Thousands of people stay with their current bank because of loyalty but even more stay because they can’t be bothered with the hassle that comes with changing to a new bank. With the advent of new technologies though it is now really easy to switch banks and what’s more, the banks do most of the work for you.

First Things First
The first thing to do is choose your new bank and apply for an account. If you want a current account that offers credit facilities, such as a cheque book, debit card and overdraft you will be required to go through a new credit check. Your new bank will assess your credit score before agreeing to an account being opened so it is important that you don’t close your old account before receiving conformation of your new one.

Setting a Date for the Move
The best time to move from one account to the other is soon after your wages or salary have gone in for the month. This will allow you to cope with any surprises, such as a direct debit going out twice, without being charged for going overdrawn. Your old bank should have moved all of your direct debits and standing orders over to your new account but it is worth visiting your new bank and asking for a complete list of your account outgoings – just to make sure they’re all there. At the same time you can look to see if there are any worth cancelling in a bid to save a bit of extra money.

Telling your Employer
Some employers require a bank form to change the details of your pay whereas others just require your new account number and sort code. Your new bank will have the forms you require and it is important that you change your details as soon as you get your new account number. The last thing you want is your wages or salary going into your old account and all your direct debits coming out of the new account.

Retain the Old Account Temporarily
Unfortunately even with modern technology the system isn’t infallible and occasionally mistakes do happen. This is why you need to keep the old account open for a time with a small amount of money in it – just in case a direct debit wasn’t changed in time and is still taken from the old account.

Hopefully everything will go smoothly though and in the vast majority of cases it does. You can change banks within a week or two and all you really have to do is apply and change your details with your employer…it really is as simple as that.