Personal Finance

Free bank account

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  • Feb 28th, 2013 10:21 pm
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Deal Addict
Nov 28, 2008
1352 posts
97 upvotes

Free bank account

Looking for a bank that offers no-fee account. it's for a new permanent resident.
28 replies
Deal Fanatic
Mar 24, 2008
6278 posts
2753 upvotes
Toronto
I strongly urge you to choose a bank that has physical branches as it will help smooth out the transition in case they need a full service teller. If the newcomers are really savvy with technology, they can pick one of the above options or go with Sobeys BMO account:

http://www.bmo.com/home/promo/sobeys/on ... sc=6117047
Deal Addict
User avatar
Dec 8, 2010
2564 posts
992 upvotes
Happy with PC here, though we do have an RBC account as well. There are reps at various Loblaws, Superstores etc so you can do most things you could at a teller, too. And you can use all CIBC ATMs.

And at the moment they are giving 2% interest on current account balances...

Oh, one alternative would be an RBC day-to-day chequing account, which allows 10 transactions a month, but you must also have 2 other products with them - eg credit card, savings, TFSA, mortgage, etc.
Deal Fanatic
User avatar
Dec 10, 2008
5211 posts
2024 upvotes
Just go with PC.
10 years with them, never had a problem. Never had any need to actually go to a teller.
Let's hug it out
Deal Guru
User avatar
Nov 5, 2001
11979 posts
3170 upvotes
Edmonton
PC Financial would be my choice over all other free accounts.

Why?

Free unlimited checking, transactions, transfers and interac/debit transactions.
Unlimited number of accounts allowed.
No minimum balance to maintain the above features.
Better interest rates than any of the big 5 banks and many of the smaller ones.
Promo interest rates that are even higher at times of the year.
Free debit cards with unlimited transactions at any PCF or CIBC ATM in Canada.


No other bank has comparable features for free with no minimum balance and Canada wide ATM network coverage.
Deal Fanatic
User avatar
Jan 31, 2006
8541 posts
2655 upvotes
Toronto
As a newcomer it will be better that you have a bank account that you can deal face to face with. Open a PC Financial/ING just for the day to day unlimited transaction as well as free cheque. Since if you have need big amount of cash those ABM will not allow you to withdraw that much in one day compare to face to face with a teller.
Deal Addict
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Dec 8, 2010
2564 posts
992 upvotes
cgtlky wrote: Since if you have need big amount of cash those ABM will not allow you to withdraw that much in one day compare to face to face with a teller.
What is this "cash" of which you speak? Why would I have need of it?
Sr. Member
May 11, 2009
706 posts
280 upvotes
ksgill wrote: I strongly urge you to choose a bank that has physical branches as it will help smooth out the transition in case they need a full service teller. If the newcomers are really savvy with technology, they can pick one of the above options or go with Sobeys BMO account:

http://www.bmo.com/home/promo/sobeys/on ... sc=6117047
Can anyone else comment more on the BMO Club Sobeys account? Any downsides?
Deal Guru
User avatar
Apr 17, 2005
11038 posts
1546 upvotes
Brampton
Ohmare_Q wrote: Can anyone else comment more on the BMO Club Sobeys account? Any downsides?
We have this acct. for over a year now and couldn't be happier with the service! It has unlimited transactions same as PC and if you do need to go into the branch, you only pay if you withdraw $ from teller otherwise all teller deposits are free at the branch. Also no minimum balance to keep and first set of 25 cheques are free. You also get one time bonus Sobeys points or AirMiles.

You have nothing to lose so check it out!
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Member
Aug 26, 2008
483 posts
64 upvotes
Vancouver
blainehamilton wrote: No other bank has comparable features for free with no minimum balance and Canada wide ATM network coverage.
Coast Capital Savings & Envision Financial in GVR area say hi, and have physical branches. Not sure about other parts of Canada but is a fee-free branched bank really that much of a rarity?

And many other no-branch banks have much better interest rates. If OP can find a good fee-free branched institution then I'd say a combination of fee-free branch + no-branch institution with superior rates beats just a PC Financial account. Plus PC Financial's service is questionable (based on my personal experience).
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Deal Addict
Nov 15, 2010
1993 posts
364 upvotes
Winterpeg
happy with pc financial
i already have cash back of $1000
deposit hold for more than 1,000
Deal Addict
Nov 28, 2008
1352 posts
97 upvotes
With these online accounts, how to deposit cash?
Jr. Member
Sep 16, 2008
127 posts
5 upvotes
GTA
+1 for PC - been with them for 10+ years
mtl514 wrote: With these online accounts, how to deposit cash?
They have physical bank machines. ie: PC uses the CIBC network, so any CIBC bank machine is also a PC bank machine. Not to mention they also have machines in most Superstores, Sobeys
Deal Addict
Nov 28, 2008
1352 posts
97 upvotes
Is it just me or PC is not available in Quebec?
Sr. Member
Aug 25, 2012
947 posts
111 upvotes
Toronto
patrob wrote: We have this acct. for over a year now and couldn't be happier with the service! It has unlimited transactions same as PC and if you do need to go into the branch, you only pay if you withdraw $ from teller otherwise all teller deposits are free at the branch. Also no minimum balance to keep and first set of 25 cheques are free. You also get one time bonus Sobeys points or AirMiles.

You have nothing to lose so check it out!
I'm looking to replace my TD chequing account with another "brick-and-mortar" bank chequing account. Would this work?
Most online accounts require you to be linked with one of the big banks for them to work.
Deal Guru
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Apr 17, 2005
11038 posts
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Brampton
vuhoang123 wrote: I'm looking to replace my TD chequing account with another "brick-and-mortar" bank chequing account. Would this work?
Most online accounts require you to be linked with one of the big banks for them to work.
That's who we have been with for a very long time before we switched to BMO Sobeys acct.
So it will work great for you and you have the brick and mortar bank :-)
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