Transfer savings to another bank
Savings & interestBanks are not exactly generous with interest payments ... It is not easy to find a savings account that offers good interest on an (internet) savings account. If you have been sitting at the same bank for years, it can be difficult to switch to another bank.
Switching from savings account: how does it work?Switching to another savings bank is easier than it seems. Clients can easily switch to a competitor, where savings rates may be higher. The most complicated thing is to find an alternative to the current savings account.
Compare banks and savings ratesIt can be tempting to immediately opt for the savings account with the highest interest rate. But just as important is to pay attention to the reliability of the bank. Because it is not always obvious that a bank is reliable, as we have seen at DSB Bank. A savings bank with a high interest rate is not necessarily reliable. Also check whether the savings account falls under the deposit guarantee scheme of De Nederlandse Bank.
Highest interestOf course you want to receive a high savings interest. It is striking that the "large" banks, such as ING and Rabobank, offer fairly low interest rates. The smaller banks in particular reward customers with higher interest rates. A similar story applies to health insurers: the "small" are cheaper than the "large".
Cancel old savings accountOnce you have found another bank with a more favorable interest rate, it is a matter of transferring the money to this account. It is not necessary to cancel the old savings account. However, the disadvantage is that you will have to transfer the money regularly, as it will be deposited into the old account.
If you do want to cancel the old savings account, there are normally no costs involved. It is often sufficient to write a letter to the bank with the signature of the account holder (s).