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Key takeaways:
In the beginning, transactions were going smoothly, but somewhere along the line, the appeal faded. Maybe your banking needs have changed and you’re starting to wonder if you and your bank still have a future. No need to worry. Learn how to switch banks in Canada with these 6 easy steps.
When you think about your relationship with your bank, do you trust they offer the best account options, advice, customer service, rates, and fees? Are you avoiding seeing them in person? Is it a headache when you need to contact them? These could be signs that your bank is no longer the right fit to help you reach your financial goals. Don’t lower your standards- a better fit may be out there, and moving on is easier than you think.
Tip: Whatever your reasons for wanting a change are, write them down. This list can help you find a bank that meets your needs.
Now that you know what you want, get back out there and find it.
Everyone is online these days, so searching for the right match is easy. Some qualities to consider to help find the kind of bank you deserve:
Are their account types compatible with your needs?
You know you need an everyday chequing or savings account, but maybe you’re ready for something more. Are you also looking for a US dollar account, a joint account to share with a partner or registered accounts, like RRSPs, TFSAs or FHSAs?
What sort of reward programs do they offer?
Find a bank that values your loyalty. Many banks offer rewards programs to show you their appreciation for choosing them as your bank and for using their services, such as credit cards and bank accounts. These reward programs can include things like gift cards, merchandise, travel or cash rewards. Think about which best fits your lifestyle.
How do their accounts measure up?
Do their fee structures, interest rates, minimum balances and processing times meet your needs? Do they offer mobile cheque deposit? Is it easy to set up direct deposit, preauthorized contributions or automatic savings? Do they have international money transfers (and how much do they cost)?
Do they have everything you need from your bank?
Beyond their bank accounts, do they have the products and services you need? Look into the bank’s credit card options, loans, mortgages, and investments.
Are they easy to bank with? What’s their process for depositing and withdrawing your money, using point-of-purchase through your debit card and paying bills? Are their online and mobile banking systems easy to navigate?
Are they easy to connect with?
Is there a branch around the corner? How’s their Automatic Banking Machine (ABM) network? Will they pick up when you call them for support? When it comes to your money, you deserve outstanding customer service. Find out how (and when) you can get them on the phone.
How well do they understand their clients?
It's important to learn if your future bank will take the time to get to know you and see you as an individual with unique needs and goals. Are they interested in learning about your relationship with money? Will they offer you personalized advice?
What do others say about them?
Before committing, ask around about them. Has anyone you know had positive (or negative) experiences with this bank? How did the bank resolve any concerns or complaints?
Phew! Your sleuthing is done, and now it’s time to move forward with that new bank by opening up your first account. Depending on the bank, you can do this in person or online, and it’s often as simple as answering a few questions.
First, have these documents handy:
- You must have identification with your name, date of birth, and proof of address, such as a driver’s license or passport.
- You’ll need a second form of ID. These could be a driver’s license, provincial ID card or passport, or a recent utility bill, tax assessment or statement of government benefits.1
To open a new account at Scotiabank, you only need the correct documentation, such as a government-issued photo ID like a driver’s license or Canadian passport. In most cases, if you open your bank account in a branch, you’ll have your new account that day and if you open it online, it’ll be available within a few days.
It's time to make it official and transfer funds into your new bank account. This is often as simple as making a deposit using Interac e-Transfer†,, an ABM or setting up an electronic funds transfer. If these options aren’t convenient, you can withdraw cash from your old bank and make the deposit with your new bank in person.
Tip: Some online banks don't have branches, so ask about this process first if you intend to bank with them.
Let your money know where to find you. If you receive automatic deposits like payroll or government payments, redirect these transactions to your new bank. The same goes for automatic withdrawals, such as recurring bills, student loan payments or subscription fees.
- Make a list of your automatic transactions.
- Note your new banking information, including institution number and account number.
- Set up your direct deposits with your new account.
Tip: Remember to let your other payment systems know you’ve changed banks. Update your new account info on apps like PayPal, Wise, and Google Wallet.
You’ve taken care of the basics; now it’s time to personalize your banking and take advantage of all your new bank has to offer.
Do they have everything you need from your bank?
Download your new banking app. Set up your username and password. Choose a telephone banking PIN, if applicable.
How well do they understand their clients?
Once you have a primary account, setting up other accounts is a breeze. It’s time to open registered accounts or apply for a credit card. Now is also a great time to visit with an advisor to create a financial plan that will help you work towards your goals.
What do others say about them?
Ending things with your old bank is the final step in making a clean break — but don’t give back the keys just yet! Keep your old account active and funded for a month or two to ensure you aren’t penalized for any forgotten debits and need to pay overdraft fees. Once you’re confident you’ve redirected all automatic payments, transfer the rest of your funds to your new bank and close the account for good.
The bottom line
Now that you know the simple steps for changing banks, you can make the switch worry-free. Learn how to switch to Scotiabank, or contact a customer service representative, and they’ll walk you through the process.
