High fees, expensive expenses or moving to another city – there are many reasons for a new account. But it is not always necessary to change the complete bank details. But if you plan to do so, you should be aware of a few things. We explain what matters.
This is how you proceed
1. Face advantages and disadvantages of old and new account.
- 2. If you decide to change, select a new bank, see the table below. Filter the providers according to your specifications. Open the new account directly online via the output table.
- 3. After the account relocation: Notify important authorities immediately about your new bank account, eg employer, tax office or electricity provider.
- 4. Alternatively, check to open a second account. So you can leave the old bank account.
Checking account: who should change his bank?
Common reasons for an account change are the move to a new city or a disturbed business relationship. Often, however, poor services or high costs are an argument for turning your back on the bank.
Arguments for a change
- It bothers you several points, such as excessive account fees, no or too low a credit line, or costs for cash withdrawals.
- The relationship of trust with the current bank is disturbed or you are dissatisfied with the quality of the bank adviser.
- The reputation of the bank leaves much to be desired.
- You are moving and would like to have the contact person nearby.
Arguments against it
- It bothers you only a single point, such as excessive account maintenance fees. Here also a tariff change or a second account can be useful.
- If you are dissatisfied with the quality of a particular bank adviser: first try to get another person to contact.
What is important in the selection?
Which points are particularly important in the selection depends on how you use the account. For example, if you frequently buy cash from third-party ATMs, you should pay special attention to cash withdrawal fees. Those who travel frequently can make good use of a credit card with no annual fee or specific services. If the current account is more often in minus, the interest rate for the credit line is important. More information can be found in our article: Which is the best bank for a checking account?
Alternatives to the complete change
It is not always necessary to change the complete bank details. In certain cases, there are also other solutions that allow a continuation. We have researched an alternative for different situations.
- Account maintenance fees too high : first ask your bank adviser if you can switch to another plan. Often, the house bank has an account with no fees in the portfolio, which, however, existing customers is not actively offered.
- High fees at ATMs : Have the bank account with your home institution and open a second account.
- High overdraft interest : Apply for an external call credit. This is much cheaper, see interest rates in comparison, and runs through a separate bank. The account at the house bank can not only persist, but can even be used to clear the funds.
- High credit card fees: here too, the complete change can be avoided by opening a second account.
Conclusion: what do we take with us?
A move of the bank account wants to be well considered. If you still want to change your checking account, you should pay attention to a few things. Because a new start is only really useful if the benefits clearly outweigh. This is not least the relatively high cost. It is therefore advisable to contrast the pros and cons of both options. A good alternative is a second account.