Personal Finance

Best Bank for Personal banking

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  • Feb 4th, 2015 12:27 pm
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[OP]
Sr. Member
Jun 8, 2007
760 posts
154 upvotes
Oshawa

Best Bank for Personal banking

Hey Folks..

More an opinion type question. Wondering what people think of the different banks for day to day banks. Whats the best general option in your opinion?

Some general info that might help you help me...

Wife and I both work with puts us in a decent middle class type of income with pensions. Currently both our payrolls go into a Credit Union.
We have monthly deductions going into RRSP's and RESP's for the 2 kids.
We write about 5-10 cheques a year and do a handful of E-Transfers.
Mortgage is with First National right now and not up for about 3 years or so.
Not much in the way savings beyond the RRSPs.

Debt wise is the mortgage and....
$5k on line of credit
$5k left on car loan with Scotia Bank
$16k on a new trailer we just bought through TD. This is temporary for about a year and then sold.

Average around $1300 total a month onto these pending any other major expenses.


Looking to get a secure line to consolidate the existing line and the trailer. I figured with taking out a new major product, now is the time to change banks.

So thoughts as to which bank might be the best. I guess service fee's are mainly what I want to avoid. We don't typically carry much of a balance. Around $2 - $3k maybe on the high end.

Words of wisdom appreciated.

Cheers,

Mike
10 replies
Sr. Member
Oct 31, 2003
806 posts
118 upvotes
Woodbridge
I have a few questions:

What are your monthly fees for your account at the credit union?

Is your credit union in a reasonable distance to get to? What are some other banks that are in a more reasonable distance to you?

What is your interest rate on your line of credit? On your car loan? On your trailer?
Deal Addict
User avatar
May 11, 2014
2952 posts
2350 upvotes
Iqaluit, NU
Bedpan wrote:
Feb 3rd, 2015 1:03 pm
Hey Folks..

More an opinion type question. Wondering what people think of the different banks for day to day banks. Whats the best general option in your opinion?

Some general info that might help you help me...

Wife and I both work with puts us in a decent middle class type of income with pensions. Currently both our payrolls go into a Credit Union.
We have monthly deductions going into RRSP's and RESP's for the 2 kids.
We write about 5-10 cheques a year and do a handful of E-Transfers.
Mortgage is with First National right now and not up for about 3 years or so.
Not much in the way savings beyond the RRSPs.

Debt wise is the mortgage and....
$5k on line of credit
$5k left on car loan with Scotia Bank
$16k on a new trailer we just bought through TD. This is temporary for about a year and then sold.

Average around $1300 total a month onto these pending any other major expenses.


Looking to get a secure line to consolidate the existing line and the trailer. I figured with taking out a new major product, now is the time to change banks.

So thoughts as to which bank might be the best. I guess service fee's are mainly what I want to avoid. We don't typically carry much of a balance. Around $2 - $3k maybe on the high end.

Words of wisdom appreciated.

Cheers,

Mike
Based on your minimum balance of $2000~$3000, major banks won't provide nice chequing accounts with fee waivers. You can get a moderate package from Scotia and TD, but nothing special.

It would be helpful to know which credit union you bank with.

This might sound weird, but I would suggest (based on your location, Oshawa), try looking into Ukranian Credit Union. You don't have to be Ukrainian, anyone can join. Their chequing account is free, with free paper statement and free return of cleared cheques. They also give you 50 cheques for free to start with. E-transfers will still cost $1.50 each.
https://www.ukrainiancu.com/UCU/Product ... ngAccount/

Another solid option is Oshawa Community Credit Union. Their personal chequing account waives all fees except for other institution bank machine and in-branch bill payments with a minimum balance of $1500. Another nice feature is Oshawa Community also has a profit share program, so if you transfer your loans with Scotia and TD over to them, you can get profit back through profit sharing. If you also transfer investments, your profit sharing will also increase as well.

