Switching banks: how to change banks in Finland

In outline, switching banks works like this: open a new account, move your salary and automatic payments to the new bank and close the old account once everything works. Banks often offer help with switching, so it is not as much work as you might think.

A statutory account switching service makes the move easier: you give the new bank an authorisation, and the new bank handles the transfer with the old bank. You can find the exact deadlines of the service in the Finance Finland (Finanssiala ry) guide to the account switching service (Finnish). The easiest way is to contact the new bank and authorise it to handle the switch, as Finance Finland explains (Finnish).

Why switch banks?

The reasons are usually monthly fees, poor interest rates, the cost of payments abroad or the quality of service. See the cheapest options for your situation in the table.

The member price at S-Bank requires a refundable membership contribution (€100). Other customers pay €15.00.

The member price at OP requires a refundable membership contribution (€100). Other customers pay €8.25.

How do I switch banks step by step?

1. Compare banks and choose the new bank.
2. Open the account and order a card. You need identification, for example online banking credentials from another bank.
3. Tell your employer, Kela (the Social Insurance Institution) and other income payers your new account number.
4. Move your rent, bills, direct debits and e-invoices to the new account.
5. Also change the account in mobile payment services and online shops where your card is saved.
6. Keep an eye on the old account for a while and close it when no more money moves through it.

What does the switching service do?

The old bank gives the new bank the details of standing orders, SEPA direct debits, direct payments, e-invoices and regular incoming credit transfers, and the new bank sets the payments up and tells the payers and billers. The service does not cover, for example, mortgages, first-home savings accounts (ASP), collateral, fund units or book-entry securities accounts. If you switch to a bank in another EU or EEA country, the old bank gives you a list of regular payments and transfers the remaining balance, but Finnish e-invoices and direct payment do not work across borders. Source: Finance Finland guide (Finnish).

What should I check before closing the old account?

Check that the account has no open loans, guarantees or agreements whose terms depend on the customer relationship. Also download your account statements and archive them, because old transactions may not be available after closing.

Which bank should I switch to?

The answer depends on how you use your bank. Read the comparison guides: cheapest bank and best bank. You can also work out your own monthly cost with the calculator on the front page.

Can I get a bank account even with a poor history?

Every natural person legally resident in the EEA has a right to basic banking services: a basic payment account, a payment instrument (for example a bank card), online banking credentials, cash withdrawals, payment transactions and an electronic identification tool. Credit accounts and credit cards are not part of the right. A bank can refuse mainly for reasons related to knowing the customer, for example if there is no valid passport or ID card. The bank must process the application within 10 banking days and give the reason for refusal in writing and free of charge, with appeal instructions. Sources: FINE: observations on basic banking services and FINE: account use and payments (both Finnish).

If the bank refuses, ask for the reasons in writing and apply for an account at another bank if needed.