Get Switching Banks Has Never Been Easier

Your credit report does not show the banking history of your checking and savings accounts, so switching banks will not affect your score. The information that will be included in your credit report is: Personal information relating to your banking accounts, including your social security number.

Changing banks can be quite a hassle, so give your decision plenty of thought to make sure it's the right move for you. Here's a look at eight pros and cons of switching banks, to help you choose where to park your money.

Once you've selected your bank account, you need to make your application. You can usually do this online, but some providers also let you open accounts at a branch, over the phone or by post. To comply with money-laundering regulations, you usually need to provide some documents to prove your identity and address.

Con: Changing Banking Details Can Be Time-Consuming “You might have to change auto debit and direct deposit set-ups that you have had for years,” he said. “This can result in having to deal with lots of forms and missing payments, if your details aren't updated on time before the next time you are billed.”

Switching banks typically doesn't affect your credit score. The process is relatively simple and doesn't involve any credit checks. However, depending on the type of account you're opening, you may be required to provide a credit report or score.

Your credit report does not show the banking history of your checking and savings accounts, so switching banks will not affect your score. The information that will be included in your credit report is: Personal information relating to your banking accounts, including your social security number.

Here's how to switch banks: Open the New Account. Take Inventory. Redirect Automatic Payments and Direct Deposits. Link Your Savings and Checking Accounts. Keep Both Accounts Open. Close the Old Account.

Switching banks typically doesn't affect your credit score. The process is relatively simple and doesn't involve any credit checks. However, depending on the type of account you're opening, you may be required to provide a credit report or score.

Just open a new account with your chosen bank, then request a switch through it – you'll usually be asked during the application if you want to switch. Provided both banks are signed up to CASS (most are), the switching service will close your old account and move your money, direct debits and standing orders across.