Transfer savings to another bank

You want to transfer your savings to another savings account with another bank, which offers a higher interest rate. But how does the transfer from savings account work? And how do you cancel the old savings account?

Savings & interest

Banks 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 rates

It 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 interest

Of 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 account

Once 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).

Transfer service banks

Most banks have a Switch service for their new customers. The Switching Service is an initiative of the banks in the Netherlands and DNB. The Switching Service redirects and debits the old checking account or savings account to the new account for 13 months. This way the customer knows who to inform about the new account number. There are also so-called "transfer cards" that can be downloaded or obtained to inform companies and the employer.

Costs for canceling savings account & transferring savings

In some cases there is a price tag associated with canceling a savings account. For example when it comes to a savings deposit, where the money is fixed for a certain period and cannot be withdrawn freely.

Transferring savings to another bank advantageously?

Transferring the savings can turn out to be unfavorable if there is a high fine in the event of early termination of the savings deposit agreement. But even if you have a climbing account that is rising every year, it might be cheaper to wait until it ends.

Video: How to Transfer Money Between Your Bank of America Accounts (February 2020).

Leave Your Comment