How to change bank efficiently?

Prepare for your bank change

If you have a life insurance policy on your current account

If you have life insurance, you will not be able to transfer it (this is not possible today). Plus, if you close your contract, you risk losing your tax benefits. Take stock of fees and compare future fees to old ones if you open a new contract.

Always discuss with your current banking establishment to know the best conditions to keep your life insurance contract; who knows, maybe your current bank will make you an offer?

What about a consumer or real estate loan?

Finally, for anything that is consumer loan or home loan taken out and in the process of being repaid, think about the repurchase of credit and take advantage of generally advantageous offers. You have everything to gain if you go through an independent broker (not belonging to a bank). Unfortunately, you will not be able to transfer your current credit to your new bank.

The 3 important things to note

Finally, list the various regular or automatic transfer and direct debit operations in place on your current account. Start reducing your check issuance and make a note of the date of cashing any check you may have recently written (or which should arrive in the next few days).

Finally, download an account history or take care to have your account statement documents in your possession. Download and save them; you never know, they may be of use to you in the future.

Compare bank accounts

If you haven’t already done so, you will have to start comparing the new offers available on the market; take stock of the advantages and disadvantages of each bank and study the costs of each bank.

For that, nothing could be simpler, start by asking yourself if you want to open an account in another traditional bank or if you want to move to an online bank?

  • The traditional bank will offer you an account and a card with a monthly cost, will allow you to access branches and bank advisers in person; and you will continue to carry out your transactions in branch, on the internet or by telephone.
  • The online bank will offer an account and a 100% free credit card. As in a traditional bank, you will be able to carry out all the banking operations that you are used to carrying out with the only difference that you will have to do them on the internet or by phone with an advisor. Your account and your card being free, you will not have access to a physical branch (online banks do not offer one). Finally, online banking offers you a multitude of advantages which you will not be able to do without once they have been acquired.

You will quickly understand that if you want to start saving money while taking advantage of competitive advantages, you will have to change bank to open an account in an online bank.

To give you a quick summary, online banking offers exactly the same banking services as a traditional bank, but at a much lower (or even nonexistent) cost. You always benefit from a protection granted by the State, for your money, which goes up to 100,000 € per bank account.

Finally, you have access to competitive savings plans, consumer or real estate loans, an authorized overdraft, a free Visa Premier or Gold Mastercard, etc.

Haven’t compared online banking institutions yet? Take advantage of our free bank comparator and find the best online banks below.

Proceed to the opening of your new account

Once you are ready, you can proceed to open your new checking account. To do this, go to our free comparison tool for the best online banks or to the comparison of banks without income conditions .

You just have to click on the button “take advantage of the offer” associated with your future bank.

As with any new account opening, you will need to bring the various documents requested by the banks to prove your identity and your income, namely: a photocopy of your double-sided identity document (scanned or scanned and available ), proof of address (internet invoice, EDF invoice or tax declaration, etc.), proof of income (tax notice or payslip / payslip).

Finally, and most importantly, for any account opening, you will need to make a first transfer from your old bank account to your new account. You must therefore already have a bank to change banks.

The account opening procedure, once the supporting documents have been sent, can take up to 2 weeks. This time is necessary for the advisers of your new bank to verify your documents and send you your new bank card and your confidential code.

Transfer your operations

The first thing to do is of course to start transferring your direct debits and transfers. Don’t panic, this is probably the easiest step!

In fact, since the adoption of the Macron Law, which entered into force in 2017, you can ask your new bank to carry out this transfer of recurring transactions from your old bank to your new one, free of charge.