Another option could be to use Tangerine. Tangerine has their own email money transfer service. It's free to use which will save you money. The drawback though is that it takes 1-2 days for it to process, but it will save you $1.50 each time. If your recipient can't wait, they also have the standard INterac email money transfer for a fee.

http://www.tangerine.ca/en/chequing/che ... index.html

My opinion is that I believe you should move your accounts to Oshawa Community and open an account at Tangerine. Always maintain a $1500 balance with Oshawa, transfer all your loan accounts to them. Transfer your investments ONLYif they are your typical bank mutual funds, but really I would suggest looking at lower cost options such as Tangerine or Canadian Couch Potato (don't know what this is? See Investing, or search on google!). Open a free chequing at Tangerine to do your email money transfers for people that can wait a day or two and perhaps move your investment to Tangerine's low cost mutual funds. While they are not the cheapest, they are fairly competitive compared to your traditional bank mutual funds.

I hope this helps!
[OP]
Sr. Member
Jun 8, 2007
760 posts
154 upvotes
Oshawa
Hey folks... Thanks for the replies...
To answer some questions....

The big issue I have with my current CU is distance. They are in Scarborough and I am in Oshawa area (about an hour to get there and back). Its not all that often I have to go but sucks when I do (Debit card was skimmed twice last year each time resulting in a trip to reset pin, needed new cheques etc etc). They have been reasonable to deal with despite minor issues here and there. My RRSP's and RESP's are not with them as there product selection was poor and their rep selling did not know what they were talking about. Fee wise I don't pay any now directly but with limited ATM selection I do end up having to use big bank ATM's from time to time which adds up.

Current unsecure line of credit is 6.35% I believe
Car Loan 0.9% (9 months of payments left, will just continue to pay this)
Trailer Loan 5.6%
If I sign up for Secure Line they are at 3.35% I believe

I am not in a dire rush to leave the CU I am with, just not sure they offer the best products to keep me either. Hence the question. More in exploration right now before I sign up for a secure line with the current CU. I want to insure I am in the right place.

To be honest I had not considered just finding a more conveniently located CU in my area. I will be looking into the option.

To avoid switching gears on this thread to much I will simply say that I will do some reading on Canadian Couch Potato. Although not completely ignorant on investing I know I have a lot to learn. In some ways I want to seek out a financial adviser to help point me down the right path. The few I have spoke to in passing seem to be far more sales person then adviser so I have simply avoid them and made some (un)educated guesses.


Many thanks to all...

Mike
Deal Addict
User avatar
May 11, 2014
2952 posts
2350 upvotes
Iqaluit, NU
Bedpan wrote:
Feb 4th, 2015 6:01 am
Hey folks... Thanks for the replies...
To answer some questions....

The big issue I have with my current CU is distance. They are in Scarborough and I am in Oshawa area (about an hour to get there and back). Its not all that often I have to go but sucks when I do (Debit card was skimmed twice last year each time resulting in a trip to reset pin, needed new cheques etc etc). They have been reasonable to deal with despite minor issues here and there. My RRSP's and RESP's are not with them as there product selection was poor and their rep selling did not know what they were talking about. Fee wise I don't pay any now directly but with limited ATM selection I do end up having to use big bank ATM's from time to time which adds up.

Current unsecure line of credit is 6.35% I believe
Car Loan 0.9% (9 months of payments left, will just continue to pay this)
Trailer Loan 5.6%
If I sign up for Secure Line they are at 3.35% I believe

I am not in a dire rush to leave the CU I am with, just not sure they offer the best products to keep me either. Hence the question. More in exploration right now before I sign up for a secure line with the current CU. I want to insure I am in the right place.

To be honest I had not considered just finding a more conveniently located CU in my area. I will be looking into the option.

To avoid switching gears on this thread to much I will simply say that I will do some reading on Canadian Couch Potato. Although not completely ignorant on investing I know I have a lot to learn. In some ways I want to seek out a financial adviser to help point me down the right path. The few I have spoke to in passing seem to be far more sales person then adviser so I have simply avoid them and made some (un)educated guesses.


Many thanks to all...

Mike
Hi Mike;

Oshawa has a lot of credit unions so withdrawing from any credit union ATM should be free, and it should be fairly easy for you to avoid fees (does not have to be the same credit union, just any credit union (only exception is Alterna Savings). I recommend a combination with Tangerine because Tangerine has different features which are cheap, PLUS you can use Scotiabank ATMs so this can also be another way to avoid fees. If you have questions about investing strategy, read some of the forums in the Investing section. Many people in the same boat as you!
[OP]
Sr. Member
Jun 8, 2007
760 posts
154 upvotes
Oshawa
There are a number of CU's around Oshawa... I make use of them for most withdrawls, but when in need of beer money sometime the closest bank machine wins (mostly joking here). That said the big banks have way more ATM's available.

