Personal Finance

Comprehensive "breakdown of the non-big-5" thread!

  • Last Updated:
  • Jun 26th, 2018 2:39 pm
Tags:
None

Poll: Which little banks / CU's do you deal with?

  • Total votes: 99. You have voted on this poll.
Alterna
 
5
5%
Coast Capital
 
2
2%
EQ
 
17
17%
Implicity
 
0
0%
Meridian
 
3
3%
Simplii
 
28
28%
Tangerine
 
37
37%
Wealth One
 
0
0%
Zag Bank
 
1
1%
Any other small bank/CU
 
6
6%
[OP]
Member
Jan 4, 2017
250 posts
94 upvotes

Comprehensive "breakdown of the non-big-5" thread!

This thread will seek to break down the daily banking offerings outside of the big-5 in a concise and comprehensive manner, highlighting current promos and key points. Feel free to pick at any flaws, or suggest new additions! I will try keeping the thread up to date as much as possible. Enjoy!



Tangerine (formerly ING Direct, now owned by Scotiabank)
- Free checking and savings, free "Tangerine e-transfers" ($1 for real Interac e-transfers), referral bonuses, periodic and targeted promo interest rates
- Current promo - 2.5% for 6 months
- Link external bank accounts (very easy and completely self-serve, but limit of 3)
- No personal loan or line of credit offerings - but they do offer no AF cashback Mastercard (three 2% categories, 0.5% on everything else), mortgage, HELOC, RSP loan
- Investments: no self-directed brokerage, but 1.1% MER on their funds that fare pretty well so far
- Mobile check deposit, overdraft protection
- Free access to Scotiabank ATMs
- Access to limited number of Tangerine "cafe's" (but most support still strictly through phone/chat)
- 24/7 phone support, plus chat support during business hours
- CIDC insured
- Available to residents of Quebec!



Simplii (formerly President’s Choice Financial, now owned by CIBC)
- Free checking and savings, free Interac e-transfers, periodic promo interest rates (current savings interest promo til feb 28 - 3%)
- Link external bank accounts (more work to establish vs Tangerine, but no limit)
- No credit card, but does offer secured AND unsecured personal line of credit and personal loan, mortgage, RSP, TFSA, GIC, mutual funds (all seem to be baskets of specific CIBC funds)
- Mobile check deposit, overdraft protection
- Free access to CIBC ATMs - no access to branches
- 24/7 phone support, no chat support
- CIDC insured
- Time it takes to sign up and actually be able to start using the service can be lengthy, and need to interact with Simplii to get external accounts linked
- Not available to residents of Quebec. Workaround for some: for QC tax resident to do cross-border, they'd need proof of address and ongoing access to that address's mailbox in the other province. Use SIN/passport and utility bill, skip the driver's license. Works for QC residents who have a rental property or cottage in ON or NB. The key to being able to open an account by going across the border is to be able to prove you have a legal address in ON. Inconsistent proof of address raises their fraud flag and they put your account on hold.



EQ Bank - see angel_wing0's EQ thread for more comprehensive info/review on EQ!
- Sole offering of "Savings Account Plus" with no fee and no minimum
- Competitive "every day" interest rate, 2.3% at the time of writing this thread
- Unlimited day to day transactions (bill pay, EFT), 5 free Interac e-transfers per month
- Link external bank accounts (max: 10)
- Mobile check deposit
- No NSF fees, no account inactivity fees
- No debit card (no ATM access), no option for paper statements, no overdraft protection
- No access to branches
- 24/7 phone support, chat support during business hours
- CIDC insured
- Sign up and have a usable account within seconds, entirely self-serve including the process to link external accounts
- Not available to residents of Quebec



Alterna Bank
- Free checking and savings, 2-free Interac e-transfers per month, high interest promos (2.05% at this time), savings account allows bill pay and has the 2 free e-transfers
- Link external bank accounts
- No loan, line of credit, or credit card offerings
- Mortgage, term deposit, RRSP/RRIF, TFSA, investment savings account with "much higher than regular savings account" rate (they don't state the rate)
- $2.50/mo if you want overdraft
- Mobile check deposit
- Phone support during business hours only, no chat support
- CIDC insured
- Free access to ATMs on the Exchange network
- 24 branches across Ontario and Quebec



Meridian Credit Union
- Wide variety of checking and savings accounts - but checking requires $1k minimum to waive monthly fee - unless you're a senior or 18-29
- Promo - $100 to open savings account
- Free savings account pays 1.4% with unlimited transactions
- Free access to ATMs on the Exchange network
- Access to branches (Ontario)
- Phone support during business hours
- Secured and unsecured personal loan and line of credit, competitive credit card offerings, mortgage, mortgage and travel insurance, GICs and mutual funds
- No CIDC coverage
- Covered by DICO (Deposit Insurance Corporation of Ontario) - provides coverage up to $250k
- Available to anyone in Canada!



