Money Matters

How to switch bank accounts


Have you ever heard the saying ‘you’re more likely to get divorced than switch banks’? According to an article by ABC, research has shown 40% of people were still with the same bank since childhood. Another one in five said they hadn’t thought of switching banks or they couldn’t be bothered to.

But you should be bothered. A bit of browsing now could save you a lot in the long run if you make the switch to the right bank. For no upfront or monthly account fees plus great savings interest rates, check out ubank’s Spend, Bills and Save accounts.

Reasons to switch banks

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

  • They charge too many fees, their savings interest rate isn’t that high or their home loan rates aren’t low enough
  • Interacting with their customer service team drives you mad, or you’re unable get in touch with them in the first place
  • You want to open up a joint account, or are looking into consolidating your money into one single account that does it all.

Whatever your reason for moving, make sure you find a new bank that goes above and beyond to meet your needs.

The benefits of switching to ubank

If you’ve decided you’re ready to make the switch, why not check out our accounts at ubank? Here are just a couple of the great perks you’ll enjoy if you switch over to us:

  • No monthly fees on our Spend, Bills and Save accounts.
  • A super-fast sign-up process that takes just minutes
  • Instant access to Apple Pay or Google Pay™, even before your physical Visa Debit card is delivered to you.
  • You’ll never miss a bill with our automatic predictions of regular bills, payments and subscriptions from over 200 companies.
  • Connect your other accounts from over 140 financial institutions and you’ll get to see them alongside your ubank accounts in our app or online banking.
  • If you’re both ubank customers, you and your partner-in-finance can open up a Shared account in seconds and start sharing finances and smashing your savings goals together.
  • Deposit at least $200 each month into any of your ubank accounts (not including internal transfers) and you’ll earn bonus interest on up to $250K across all your Save accounts.

How to move your money to ubank

You can get started with your ubank accounts today by following these steps:

  1. Open your new Spend, Bills and Save accounts
    When you sign up with ubank, you’ll get three accounts – a Spend account, a Bills account and a Save account. Download the app on the App Store or Google Play and you can set up your accounts in just minutes. All we need from you is your ID and personal details.
  2. Update any automatic payments
    Have a look through your most recent bank statement to see what recurring payments you have (like Netflix, the gym, rent), then go ahead and update the payment method to your new Spend account or Bills account.
  3. Transfer your cash to your new account
    This can be done via bank transfer, but you should let your old bank know to expect a big transfer so they don’t block it thinking it’s fraud.
  4. Give a heads up to your boss
    You’ll need to let your employer know your new account details so that you can be sure your salary will go to the right place. You can also start making the most of our bonus interest rate.
  5. Close your old account
    Once your transfer is completely sorted with your automatic payments switched over and your account cleared of any bills, contact your old bank and let them know you want to close the account.

And you’re officially transferred! At the end of the day, it’s up to you what you want to do with your money but make sure your bank is suited to your short-term and long-term financial goals. If it’s not, it’s a good idea to start having a look around for a better match.


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