I will have a look at Tangerine. Not sure enough savings would be had by divesting across Tangerine and a CU though. For simplicity I would rather keep it all under one bank if possible. By splitting across a CU an Tangerine I would save some money by having access to the Scotia ATM's and the money transfers but I would expect this would be well under $100 a year (maybe under $50). The hassles of moving cash around to save $50 may just dictate to stick with the CU. Any thoughts on PC Financial vs. Tangerine?


Lots of questions around investing. When I setup the RRSP's and RESP's I read for days before deciding on the TD product that I did. When its individual products I do ok researching and understanding what I should be doing. Its the big picture stuff that eludes me. Everyones situations are so unique its tough to apply what others recommend and do to what would fit for me.



xgbsSS wrote:
Feb 4th, 2015 6:25 am
Hi Mike;

Oshawa has a lot of credit unions so withdrawing from any credit union ATM should be free, and it should be fairly easy for you to avoid fees. I recommend a combination with Tangerine because Tangerine has different features which are cheap, PLUS you can use Scotiabank ATMs so this can also be another way to avoid fees. If you have questions about investing strategy, read some of the forums in the Investing section. Many people in the same boat as you!
Member
Aug 9, 2014
468 posts
102 upvotes
Toronto, ON
You should consider Duca. I think they have a branch in Whitby and one in Bowmanville. They now offer free banking.
Jr. Member
Apr 30, 2006
163 posts
20 upvotes
Toronto
Why not open a Tangerine account and a RBC account.
Use RBC for branch service and direct trading, mutual fund, RESP stuff. Open basic checking account, 12 free debit /mo. $4.00 monthly fee, but if you apply for any RBC Credit Card and open a GIC or mutual fund account or RBC direct trading account (as investment), $4.00 fee is waived.
Minimum GIC is $500. You basically just lock you 500 buck for a GIC (you save the 4x12 fee).
Use your Tangerine account for daily pay-bill, higher saving account interest.
Unlimited debit.
You can link your RBC account to Tangerine, and transfer money from Tangerine to RBC online if you need some branch service.
Tangerine debit card can use Scotia ATMs.
And if you want to keep you current CU.
Open Tangerine account with your local CU cheque, and you can link up to 3 accounts in Tangerine.
So transfer money from CU to Tangerine, then Tangerine to RBC all online from home. (Just need plan ahead).

Personally, I think the Tangerine + RBC combination works well.
RBC has huge mutual fund options, and their trading account only requires minimum $15,000 combined trading account assets to waive $100 annual admin fee.
Other bank owned trading accounts requires minimum $25,000 RRSP asset (not combined assets such as TFSA trading, RRSP trading, non-registered trading).
And RESP with banks and investing in some balanced portfolio usually generate higher return than 2% GIC income.
Member
User avatar
Aug 15, 2009
294 posts
75 upvotes
North America
here2day wrote:
Feb 4th, 2015 8:32 am
You should consider Duca. I think they have a branch in Whitby and one in Bowmanville. They now offer free banking.
DUCA is also getting bigger with their ZenBanx - http://www.zenbanx.ca/about/ . ZenBanx' CEO is the creator of ING Canada and USA, now the beloved Tangerine and Capital One 360.

As far as ATMs are concerned, go into a major grocery retailer, buy something small (banana or candy bar) and request cash back for free. HSBC and National Bank can be used by most credit union members for free, http://theexchangenetwork.ca/default.aspx?PageID=1020& .
Deal Addict
User avatar
Dec 12, 2006
4262 posts
476 upvotes
Barrys Bay
Switch you CU plan to there pay per use plan and swap to Tangerine for 95%+ of your banking.

Use your tangerine for everything and just have the CU for backup.


As for beer $, mostly anyplace will accept debit transactions.....or most bigger stores offer cashback when you make purchases so keep using the Tangerine card everywhere and you will soon see you can ditch the CU.

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