Hubert Financial - owned by Sunova Credit Union
- Savings accounts only (current rate: 2.1%), TFSA, RRSP/RRIF, US Savings, term deposits, mastercard (1 point per $1 spent with no AF) and mortgages
- No branch access, no debit card, they require you to mail a check in order to open account
- Link external accounts (up to 30)
- Phone and chat support
- No CIDC coverage. Unlimited coverage by DGCM (Deposit Guarantee Corporation of Manitoba)
- $25 fee for accounts inactive for 6 months that have less than $1k balance
- Not available to residents of Quebec



Oaken Financial - owned by Home Trust
- Savings account only (current rate is 1.5%), GIC/RSP/TFSA
- Link external accounts, no mention of bill pay
- Branches in Toronto, Calgary, Vancouver and Halifax
- Phone support during business hours
- CIDC insured
- Couldn't find anything that excludes Quebec - comment if you know!



Wealth One
- Savings (current rate - 2%), mortgage, TFSA, RSP, GIC
- Savings has no monthly or minimum, unlimited transactions and free bill pay
- Branches in Ontario and BC, bank is tailored to Chinese community, support in English/Mandarin/Cantonese
- Phone support during business hours
- CIDC insured
- Not available to residents of Quebec



Achieva - owned by Cambrian Credit Union
- Savings (no monthly fee or minimum), GIC, TFSA, RRSP/RRIF, credit card
- No promo interest rates. Current daily interest rate is 2%
- 1 free transaction per month
- get paid $1/mo when you go paperless
- free ATM deposits at Credit Union ATMs (AccuLink network). withdrawals are $0.60 at AccuLink ATMs and $2 at others, bill payments are $0.50
- Available to residents of Quebec!



Coast Capital Savings
- No-fee checking, savings, credit card, mortgage, line of credit, loan, life insurance, term deposit (4%/33-month on new money), 1.44%-1.89% MER funds
- Checking has no monthly fee, no minimum, unlimited transactions, free ATM transactions on the Exchange network, $1.50 to send Interac e-transfers
- Savings has no monthly or minimum and 10 free monthly transactions, but interest is only 0.7%
- Credit card offers no AF 0.5% cashback, or $30 AF 1% cashback or $30 AF for 12.9% interest rate, or $50 AF for 1% cashback + 10.9% interest rate
- Their cards support Apple Pay and Interac Flash / payWave tap to pay
- Mobile check deposit
- Access to branches (BC only)
- $200 signup promo for checking - https://www.coastcapitalsavings.com/Pro ... uingPromo/) - seems to be running til March 2018
- You can sign up from outside BC, if you select the dropdown saying you plan to buy a home in BC. Not sure if it works from Quebec. Anyone want to try?



Motive Financial
- Checking, savings, RRSP/TFSA/GIC
- No fee, no minimum
- $1.50 Interac e-Transfers



Zag Bank - owned by Desjardins
- Savings, GIC, RSP, TFSA - 1.65% on savings, 2% on the rest
- CIDC insurance
- Not available to residents of Quebec



Implicity Financial
- Savings - 2%
- Interac e-Transfers $1.50



*All subject to change at any time, past performance may not repeat, not liable for any damages or losses, no kittens were harmed in the making of this thread.
Last edited by zcypher on Feb 8th, 2018 5:27 am, edited 39 times in total.
42 replies
Moderator
User avatar
May 8, 2009
5554 posts
1981 upvotes
45.420833°N, 75.69°W
Great list so far. Perhaps add Desjardins. Aside the big five, you're pretty much looking at credit unions plus the subsidiaries of the big five.

