How to Open a New Account at Another Bank

Learn how to open an account at a different bank.

If you want to switch banks for better service or lower fees, or if you simply want to open a new account at a different bank and keep your old one, several steps are required. In general, switching bank accounts entirely tends to be a more complicated process, but just opening a new account is usually simple and easy and can be done in minutes.

Things You'll Need

• Proper identification
• Minimum deposit

Instructions

1. Find a new bank. Compare the fees associated with the account, as well as any potential benefits, such as interest on savings. Compare interest rates for new bank accounts at sites such as Bankrate.com. Research local banks and credit unions at sites such as the Move Your Money project, which encourages you to keep funds at local banks to benefit your community and obtain better service.

2. Apply for an account at your new bank. Most banks will allow you to do this online, but you may do so in person. You will likely need various types of identification, such as your Social Security card and driver's license.

3. Fund your new account. Most banks have minimum deposit requirements to open an account, although this can be as low as $25.00. Transfer funds electronically (some banks waive associated fees for the first deposit); mail a check; or, when opening the account in person, use a check or cash.

4. Transfer direct deposits and bill pay information. If you are closing your old account or if you want the new account to be your primary account, move all information from your old bank to your new one. Cancel automatic deductions through the old account. Examine your past online statements at your existing bank to identify such automatic payments. Complete the process before closing your existing account.

5. Check with your existing bank to identify inactivity fees or minimum balance requirements to ensure you close the account before incurring such charges or, if retaining the account, to ensure that you maintain sufficient funds in the account.

References

• Move Your Money Project
• Squak Fox: Switch Bank Accounts Checklist