Personal Finance

Best No fee bank account

  • Last Updated:
  • Nov 28th, 2014 12:32 pm
Newbie
Apr 25, 2014
31 posts
4 upvotes
Thornhill, ON

Best No fee bank account

Hello all! I am new here....

So today I saw one of those TTC streetcars that passed by my house advertising pc financial being no fee banking. Currently I am with TD bank and is limited to 25 transactions, I am looking to switch as I am constantly going over my transaction limit.

I found there is

Tangerinen (Scotiabank)
Pc Financial (CIBC)
BMO sobeys.

Which one is the best one... thanks
139 replies
Sr. Member
Oct 14, 2012
954 posts
728 upvotes
Woodstock
I don't use Sobeys/BMO so I don't know any of the details about it.

I have used both PCF and ING Direct/Tangerine. Of the two, I prefer Tangerine.

PCF gives you as many paper cheques as you want for free.
ING Direct does not. You have to buy them although the price is not as high as at a regular bank.

If you don't write many cheques, for most services Tangerine is faster and better. For example, if you have both a savings account and a chequeing account, you may want to keep your money in the savings account (pays higher interest) and only move it to the chequing account when you need to pay a bill. At Tangerine, you can move money from your savings acct to your chequing acct instantly. At PCF it takes until the next business day to move money from savings to chequing.

Both Tangerine and PCF give you unlimited free debit card transactions. Both have unlimited free withdrawals from their own ATMs. (PCF lets you use PCF and CIBC bank machines; Tangerine is about to let you use ScotiaBank machines any day now. They used to use credit union and National Bank machines but I think that will end when they start using Scotiabank machines.)

You can deposit a cheque by taking an iPhoto and using the app with Tangerine.

Overall, I prefer the service at Tangerine and the online banking program.

Both are fine, though.
Deal Fanatic
User avatar
Aug 29, 2012
9300 posts
10314 upvotes
To me PCF is far better. It's also a known quantity, which has provided the same services for now 18 years; who knows what other changes Scotia will do to Tangerine.

Tangerine's new website is also atrocious looking, it gives me a headache and makes things hard to see. The ING Direct site was far better. It's a perfect example of how disastrous it is to cater to the iPad crowd. Their marketing also greatly grates my nerves, they try so hard to look hip and trendy.

The photo cheque function is very flaky, it won't work unless you take the picture outside with a black backdrop, and sometimes you will receive a message a few hours after saying you need to do the photo again. You probably won't have to deposit a cheque other than very sporadically anyway, it's no problem to just do it when you come across a CIBC bank in your day and it's actually reliable.
Deal Addict
User avatar
Dec 17, 2008
2781 posts
2300 upvotes
Winnipeg
I guess it also depends what area of the country you are in and what types of ATM's are close to you. I have used all three of those services, and I closed the ING (now Tangerine account) because no Exchange network ATM's (only 4 in Manitoba), BMO/Sobeys account did not have online statements in PDF form and BMO was no where near where I work or live (aka inconvenient). As there are many CIBC and Superstores (PCF) machines around where I frequent, it was useful for me. As for depositing cheques - I get maybe 5 a year - so if I have to go the ATM its not that much of a deal breaker for me.

Personally you would be happy with any of the three - just depends which features you find most useful.
Deal Guru
Dec 11, 2008
13064 posts
3755 upvotes
Overall I prefer PCF, unlimited cheques is quite nice since I rent.

Also I like how you can use their ATMs at CIBC and at supermarkets where I would normally shop anyways.
Deal Expert
User avatar
Aug 2, 2010
15196 posts
5016 upvotes
Here 'n There
BetCrooks wrote: I don't use Sobeys/BMO so I don't know any of the details about it.

I have used both PCF and ING Direct/Tangerine. Of the two, I prefer Tangerine.

PCF gives you as many paper cheques as you want for free.
ING Direct does not. You have to buy them although the price is not as high as at a regular bank.

If you don't write many cheques, for most services Tangerine is faster and better. For example, if you have both a savings account and a chequeing account, you may want to keep your money in the savings account (pays higher interest) and only move it to the chequing account when you need to pay a bill. At Tangerine, you can move money from your savings acct to your chequing acct instantly. At PCF it takes until the next business day to move money from savings to chequing.

Both Tangerine and PCF give you unlimited free debit card transactions. Both have unlimited free withdrawals from their own ATMs. (PCF lets you use PCF and CIBC bank machines; Tangerine is about to let you use ScotiaBank machines any day now. They used to use credit union and National Bank machines but I think that will end when they start using Scotiabank machines.)

You can deposit a cheque by taking an iPhoto and using the app with Tangerine.

Overall, I prefer the service at Tangerine and the online banking program.

Both are fine, though.
PC Financial is just as fast as Tangerine. I've been moving money instantly between chequing and savings for 15 years with PC Financial. I don't know why it takes a business day for you because it sure does not for me. Maybe you don't know how to do it.

The only difference is you cannot deposit a cheque by taking a picture with it yet with PCF but I am sure it is coming. But, I hardly ever deposit cheques and in any event there are CIBC machines or Loblaws PCF machines all over the place and I do have to get cash once in a while (which you can't do through the phone, lol) so I have to go anyway.

Also, Tangerine seems to be changing their offerings constantly. PC Financial does not. It's been the same fully-featured acccount since I started 15 years ago.

As for cheques well Tangerine isn't really a free account if you have to pay for blank cheques. I love getting as many free cheques as I want from PCF although I don't even use those that much anymore.
Deal Addict
Sep 1, 2007
1151 posts
55 upvotes
Get both ING and PCF. PCF has unlimited cheques for free. They both run special promotions at times. CIBC bank machines (PCF) are more common when I travel but near my home I have a scotia bank (ING). So best of both worlds.