Looks like a lot of RFDers are on the Simplii/Tangerine/EQ bandwagon. I haven't signed up with EQ yet, but planning to if they run a good promo and happen to outrun both Simplii and Tangerine.
eBay profile| Motorola phone. Linux on 2xcomputers. Brew beer & wine @home.
DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread
Deal Fanatic
User avatar
Apr 11, 2008
5262 posts
428 upvotes
Which of these banks have branches (I think PC financial does, but not sure whether it can do anything other than opening account)? I think it's important for some people to have physical access.
Sr. Member
Jan 16, 2016
977 posts
533 upvotes
Hamilton, ON
Archanfel wrote:
Feb 8th, 2018 8:33 am
Which of these banks have branches (I think PC financial does, but not sure whether it can do anything other than opening account)? I think it's important for some people to have physical access.
PC financial no longer exists and Simplii does not have any branch to visit.
Deal Expert
User avatar
Dec 19, 2001
29451 posts
1080 upvotes
Fernando Po
Problem with Simplii is if you have over $100k in CIBC as you won't be fully CDIC insured with deposits over that amount if you put additional money into Simplii (in more clear terms, they're treated by CDIC is one bank not two). OTOH, Tangerine is independent of Scotiabank as far as CDIC is concerned but I'd advise anyone to stay away from both if you want to keep your sanity.

Good question though, I'm also looking for a bank outside of the big five to make deposits. No luck so far.
"On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron.” -HL Mencken
Moderator
User avatar
May 8, 2009
5554 posts
1981 upvotes
45.420833°N, 75.69°W
hagbard wrote:
Feb 8th, 2018 9:01 am
Problem with Simplii is if you have over $100k in CIBC as you won't be fully CDIC insured with deposits over that amount if you put additional money into Simplii (in more clear terms, they're treated by CDIC is one bank not two). OTOH, Tangerine is independent of Scotiabank as far as CDIC is concerned but I'd advise anyone to stay away from both if you want to keep your sanity.

Good question though, I'm also looking for a bank outside of the big five to make deposits. No luck so far.
Why not Tangerine? They're offering promo 2.5% interest now until June. After that, transfer to Simplii or EQ, depending on the promo.

Worthy mention...I think this is a good thread to discuss the convenience of linking external accounts for quick transfers (not as quick as e-transfer, but no silly $3k transfer limit). Worth comparing the big five, their subs and credit unions. Here's my list so far:
  1. Simplii: tricky to setup, but most convenient in the long run. Must email or snail mail them their form along with a document from the other bank, also stamped by the other bank. No limit on how many accounts you can link
  2. Tangerine: ridiculously easy to link accounts. Can link only up to three, unfortunately. Give them the account info of your external account, they'll deposit a few cents into that account, you confirm the deposit details, and you're good to go
  3. TD: can't link external accounts, meaning e-transfer only. Only option is to link TD account as an external account with the other bank, then pull from there

Worthy mention. I heard that linking accounts with EQ is easy...don't know the fine print yet since I haven't tried it. My guess is that the big five just assume that they're all that and that you won't bank elsewhere, or maybe it's just TD that's obnoxious. Reason for banking with TD is I took their Visa Infinite cashback card (did the math, will give me max cashback among the cards I qualify for because of 3% on PAP), then I took a HISA with them (which is a joke...0.5% interest), unlimited transfers in, one free transfer out per month. Keeping it for the odd time I need to cover my credit card payment close to the due date. Can e-transfer to TD HISA, then transfer to Visa same day. Making bill payment to TD visa from elsewhere can take a week for TD to receive the money.
eBay profile| Motorola phone. Linux on 2xcomputers. Brew beer & wine @home.
DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread
Deal Fanatic
User avatar
Apr 11, 2008
5262 posts
428 upvotes
Altera wrote:
Feb 8th, 2018 8:49 am
PC financial no longer exists and Simplii does not have any branch to visit.
Oh, I didn't know that. I thought Simplii would just use those old kiosks. That sucks.
Deal Expert
User avatar
Dec 19, 2001
29451 posts
1080 upvotes
Fernando Po
titaniumtux wrote:
Feb 8th, 2018 9:36 am
Why not Tangerine? They're offering promo 2.5% interest now until June. After that, transfer to Simplii or EQ, depending on the promo.
1. I was charged a $10 inactive fee on my chequing account which I only had for the purpose of moving money between that account and my savings. They refused to remove the charge.
2. It's part of Scotiabank which I now have little trust in (check my other post or just read comments in this forum from others on how bad they are).

