BANKING CHOICE CANADA

A practical checklist for switching bank accounts

Plan deposits and recurring payments before deciding when to close an old account.

Published by Cote Alexis · Updated October 18, 2026

Do the planning before the application

A bank account can be connected to more parts of your life than the balance suggests. Make a private list of incoming deposits and outgoing payments. Include payroll, benefits, rent, utilities, subscriptions, transfers and cheques that have not yet cleared. This website does not need that list or any account details.

1. Confirm the new account can do the job

Check the provider's current eligibility requirements, fees, deposit methods, transaction limits and card arrangements. If you rely on a particular payment method, confirm it explicitly. A successful comparison does not guarantee that an application will be accepted.

2. Open and verify with the provider

If you decide to apply, use the bank's official website. Verify that the account and the services you need are active before treating them as available. Never submit identity documents or banking credentials to this comparison site.

3. Move incoming payments

Use the new provider's official direct-deposit instructions. Give the updated details directly to the relevant payer through its approved channel. Processing times vary, so confirm a payment has reached the new account rather than assuming the change took effect.

4. Move outgoing payments one by one

Update each organization using your old payment details. Keep a checklist with the date of the request and the first successful payment from the new account. Review outstanding cheques and scheduled transfers before moving the remaining balance.

5. Allow for overlap

A temporary overlap can help you catch a payment that has not moved. Any amount left in the old account should reflect your own expected payments and fees. This guide does not prescribe a universal amount or waiting period.

6. Close only after checking

Ask the old provider how to close the account and whether closure, transfer or remaining service charges apply. Keep the confirmation and any records you may need. Check that scheduled payments, deposits and unresolved transactions have been handled.

What this checklist cannot decide

Joint accounts, loans, registered products, disputes and special payment arrangements may need additional steps. Ask the relevant institution before making a change. A promotional reward should not replace a check of the ongoing account costs and its conditions.