The 4 steps to finally switching banks for good—and possibly earning some easy cash

Raise your hand if you're still using the same bank account you've had since college.

Chances are, most people you know have actually been with the same bank for most of their adult life. In fact, the average U.S. adult tends to stick with the same bank for just over 14 years, a 2020 Bankrate survey found.

The loyalty many individuals have to their first-ever bank is certainly understandable. Once opening an account, you become comfortable and it's hard to bring yourself to go through the process of ever switching to a new bank. But going through the motions could be well worth it: You may be able to get an account with fewer fees and even score a welcome bonus just for being a new customer.

Here are the four steps to finally switching banks for good.

Nowadays, there are tons of banking options out there, including traditional brick-and-mortar banks as well as newer online banks. Consider the following when shopping around:

• Minimum deposit requirements
• Minimum daily balance requirements
• Fees — or ways to avoid them, such as making direct deposits
• How vast the ATM network is and if there are fees for using out-of-network ATMs
• How much interest you'll earn
• Mobile app features
• If the account is FDIC-insured

At the very least, it's good to go with a bank that is FDIC-insured — meaning should the bank fail your deposits are protected and able to be reimbursed up to $250,000 — and that doesn't have a minimum daily balance requirement. The latter can be a real inconvenience since you'll be charged a fee if your daily balance falls below the minimum, which varies by bank account but can definitely add up.

The Capital One 360 Checking® is one example of an account that does not have a minimum daily balance requirement. Users can spend their money without worrying about getting hit with a fee if they happen to have, in this case, less than $100 in their account.

If you're looking to earn interest on your balance (which not all checking accounts offer), the Alliant Credit Union High-Rate Checking lets you earn 1.00% APY as long as you have a recurring monthly electronic deposit and opt-in to receive paperless statements.

Then there are those checking accounts that incentivize new customers by offering a welcome bonus for opening an account and depositing funds or for opening and setting up direct deposit.

For example, when you open up a SoFi Checking and Savings, you can receive a welcome bonus of up to $400 when you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 or $400 depending on direct deposit amount.* By doing what you would likely already be doing with a checking account in the first place — adding money and scheduling direct deposit — both of these offers essentially give you a little windfall of cash.

Once you decide which bank you'd like to go with, it's time to finally open your new account. You should be able to simply do this online or by visiting an in-person branch near you. You'll need to provide some personal information such as your full name, address, contact, photo ID and Social Security.

Keep in mind that if the bank you choose requires a minimum deposit to open the account, you'll need to be ready to transfer those funds into the account immediately upon opening it.

After opening your new account, you can start migrating your money out of the old one. If your former account doesn't have a minimum daily balance requirement or any other fees associated with keeping an available balance, go ahead and transfer the entire balance over to your new account by electronically initiating a transfer, or by simply following the transfer process as stated by your old bank.

If your old account does have a minimum balance requirement, keep enough cash in there to cover it until it's time to notify the bank that you'll be closing the account. This way, the bank can waive the fee. Keep in mind that your old bank may have its own unique procedure for helping you switch to a new bank. Ask upfront about how it works and whether there is any paperwork that needs to be filled out.

You'll want to make note of any direct deposits you had set up with your old account, such as automatic paychecks from your employer. Update your new bank information with the relevant direct deposit information as soon as you can. Any former automated recurring payments, like for subscriptions and bills, or transfers, such as to a savings account, should also be set up with your new checking account.

Lastly, you may want to download or print out copies of your old bank statements in case any issues with past transactions were to arise after you close the account. In this case, you'll already have the statements handy and won't need to contact your old bank to provide them.

Visit or call your bank to see if there are any specific procedures for transferring and fully closing your old bank account. Once you're ready, meaning all deposits and transfers have been reset to go in and out of your new account, you can finally close your old bank account. You might also consider asking for an official letter from your old bank stating that the account has been closed. This could come in handy in the future if you ever need to resolve any past issues.

And don't make the mistake when closing your bank account of leaving an outstanding balance, such as an overdraft fee, that you never paid. Doing so could eventually impact your credit score if the bank were to report this owed debt to a collection agency.

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* New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/ *SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn up to 3.10% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.10% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. *SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks. *Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC *Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet