Should I switch banks?

The decision to switch banks is based on several factors, and how important those factors are is unique to every person. Here are some things to consider so you know whether the time is right to compare bank accounts in Canada before switching banks.

Customer service

Many people decide to switch banks based on the customer service they receive. This might be based on whether the hours at your local branch work for you, how friendly and responsive the bank’s staff are, and whether you’re getting the answers to your questions. It might also be based on how you felt your bank handled any concerns or issues you’ve faced in the past.

Branch locations

If you travel a lot, consider switching to a bank with more branches and an extensive network in Canada and globally. This is especially important if you need to access your money while on the road.

Bank locations can also be an issue if you move to a new area and no longer have access to your original bank. Although online banking is becoming increasingly common, locations might be essential if you want to go into a branch and speak to a teller.

Interest rates

If you’ve noticed that you’re not getting the interest rates you’d like from your bank, but other banks offer great rates, it might be a good time to switch. Compare your account with other bank accounts in Canada to determine whether you could get better interest rates. This could mean getting a higher interest rate on a high balance in your account or moving to a bank with a lower minimum balance required for your account to accrue interest.

High fees

Some people switch banks because they want lower fees or to bundle their services. Different banks have different fees, and it can be worthwhile to compare them to see how you could minimize the fees you pay while still having access to the money in the account that you need.

Mobile Banking

With so many banking transactions taking place through smartphones and other mobile devices, you need access to a system that feels easy to understand and use. If you want a robust mobile banking system, you may consider switching banks if your current bank’s system doesn’t work well for you.

Perks

These days, banks offer great incentives for new customers to open accounts with them.

Such perks include:

• Money in exchange for opening an account and linking an automatic payment to the account
• Bank accounts with no monthly service fees
• High introductory interest rates

If you hope to take advantage of perks, make sure you understand all the terms and conditions to maximize your eligible rewards.

Before you switch banks, talk to your friends, and do some research to compare bank accounts in Canada. You’ll get a good sense of what will and won’t meet your needs and can make an informed decision.