Changing banks? So switch in 2021

Changing banks quickly and making a fresh start in 2021 is easy and it is often very attractive to switch. For example, change your savings account if another bank offers higher interest. Save at the highest savings interest rate. Or save money if your bank charges a lot of money for a checking account. In practice, changing savings banks turns out to be a major hurdle for many people. Transferring savings to another bank is important. Otherwise you will miss out on a lot of interest by staying with your bank. You can also easily combine a high savings interest rate with green and sustainable savings. There is often a bonus to be received or a welcome bonus.

Change banks

  • Transfer savings to another bank, switch to another bank
  • Quickly switching savings accounts is so easy
  • Switching service when changing banks
  • Savings account without conditions
  • Savings account with conditions
  • Welcome bonus, extra bonus if you change banks
  • Conclusion: switching banks in 2021

Transfer savings to another bank, switch to another bank

According to the Central Bureau of Statistics, CBS, the Dutch saved 385 billion euros in a savings account (2020). The savings interest rate is still low, but Dutch people still miss out on a lot of savings interest by not switching to another bank that gives more interest or by not opting for a savings deposit on which the savings interest is often much higher than on a regular savings account.

Quickly switching savings accounts is so easy

Switching to another savings bank is simple. Find a savings account elsewhere with a higher savings interest rate, open an account online and you can transfer your money almost immediately. The smaller banks in particular offer high savings interest rates. You can simply save your old account for times when a higher interest rate is also offered there. When transferring savings, pay attention to the conditions of the old account. If it is a deposit, that money cannot simply be withdrawn or subject to a penalty. And that often cancels out the higher interest rate.

Switching service when changing banks

There is a switching service at banks for transferring all your banking affairs. But this is not necessary when opening a savings account elsewhere. You continue to bank where you already did and take the high savings interest at another bank.

Savings account without conditions

Suppose you want to open a savings account without conditions and not incur a penalty when you withdraw your money. Without mandatory deposits and immediately retrievable. Most banks will give you less interest on an immediately withdrawable account, because they prefer to bind you for a longer period. But there are exceptions. For example, LeasePlan Bank offers a high interest rate on an immediately withdrawable savings account. A variant that is close to the savings account without conditions is a short-term savings deposit. The main condition is that you leave the money for a month or a few months. The big advantage is that the interest rate is fixed during that period and you do not have to worry about it. You can automatically extend the duration.

Savings account with conditions

And then of course there are the savings accounts with conditions. Restrictive conditions may apply on all kinds of grounds, for example:

  • With the obligation to deposit a certain amount every month.
  • The savings deposits with the obligation to leave the money for a longer period of time. The term usually varies from 1 to 10 years. Every bank has savings deposits, including the foreign banks mentioned earlier.
  • You want to know what the money is used for. It is quite conceivable that you say, I want my money to be used sustainably and that provision may be more important to you than a high interest rate. You then choose green and sustainable savings.

Welcome bonus, extra bonus if you change banks

If you only change savings accounts, you can often get a nice bonus, sometimes for a few months and sometimes longer. As soon as you find a better offer elsewhere, simply switch again. If you transfer more banking affairs, you can also receive a welcome bonus. An advantage is of course the welcome premium (an amount or a lower mortgage interest rate), a disadvantage is that switching is a bit more difficult because you have to change more things. When investing, banks are often willing to take over your investments with a welcome premium or bonus. This can be interesting if you want to invest in a specific investment fund or trade on the stock exchange at lower transaction costs than with your current bank or broker.

Conclusion: switching banks in 2021

Whatever you do with your savings, it would be a shame not to take care of it. Why wouldn’t you choose a bank with a high savings interest rate or why pay too much money for your checking account? Up to an amount of 100,000 euros per person per institution is guaranteed by the Dutch Bank. There are plenty of options to make a nice and safe return on savings. NIBC DIrect is still at the top with the highest interest rates, but there is much more choice, also consider Knab. A savings deposit is of course also possible, the savings interest is usually higher than the interest on a regular savings account.

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