4 Easy Steps to Switch to a High-Interest Checking Account

Switching to a new bank or credit union requires a bit of time and effort, but the rewards are more than worth it.

If you are currently settling for subpar customer service or paying a monthly fee for a banking provider to hold your money, there are much better options out there. Many banks and credit unions have gone further than just a free account too—all of the accounts we’ve compiled on CheckingFinder.com are free accounts that reward users with high interest. If you aren’t getting all you deserve from your checking account, it’s time to switch.

We’ve broken down the process into four simple steps to assist you through the transition.

MAKING THE SWITCH IN FOUR EASY STEPS

1.  Open your new account.

Before you close your current account, open your new one so that there’s never a time when you can’t access your money. Most checking accounts can be opened online, without you even needing to visit a branch. Accounts on Checking Finder.com can be opened right from the site, which makes starting a new account as easy as finding it.

2. Update your direct deposit information.

Transferring employer direct deposits
Get a voided deposit slip or check and a direct deposit form from your new financial institution and provide both items to your employer’s payroll department.

Transferring government agency direct deposits
Get a voided deposit slip or check and a direct deposit form from your new financial institution and mail both documents to the right agency. For Social Security, call toll free at 1-800-772-1213 to make the switch.

3. Set up payments.

Schedule automatic payments
If you make automated payments (car payment, mortgage, electricity, etc.), download and send an automatic withdrawal form to each service provider. Or check each vendor’s website to see if there’s a quicker way to change your automated payments to your new account.

Use online bill pay
If you use online bill pay, cancel all bill payments from your current account and set them up with your new info. You’ll need the account number, mailing address, and phone number for each service you want to pay.

 4. Close your current account.

Complete and send a closing form to your current financial institution. They will mail you a check for any remaining balance in the account, which you can deposit into your new account.

Make sure you:

  • Deposit enough money in your new account to cover all automatic and online bill payments.
  • Keep your old account open until all automatic payments and/or checks have cleared.
  • Provide your current institution with your latest contact information (in case they need to contact you after the account closes).
  • Remove any remaining items from your safe deposit box if you have one.

When you break it all down, making the switch is pretty simple. If you’re still reluctant, keep this in mind: the right bank or credit union can put you on the path to better finances. To find free, high-interest accounts offered by the best banks or credits union online, CheckingFinder.com is a great place to start. Good luck with your search!

  1. Better Fiscal Fitness – 6 Resolutions For The Next 6 Months Leave a reply
  2. Introducing Our Blog Leave a reply