Anyone have experience with Manulife Bank? Where I live, a rep of that bank is literally across the street from Scotiabank.
"On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron.” -HL Mencken
Moderator
User avatar
May 8, 2009
5554 posts
1981 upvotes
45.420833°N, 75.69°W
hagbard wrote:
Feb 8th, 2018 9:50 am
1. I was charged a $10 inactive fee on my chequing account which I only had for the purpose of moving money between that account and my savings. They refused to remove the charge.
2. It's part of Scotiabank which I now have little trust in (check my other post or just read comments in this forum from others on how bad they are).

Anyone have experience with Manulife Bank? Where I live, a rep of that bank is literally across the street from Scotiabank.
+1

Had no idea about the inactivity fee. Do they charge it to HISA's as well, or only chq accounts?

I agree, wouldn't touch Scotia even with an ugly stick, but their sub Tangerine seems to be OK. No uLOC's though, but the overall self-serve experience seems to be OK, plus the benefit of extremely easy external account linking is a nice feat.
eBay profile| Motorola phone. Linux on 2xcomputers. Brew beer & wine @home.
DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread
Member
Jan 5, 2018
207 posts
97 upvotes
titaniumtux wrote:
Feb 8th, 2018 9:36 am
Worthy mention...I think this is a good thread to discuss the convenience of linking external accounts for quick transfers (not as quick as e-transfer, but no silly $3k transfer limit). Worth comparing the big five, their subs and credit unions. Here's my list so far:
  1. Simplii: tricky to setup, but most convenient in the long run. Must email or snail mail them their form along with a document from the other bank, also stamped by the other bank. No limit on how many accounts you can link
  2. Tangerine: ridiculously easy to link accounts. Can link only up to three, unfortunately. Give them the account info of your external account, they'll deposit a few cents into that account, you confirm the deposit details, and you're good to go
  3. TD: can't link external accounts, meaning e-transfer only. Only option is to link TD account as an external account with the other bank, then pull from there
+1

Very useful, especially if you have accounts with multiple big 5 banks, you can use Tangerine to shuttle money between them!
hagbard wrote:
Feb 8th, 2018 9:50 am
1. I was charged a $10 inactive fee on my chequing account which I only had for the purpose of moving money between that account and my savings. They refused to remove the charge.
This isn't really unique though. A lot of bank accounts/credit cards will charge inactivity fee after 1 year. Instead of figuring out which ones do/don't and monitoring any changes in their policy, I just make sure to have some activity in all accounts once in a while.
Member
Jun 17, 2009
485 posts
26 upvotes
Vancouver
If in BC, Coast Capital Savings. Free chequing account, they have branches but not many around. You can withdraw money from any exchange network like credit unions or HSBC.
Personal Finance Blog
http://penniesatplay.blogspot.ca
Moderator
User avatar
May 8, 2009
5554 posts
1981 upvotes
45.420833°N, 75.69°W
fred125 wrote:
Feb 8th, 2018 11:57 am
...

This isn't really unique though. A lot of bank accounts/credit cards will charge inactivity fee after 1 year. Instead of figuring out which ones do/don't and monitoring any changes in their policy, I just make sure to have some activity in all accounts once in a while.
Found their PDF listing all their fees over at the orange fruit.

$10 inactivity fee on chq account only. $40 inactivity fee on 10 yrs no activity on chq or "non registered savings" account.
eBay profile| Motorola phone. Linux on 2xcomputers. Brew beer & wine @home.
DUCA thread | Simplii Account Linking | Make CCTS Claim | Max on Koodo Referrals Thread
Deal Addict
User avatar
Oct 13, 2008
2543 posts
494 upvotes
Oshawa
zcypher wrote:
Feb 8th, 2018 5:27 am
I haven't seen a thread that focuses exclusively on the offerings of the "other" banks, please lock this down if I've overlooked it. "Other" of course being, those that aren't of the "big 5" variety - ie, RBC, TD, Scotiabank, BMO, CIBC. National and Laurentian might also be in the same category?

