How to Switch Banks in 2026

Step 1: Research your new bank options

The first step in switching banks is to research all your options.This process begins with identifying what you want out of your bank account and why your current institution is no longer cutting it. Once you've established that, you can start researching your options.

Some things you should ask when comparing bank choices include: 

• Is there a minimum deposit requirement? 
• Is there a minimum balance requirement? 
• What are the fees, if any (e.g., overdraft, maintenance)? 
• Will I earn interest on my savings? 
• Is it easy to find an ATM in my area? 
• Is mobile check deposit available? 
• Is the mobile app or online account platform user-friendly?
• What customer service options are available?

These considerations can help you find a bank that works for your financial needs and lifestyle. After doing your research, write down your top contenders.

Step 2: Select your new bank

After doing your research, it’s time to select your new bank.It’s often more convenient to manage your finances when your accounts are with the same institution, so it’s a good idea to explore both the checking and saving account options each bank offers before making your decision.

After choosing a bank, look at the eligibility requirements to make sure you qualify, review the product disclosure statement, and take note of any fees.To help make switching bank accounts easier, find out the following:

• What documents do I need to provide? 
• Do I need to go in person, or can I open an account online? 
• Is there a minimum opening deposit required to open a new bank account? 

BMO offers checking accounts, savings accounts, and other financial products to help you on your journey, like the BMO Smart Advantage checking account and the Savings Builder account, which helps you reach your financial goals faster with no monthly maintenance fees. 

Step 3: Open a new bank account at a bank branch or online

After choosing a new bank, it’s time to open a new bank account. You may be able to open one from the comfort of your own home on your computer or smartphone in a matter of minutes, or you may need to go in person to a local branch.  

To open a new bank account, you need to provide some personal information including your full name, address, phone number, email, date of birth, as well as routing and account numbers from your old bank so you can make a deposit. To verify this information, you will likely need to provide a government-issued photo I.D. and two non-photo I.D.s from a valid source. 

When opening a new bank account, you can typically transfer funds electronically from your old bank account. When opening an account online, you may also have the option to fund it using a debit card from your current bank. If you’re opening an account in person, you may be able to transfer funds with a check or a cash deposit.

Step 4: Update your transaction info and redirect automatic payments from your old bank

Opening a new bank account isn’t hard, but updating where you receive deposits and make payments can take a bit more work. To make sure you don’t miss any payments that you receive or send, take inventory of the transactions associated with your old bank account. These transactions can include: 

•  Direct deposit payments from your employer or clients 
•  Government assistance benefits 
•  Mortgage or rent payments 
•  Credit card or student loan payments 
•  Monthly subscriptions like a gym membership, recurring donation, or streaming service 
•  Transfers to savings or investments 

Once you have all these transactions listed, update your payment and deposit transactions with the new bank’s routing and account numbers. Also, make sure you redirect any automatic payments you might have to your new account.  

This way, you won’t miss any important payments coming your way, nor will you be behind on any recurring bills that automatically get paid.  

Step 5: Close the old bank account

After opening a new bank account and updating all your deposit and payment information associated with your old account, you can request that your previous bank close your account. 

Before you do so, make sure all your automatic payments and deposits are working properly and transferred over to your new bank account. This might mean keeping your old account open for another month or so to make sure everything is up to date. You’ll also want to update your payment info on any shopping or retail websites where your debit card info may be saved. 

Once all that is confirmed, you’re now ready to close your old bank account. Depending on your bank, you may be able to do this via the phone, in person, or in writing. Once your old bank officially closes your account, get the closure in writing for your records. 

Step 6: Optimize your new bank account 

The final step in this process is to optimize your new bank account. Do this by: 

•  Creating a username and password to access your account online
•  Downloading the bank’s mobile app
•  Setting up recurring transfers from checking to savings
•  Taking advantage of any welcome offers
•  Signing up for text or email alerts, if applicable
•  Checking out your new bank’s other offerings and products 

Now that you knowhow to switch banks, check out our Switch Kit to make the entire process easier.

What are the benefits of switching to BMO?

If BMO has piqued your interest, take a look at some of our best offerings and the benefits that come with them.

Popular BMO features and tools:

→ Keeping track of your finances can be tricky, but itdoesn’t have to be. With BMO Total Look, you get complete visibility on all your BMO and non-BMO accounts in onecentralized dashboard, including transaction history. Plus, you can analyze expenses and set monthly budgets to stay on top of your financial goals.

→ We all know how important it is to maintain a good credit score. BMO teamed up with TransUnion to provide a no-fee credit check tool^{1Footnote 1}​ that shows you your score and connects you to your TransUnion credit report.  

→ Meeting your financial objectives can be a long road, but the BMO Savings Goals feature can help you get there. Set your goals, track your progress and goal milestones, create recurring transfers—and achieve those savings goals you’ve been working toward.

→ Want to improve your financialknow-how? The Real Financial Progress Hub gives you access to financial tools, tips, articles, and more.

Why choose BMO?

• When choosing a bank, its reputation,track record,and years of experience speak. volumes. That’s why it’s worth repeating that BMO is an established bank with over 200 years of banking history.
• With BMO’s bank accounts covered by FDIC insurance,you can rest easy knowing that your money is safe and its value is protected.
• BMO’s mobile banking app is versatile enough to fit seamlessly into your busy life, making money transfers, paying bills^{2Footnote 2}​, and depositing checks^{3Footnote 3}​ quick and easy. 
• No matter what branch you step into, you’ll always find dedicated staff eager to assist with your personal and/or business banking needs. If you require a higher standard of attention and guidance, BMO can offer you added insight and personalized support to help you achieve your goals.  

Final thoughts

Change isn’t always easy, but it’s often necessary. If you’ve assessed your needs against your current bank’s offerings and identified some shortcomings, it may be time for a switch. Before you leap to another bank, though, research the alternatives, compare the benefits, and take a good look at your financial goals. Ask yourself: “which bank offers the benefits that matter most to me?” When it’s time to switch, follow these well-trodden steps to ensure a smooth transition.