How to switch banks in Canada without missing a payment (and still get the bonus)
Last updated Oct 20, 2026. Offer details below were checked against each bank's own page on October 19, 2026.
Lots of people stay with the same bank for years because switching feels like a hassle. What if a bill bounces, or your pay lands in the wrong place?
Those worries are fair, but switching is very doable if you go in the right order. And right now, several Canadian banks will pay you a sign-up bonus to do it. Here's the switch step by step, plus how to line it up with a bonus so you don't lose it on a technicality.
The one rule that matters most
Open the new account first, and keep the old one open until everything has moved.
The Financial Consumer Agency of Canada (FCAC) says you may want to keep your current accounts open for several months, to avoid fees from cheques or pre-authorized debits you missed. The CRA says the same thing about its own payments: don't close your old account until your first payment has landed in the new one.
Everything else is just details.
Step 1: Make a list of everything that touches your account
Go through the last 12 months of statements, since some things only come out once or twice a year, like insurance premiums or annual memberships. Write down two lists.
Money coming in:
- your pay
- CRA payments, like your tax refund, GST/HST credit or Canada Child Benefit
- Service Canada payments, like CPP, OAS or EI
- pension or other regular deposits
Money going out:
- pre-authorized debits (PADs), where a company pulls money from your account, like a gym, phone, insurance or utility bill
- bill payments you set up yourself in online banking
- automatic transfers to savings or investments
- cheques you've written that haven't been cashed yet
This list is your whole switch. Once every line has moved, you're done.
Step 2: Open the new account (and check the bonus rules first)
Before you open anything, read the offer's terms closely. Look for:
- Who counts as "new." Many offers exclude people who had an account with that bank recently.
- What counts as a direct deposit. Some offers accept any recurring deposit. Some want payroll, pension or government deposits specifically. Tangerine's offer asks you to switch your full payroll.
- How long the deposits must keep coming. Simplii wants recurring deposits totalling $100+ a month for 4 months in a row. Coast Capital wants the same recurring deposit for 90 days in a row.
- How long you must keep the account. BMO and RBC both ask you to keep the account open until Nov 2, 2027. CIBC's student offer asks for one year.
If you're comparing options, our chequing promotions guide lists the current offers with their end dates, soonest first.
Step 3: Move your pay
Ask your employer how to change your direct deposit. Many use an online payroll portal; others want a void cheque or a direct deposit form, which your new bank can usually provide through online banking.
The change doesn't always take effect on the next payday. Depending on your employer's cutoff, it can take a pay cycle or two, which is another reason to keep the old account open.
Bonus tip: if your offer counts the date of the first deposit, note it down. Many deadlines run from the account opening date, not from when your pay finally arrives.
Step 4: Move your government payments
CRA payments (tax refunds, GST/HST credit, Canada Child Benefit and others): you can change your direct deposit in your CRA account under Profile, or through many Canadian banks and credit unions' online banking. The CRA says changes made either way are updated the next business day. You can no longer change it by phone.
Service Canada payments have their own process, and it depends on the benefit:
- OAS: you can change your banking information in My Service Canada Account. Service Canada says it can take up to 30 days, so submit it at least 30 days before your next payment.
- CPP, EI and the Canada Disability Benefit: Service Canada says you can't change banking information in My Service Canada Account for these right now. Instead you can request a call back, visit a Service Canada office, or call.
You'll need your bank's name, the branch transit number and your account number. You can find these on a cheque or in online banking.
Step 5: Move your pre-authorized debits and bill payments
This is the step that causes the most trouble, so go slowly.
Ask your new bank first. The FCAC says to ask whether your financial institution has a process to transfer your pre-authorized debits. If it doesn't, you'll need to set them up at the new account yourself and cancel them at the old one.
Cancelling a PAD is done with the company, not the bank. According to the FCAC, to cancel a pre-authorized debit agreement you must notify the biller in writing, and keep a copy. Then check your old account to make sure the withdrawals actually stop.
A few more things to know:
- Cancelling the PAD doesn't cancel what you owe. You're only changing how you pay, so make sure the company has your new details before the next bill is due.
- Bill payments you set up yourself in online banking aren't PADs. You control those, so just recreate them at the new bank and delete the old ones.
- If a debit you didn't approve comes out, you usually have 90 calendar days from the withdrawal to report it to your bank and ask for your money back, according to the FCAC.
Leave some money in the old account for now. A PAD that hits an empty account can cost you a non-sufficient funds (NSF) fee.
Bonus tip: some offers count PADs or bill payments as qualifying activities. RBC, for example, lets you pick two of payroll deposit, pre-authorized payments or bill payments. If that's your offer, moving your bills to the new account can do double duty.
Step 6: Watch both accounts for a cycle or two
For the next month or two, check both accounts every week or so for payments that went to the old account by mistake, bills paid twice, and cheques that still haven't been cashed. The FCAC also suggests making sure you have your new debit card, and that you request stop payments for any cheques you've written that you no longer want to go through, before closing anything.
Step 7: Close the old account
When a full cycle has gone by with nothing landing in or leaving the old account, move the leftover balance and ask the old bank to close it. The FCAC notes you may have to pay a fee, so check your account agreement first. Some banks charge a fee if you close an account soon after opening it.
If you're closing an account that you opened for a past bonus, double-check that its minimum holding period is over. Closing early is one of the most common ways to lose a bonus.
If you're thinking about doing more than one bonus, our post on stacking chequing and brokerage bonuses covers how to space them out.
FAQ
Will switching banks affect my credit score?
A chequing account is a deposit account, not a loan, so opening one generally doesn't involve a lending decision. Policies vary, so ask the bank if you want to be sure. Credit card add-ons are a different story: applying for one is usually a hard inquiry.
Can I split my paycheque between two accounts?
Many employers allow it, but not all. Check whether your bonus needs your full pay before you split it.
How long should I keep my old account open?
The FCAC suggests several months may help you avoid surprise fees. At the very least, wait until every deposit and payment has moved and your first CRA payment has arrived in the new account.
Do I have to tell the CRA if I switch banks?
Only if you get CRA payments by direct deposit. Update it in your CRA account or through your bank so your next refund or benefit goes to the right place.
This post is for educational purposes only and isn't financial, tax, credit or legal advice. Offer terms and government processes change, so confirm details with each institution and with the CRA or Service Canada before you act. No affiliate links are used in this post.