or to other people, and payment apps linked to the account
Keep this list. You will use it in steps 4 and 5.
Step 2: Open your new account
Choose a bank or credit union from our directory, then open an account online, in a branch or by phone. You will usually need:
- A government-issued photo ID
- Proof of address
- Your Social Security number, or an ITIN
Keep your old account open for now. For a few weeks you will run both, so nothing is missed while your payments move across.
Some credit unions ask members to meet a requirement, for example where they live or work. Their websites explain who can join.
Step 3: Move money safely
- Transfer enough to the new account to cover the bills you will move first.
- Leave a buffer in the old account for any payments still due to come out of it, and for any minimum balance it needs to avoid fees.
- Make your transfers after large payments, such as rent, have cleared.
- If you keep savings at the old bank, you can move them in stages.
Step 4: Move your income
Give your new account and routing numbers to your employer, and to anyone else who pays you regularly, such as a benefits provider. Many employers let you change your direct deposit on their payroll website.
The change can take a pay period or two to apply. Check that a payment has arrived in the new account before you rely on it.
Step 5: Move your payments
Work through the list from step 1, starting with the payments that matter most:
- Mortgage and loans
- Rent
- Utilities
- Insurance
- Credit cards
- Subscriptions
For each one, update your payment details with the company, or set the payment up again from your new account. Tick it off your list once the first payment from the new account has gone through.
Step 6: Special situations
If your credit card is from the bank you are leaving
- You can keep the card. Closing your checking account does not close it.
- Point its automatic payment at your new account.
- If you decide to close the card later, pay it off first, and bear in mind that closing a credit card can affect your credit score.
If you have a mortgage with your old bank
- Check whether your mortgage terms require payment from an account at that bank, or give you a discount for it.
- Update the payment method before anything else.
- Keep the old account open until the first mortgage payment from your new account has gone through.
If you have a loan or line of credit
- Make sure no payments are still set to come from the old account.
- Update automatic payments before you close it.
If you use overdraft protection
- Ask your new bank or credit union what it offers, and set it up before you close the old account.
If you receive government benefits
- Keep the old account open until your benefits are arriving in the new one, so you do not miss a payment.
Step 7: Run both accounts for one full billing cycle
Keep both accounts open for about a month, so every regular payment has a chance to come out of the new account. During that time:
- Watch the old account for anything you missed, and move it across.
- Check that your income is arriving in the new account.
- Keep enough money in the old account to cover anything still due.
Step 8: Close your old account
- Check that nothing is still due to come out, then move the remaining balance to your new account.
- Download any statements you want to keep. You may lose online access once the account is closed.
- Contact your old bank online, by phone or in a branch, and ask to close the account.
- Ask for written confirmation that the account is closed, by email or letter.
- Cut up or shred the old debit card.
You can say: “I would like to close my account ending in [last four digits]. Please send the remaining balance to my new account and send me written confirmation that the account is closed.”
Step 9: Make it count (optional)
Tell your old bank why you are leaving. A short note or its feedback form is enough, and it shows banks that customers care how their money is used. Our letter to your bank can help.
If you want to, tell friends and family about your switch, or share it on social media with #bankforgood.