Open to suggestion on how to define the category! To start off, I'd say most are likely to agree on the basics: no monthly fee and no minimum balance + a competitive interest rate.

There's no particular order, but the list I've gleaned from my reading so far is:

- Tangerine (formerly ING Direct, now owned by Scotiabank)
- Simplii (formerly President’s Choice Financial, now owned by CIBC)
- EQ Bank
- Alterna Bank
- Meridian Credit Union
- Hubert Financial
- Oaken Financial
- Wealth One
- Achieva

If this is incorrect or incomplete, please comment! There are probably one or two that I read about and already forgot, so hopefully someone will point out any oversight. If this doesn't end up being locked down, then I will endeavor to update and expand the thread as I am corrected / enlightened. :-)
This is a FULL LIST of the BANKS (Financial Institutions) in Canada ... listing the different tiers: List of Banks and Credit Unions in Canada

This answers your question about the "other" banks with Classification outside of the BIG 5.
Stress is caused by NOT fishing enough.
JDM ONLY! No North American CRAP!
Megabass, Imakatsu, Jackall, GanCraft, OSP, EverGreen, YGK, Toray, Sunline, Nories, Shimano, Daiwa RULES!
EVA Air Rocks ... Air Canada SUCKS!
[OP]
Member
Jan 4, 2017
250 posts
94 upvotes
titaniumtux wrote:
Feb 8th, 2018 6:46 am
Great list so far. Perhaps add Desjardins. Aside the big five, you're pretty much looking at credit unions plus the subsidiaries of the big five.

Looks like a lot of RFDers are on the Simplii/Tangerine/EQ bandwagon. I haven't signed up with EQ yet, but planning to if they run a good promo and happen to outrun both Simplii and Tangerine.
I figure most here have at least one account with Simplii/Tangerine/EQ. I just started my first Simplii account and I haven't been overly impressed so far. Applied online, application said I'd receive an email confirmation (I didn't), a week+ later I get a letter with a PIN and nothing else, followed by another letter a few days later saying I have to sign the "signature card" and snail mail it back. I called, the rep that answered confirmed that I must absolutely sign and return the "signature card" and can't do anything until then. Wow, what a process in this day 'n age lol. Took me 30 seconds to open a BMO account online in comparison without any of the rest of the nonsense.

I don't mind adding any credit unions to the list too if the offerings are good, why not? Does Dejsardins have anything more attractive than the "big 5" though? I always thought they were pretty similar.

Archanfel wrote:
Feb 8th, 2018 8:33 am
Which of these banks have branches (I think PC financial does, but not sure whether it can do anything other than opening account)? I think it's important for some people to have physical access.
Excellent question and one I don't have the best answer for (yet) but can continue updating. I believe most of the "discount" institutions like Tangerine have a big 5 behind them and allow access to their ATMs, but this doesn't give you "branch" service. Edit - have added whether each has branch access

pchi wrote:
Feb 8th, 2018 12:06 pm
If in BC, Coast Capital Savings. Free chequing account, they have branches but not many around. You can withdraw money from any exchange network like credit unions or HSBC.
Never heard of them, thanks! They have a 4% promo going on right now: https://www.coastcapitalsavings.com/Cam ... onvertible
Edit - they also have a sweet $200 signup bonus promo for checking - https://www.coastcapitalsavings.com/Pro ... uingPromo/

AV-Fishing wrote:
Feb 13th, 2018 10:14 pm
This is a FULL LIST of the BANKS (Financial Institutions) in Canada ... listing the different tiers: List of Banks and Credit Unions in Canada

This answers your question about the "other" banks with Classification outside of the BIG 5.
Thanks for the wiki page. Hopefully, this thread can become something more useful and informative than that! :)
Last edited by zcypher on Feb 15th, 2018 5:11 am, edited 3 times in total.
Member
Jan 5, 2018
207 posts
97 upvotes
zcypher wrote:
Feb 15th, 2018 5:03 am
Excellent question and one I don't have the best answer for (yet) but can continue updating. I believe most of the "discount" institutions like Tangerine have a big 5 behind them and allow access to their ATMs, but this doesn't give you "branch" service.
I don't know about having access to their partnered big 5 branches, but I know that Tangerine itself has branches, or cafes as they call them, in some major cities: Toronto, Montreal, Vancouver, and Calgary.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)