Migrate from old to new iCloud account
I signed up for Apple One and have 2TB of storage on my new account. I want to migrate from an old iCloud ID with around 35GBs worth of data (6.4GBs of photos and the rest are documents/audio files/misc). How do I transfer all my content from one account to a new account?
One method I thought was to download everything locally on my Mac or external drive, sign out of the old iCloud account, sign in with the new iCloud account, and then everything sync over.
Is this the best way to migrate accounts or is there a more efficient way?