How do you switch your salary to another bank?
If you're thinking of switching banks and need to move your salary, we tell you how.
More and more people are thinking of switching banks to avoid ever-rising fees.
That way you can save more than €240 a year in bank fees.
2 steps to switch your salary to another bank
Open a new account
Once you've decided which bank suits you best, open an account with them. If it's a traditional bank, go to one of its branches with your ID and open the account. Some online banks let you do everything through their app, saving you time and trips.
Once the account is active, you can set up incoming payments and direct debits and request any extra services such as cards.
Tell your employer the new account number
Give the account number to the HR department or whoever handles payroll so they pay your salary into the new account.
That way your salary will be paid into it.
Benefits of switching your salary to another bank
The main benefit of having your salary paid into the account is that most banks won't charge you the usual fees.
In fact, with the new rules most banks applied in June 2021, there are hardly any banks left that don't charge fees if your salary isn't paid in.
Other benefits are free cards, keeping track of income and spending, and making sure there are funds in the account when your direct debits are taken.
What does it cost to switch your salary to another bank?
Nothing. In fact, some banks reward you with money or gifts for switching and having your salary paid into them.
It's one of the main commercial battles between banks.
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