Tool · switching banks
Switch bank accounts: see the saving, then move every payment
Pick the account you have and the one you’re moving to: see what you’d save in a year at your usage and what changes. Then tell us what’s connected to the old account and get a dated, ordered plan — from finding every pre-authorized debit to closing it in writing. Progress stays in this browser.
Your switch
$17.95/mo, or $0 with a $4,000 minimum balance → No monthly fee. Fees from FCAC’s Account Comparison Tool, retrieved November 1, 2026. Every fee for Personal Account · find a cheaper account
Check before you move
- EQ Bank has no in-branch service. Decide how you’ll deposit cash and paper cheques (mobile deposit, an ATM network, or keeping a small branch account).
- Deposit protection at the new institution: CDIC member.
Your plan
0 of 15 doneBefore you switch · week 0
Open and connect · week 1
Move the money flows · week 1
Overlap month · week 3
Close cleanly · week 5
What does a typical switch save?
Worked example — switching for a typical household (Everyday profile: 43 transactions and a $1,000 low balance a month)
| From: RBC Advantage Banking (Royal Bank of Canada), the cheapest Big Six account for this usage | $155 a year |
| To: Personal Account (EQ Bank), the cheapest account in Canada for this usage | $0 a year |
| Saving a year (five years: $777) | $155 |
Why the order matters
Money flows in two directions. Deposits — pay, benefits, refunds — should land in the new account before you move the withdrawals, so bills always have money to draw on. That is why the plan asks you to leave a cushion in the old account and run both for a full cycle before closing anything.
Rules worth knowing
- Pre-authorized debits: to cancel one, tell the biller in writing. If a debit is taken incorrectly you usually have 90 calendar days to report it to your institution for reimbursement.
- Opening the new account: banks must open a personal account if you meet the identification requirements; a refusal has to be in writing with complaint contacts. See opening an account.
- Cheques you deposit at the new bank may be held for a few business days; the cheque-hold calculator shows the maximums.
- Problems: start with the bank’s complaint process; after 56 days, or once you have its final response, you can go to OBSI for free.
Frequently asked questions
How long does it take to switch banks in Canada?
Plan on four to six weeks. Opening the account takes a day; the slow part is waiting for employers, government programs and billers to start using the new details and watching a full cycle of payments arrive in the right place.
Will my new bank move my pre-authorized debits for me?
Some institutions offer help, so ask. Otherwise you give each biller your new account details yourself. FCAC suggests reviewing several months to a year of statements to find them all and keeping the old account open until everything has moved.
Can I move my TFSA or RRSP without paying tax?
Yes, if it moves directly between institutions. Ask the receiving institution to start the transfer; withdrawing the money yourself can create tax or lose contribution room. GICs may have to mature first.
What if a payment is taken from the wrong account?
For an unauthorized or incorrect pre-authorized debit you usually have 90 calendar days from the withdrawal to report it to your financial institution for reimbursement.
Educational information only, not financial, legal or tax advice. CanadianBanks.ca is independent and is not affiliated with, endorsed by or paid by any institution listed. Confirm details with the institution and the official sources linked on each page before you act. Read the full disclaimer.