Jen1977ni

We've been with NAB since we moved here in Feb of this year, but in all honesty we've not been overly impressed with them since day dot, for various reasons. The recent problems though were the final nail in the coffin so we've decided to go to change and maybe go to Westpac as they allowed us easy access to our money in the UK when NAB struggled to do so. My question is this, has anyone else changed recently and is it a complicated process?! Also, are Westpac ok?

ABCDiamond

If it is just a savings account etc, then no problem whatsoever.
Just go to the new bank, open an account, and transfer your money over, setting up new direct debits etc if you use them.

Mortgages are a different matter, but you could always leave that with the old bank anyway.

Westpac are OK, we have one account with them, which reminds me, I want to open an account with Bank of Queensland this week, they have a special account with a monthly prize draw, something like the Premium Bonds

Kooky.

Yes, we did it when we bought our place as we have an offset mortgage so wanted our salaries to go into the same place. Dead easy - just leave your old one open a few months until you're sure you've transfered all your electronic payments over.

As I said on the NAB thread, don't automatically go for one of the Big Four - look into others too.

ABCDiamond

If you do leave an old account open but never use it, you will, after a few years, (7 years to be precise), get a letter at your last known address telling that any money in there will be moved to ASIC, unless you do something on your account within about 5 weeks.

I got a letter today, reminding me about an account I keep forgetting about in NSW. Must go to the ATM this week and take a few dollars out to keep the account active for the next 7 years.

Australia_bound?

I'm with Westpac, can't fault them so far. Good job really as they're the only bank/ATM in our town