One problem with PCF is their delay in moving money between chequing and saving accounts. It takes one day. For ING it is instantaneous.

Keep out of sobeys.
Deal Fanatic
User avatar
Apr 11, 2008
5754 posts
475 upvotes
chickenfoot wrote: Hello all! I am new here....

So today I saw one of those TTC streetcars that passed by my house advertising pc financial being no fee banking. Currently I am with TD bank and is limited to 25 transactions, I am looking to switch as I am constantly going over my transaction limit.

I found there is

Tangerinen (Scotiabank)
Pc Financial (CIBC)
BMO sobeys.

Which one is the best one... thanks
Depending on your transactions. If it's mostly checks, then you can get a unsecured LOC at TD. You get free checks and unlimited number of transactions. You also get free overdraft protections (only have to pay the low interests). For balance transfers, it can take one business from ING or PC financial, but there's no hold period for LOCs. If it's debit transactions, then the best way is to use a cash back credit card instead. I find once you get used to TD, it's very hard to move to another bank, at least in Toronto.
Deal Addict
Oct 7, 2012
2005 posts
696 upvotes
Montreal
BetCrooks wrote: At Tangerine, you can move money from your savings acct to your chequing acct instantly. At PCF it takes until the next business day to move money from savings to chequing.
.
Didn't know this
That'd be a definite deal breaker for me
Deal Addict
Oct 7, 2012
2005 posts
696 upvotes
Montreal
dealstime wrote:
One problem with PCF is their delay in moving money between chequing and saving accounts. It takes one day. For ING it is instantaneous.
This is one of the best strengths of Tangerine
I dont use a lot of cheques so the actual functionality of a free checking account is important to me
Sr. Member
Oct 14, 2012
954 posts
728 upvotes
Woodstock
Interesting @eonibm. I can transfer from chequing to savings instantly at PCF, but if I try to put in a transfer from savings to chequing it won't even let me use today's date, I must change it to tomorrow's. I was also told by PCF that this is normal and it's because they want to discourage people from spending their savings. I wonder if there is some difference based on province (ON) or how old the account is or what. It's a real nuisance because it means I have to delay paying major bills until the money safely moves over from my savings account.
Sr. Member
Oct 24, 2006
648 posts
77 upvotes
Toronto
gogoblender wrote: Didn't know this
That'd be a definite deal breaker for me
It is next day, not next business day. I can set the transfer for Saturday at 11:59 Friday night and it will be there when I wake up Saturday morning. I have only had one issue with PC Financial and it was resolved quickly. No fee's (except for extra's like stop payment , NSF etc), unlimited debit and CIBC ATM's everywhere. Also, I am not sure about Tangerine, but the Payee list for online bill payments is quite large and ETF to the big 5 works great.

My 2cents.
Deal Addict
User avatar
Oct 16, 2008
4731 posts
2788 upvotes
Tangerine for free EMTs, depositing cheques with smartphone, instant transfers between chequing and saving

PCF for free unlimited cheques.

Those of us in BC should also look into Coast Capital Savings
Sr. Member
Feb 16, 2010
911 posts
804 upvotes
Toronto
PCF all the way!

I'm surprised no one mentions PCF's (relatively) high interest rates.

After any promotions, the rates are:

Tangerine Savings Account is 1.3% and PCF is 1.35%.
Tangerine TFSA is 1.3% and PCF is 1.4%.

Not too much of a difference, but PCF still gives you more money in the end of the day.

Better rates than any of the big banks offer.

Edit:

I also just want to add that I've been with a few banks in my lifetime, but PCF has been the best. Great phone support, no hidden fees... overall amazing experience.
Deal Addict
User avatar
Dec 17, 2008
2781 posts
2300 upvotes
Winnipeg
angel_wing0 wrote: I would get all 3. Tangerine for EMTs and PCF for unlimited cheques and Sobeys for free teller deposits.
Yeah but you deal with like 15 different banks and have 40 credits credits at any given time. Which is not the normal Canadian. lol
Deal Guru
User avatar
Nov 30, 2009
12178 posts
603 upvotes
Toronto
Don't complicate your life with all 3 banks just to save a couple bucks IMO. I would just go with Tangerine.
[QUOTE]I wish there was a way to know you're in the good old days before you've actually left them.[/QUOTE] ~Andy Bernard, The Office (U.S.)
Sr. Member
User avatar
Jun 18, 2004
750 posts
664 upvotes
Vancouver Island
steeped wrote: PCF all the way!

I'm surprised no one mentions PCF's (relatively) high interest rates.

After any promotions, the rates are:

Tangerine Savings Account is 1.3% and PCF is 1.35%.
Tangerine TFSA is 1.3% and PCF is 1.4%.

Not too much of a difference, but PCF still gives you more money in the end of the day.
Actually, no. PCF is also at 1.30%.
I don't like their "call in to get a bonus"...why can't it be automatic?
Sr. Member
Feb 16, 2010
911 posts
804 upvotes
Toronto
Platypus wrote: Actually, no. PCF is also at 1.30%.
I don't like their "call in to get a bonus"...why can't it be automatic?

Look at that... they must have just recently lowered their rates.
Moderator
User avatar
Mar 23, 2004
47725 posts
13890 upvotes
Markham
Shawguy wrote: Yeah but you deal with like 15 different banks and have 40 credits credits at any given time. Which is not the normal Canadian. lol

lol just fyi i m nowhere near 15 and 40. But if i have to choose one, Tangerine is the way to go.

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