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Still with your childhood bank? It might be time to make the switch.

Have you ever heard the saying ‘you’re more likely to get divorced than switch banks’? Well it could be true, with new research from consumer group CHOICE finding 46% of Australians haven’t left the bank they signed up with as children.

But you should be bothered. A bit of browsing now could save you thousands in the long run, especially if you make the switch to a bank that charges no sign-up or ongoing account keeping fees (hello, UBank).

Reasons to switch

There are heaps of reasons why your childhood bank might not be the right fit for you anymore.

  • Maybe the fees are too much and the interest rate is too high (or in the case of savings accounts, too low)
  • Their customer service might frustrate you, indicating they’re just not keeping up with the times
  • You could be moving to a joint account, or consolidating your money across a few accounts into one that does it all
  • Maybe, like any dysfunctional relationship, it’s just the natural time to move on.

Whatever your reason is, use it to find a new bank that goes above and beyond for your current needs – and it just so happens we know a pretty good option.

How to move your money

We believe understanding financial minimalism encourages people to take control of their finances. Part of this means making the account switching process as easy as possible — so if our Savings + Transaction account seems like a right fit for you, here’s how to do it.  

  1. Open your new savings account: You’re already on our website, so click on the banking tab above and open a savings account. You just need to place a minimum of $1 in there to ‘hold the spot’.

    Once you’ve opened your savings account, you can add a transaction account by logging in, going to the ‘Managing’ tab, clicking ‘New Account’ then ‘USaver Ultra’ button and you’re good to go. 

    Pro tip: The total UBank opening and ongoing fees on Savings + Transaction accounts are $0. Zero. Zilch. Nada.
     
  2. Update your automatic payments: Gym, rent, Netflix... Take a read through your most recent bank statement to see what recurring payments you have, then go ahead and update the payment method.
     
  3. Transfer your cash to your new account: This can be done via bank transfer or BPAY, but you might want to let your old bank know to expect a big transfer so they don’t block it.

  4. Work it: You’ll need to let your employer know of your new account details so you can keep collecting that cash money. 

  5. Close your old account: With your transfer sorted, auto-payments updated and account cleared of any bills, contact your bank and let them know you want to close the account.

And that’s it! You’ve unlocked a brave new world for your money (and most likely some lower fees in the process).

The joy of switching banks 

All banks need to stay competitive to survive. For us, that means empowering our customers: whether it’s through ideas like Free2Spend (our in-app tool which tracks your spending and saving and provides you with a daily spend number), our game-changing sweep feature or just by having no ongoing fees through a 100% digital bank approach. 

At the end of the day it’s your money, but if you think you’re ready to break up with your old bank this could be the start of a beautiful (and healthy!) relationship.


The information contained in this article is of a general nature only. It doesn’t take account of any person’s objectives, financial situation or needs. Before acting on this information, you should consider whether it is appropriate for your circumstances and seek independent legal, financial, and taxation advice.