I need help with changing banks?

Question

I want to set up a new account but I dont know how to go about it... When should I alert the old bank about my decision? Should I transfer all or just some of my money to the new account at first?

My new bank has an 'account transfer' option in its application but does this mean theyll help me along the way or actually just do everything for me?

Answer 1

You can just do it the old school way.  Walk into your current bank.  Say you want to close your account.  They'll walk you over to one of the little people at the cubicles and they'll do it for you.  If they ask a reason say, "You're moving."  Anything.  It's none of their business really.. just b.s.  something off the top of your head.

Then drive over to the bank you want to open an account at, with your wad of dough, and say, "Hey, I want to open an account."  Once again, they'll bring you over to someone sitting at a desk or a cubicle and they'll go about opening an account for you.  

Wa-la.  

I wouldn't fuss with all that account transfer c**p.  Just take an hour or so and get it done.

And you have to make sure everything is cleared first obviously.  Checks, overdraft stuff.. whatever.

Answer 2

Once your new account is up and running smoothly, and you've transfered all of your direct debits, standing orders etc. then you should close your old account.  In the mean time maybe transfer half of your balance to the new account.