Don\u2019t close your old account right away. It could take a week or more for your new account\u2019s debit card to arrive in the mail and there may be other hiccups with your new account. By leaving your old bank account open for a couple of weeks or months, you can use it as a backup, just in case.<\/p> Of course, be aware that if your balance drops below your old bank\u2019s minimum requirement, you may be charged a monthly fee.<\/p><\/div><\/article> Make a list of all automatic payments to and from your current account, including your salary, streaming subscriptions, rent, insurance premiums and other regular payments. Go back through your past bank statements to make sure you don\u2019t miss anything.<\/p> You can then move all those payments over to your new account. This may involve contacting a company directly, for example, informing your employer of your new bank account details or logging into your subscription accounts to update your payment information.<\/p> Now that your new bank account is up and running, start using it. If it\u2019s a savings account, you might want to set up a recurring transfer to help grow your balance. If it\u2019s a chequing account, use it to receive your income, pay bills and make everyday purchases.<\/p> Once again, it\u2019s important not to close your old bank account yet. There may be a long-standing pre-authorized debit payment you\u2019ve forgotten to transfer to your new account.<\/p> Also make sure that your monthly expenses and subscriptions are all being paid from your new account, so consider keeping your old one open for at least one month to check statements for anything you might have missed.<\/p> Before closing your previous account, ensure all pending transactions have cleared and there are no remaining cheques outstanding.<\/p> Some banks may charge a fee for closing an account, so it\u2019s worth reviewing your bank\u2019s policies beforehand. Once you\u2019re confident that everything is in order, you can officially close the account.<\/p>![\"light](\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2018\/05\/light-bulb-icon_Finder_500x500.png\" "\\"Image:"){kind=icon}
Pro tip:<\/strong><\/p>Step 4: Transfer your old monthly account activity to your new account<\/h4>
Step 5: Start using your new bank account<\/h4>
Step 6: Close your old account<\/h4>
Compare account features before switching banks<\/h3>