Personal Finance

Free chequing account with free e-transfer?

  • Last Updated:
  • Jan 9th, 2019 1:14 pm
[OP]
Jr. Member
Jul 24, 2017
183 posts
53 upvotes

Free chequing account with free e-transfer?

Hi!

I'm looking for a free (no monthly fee) chequing account with free e-transferts. Does it exists? Is there a bank offering this?

Thanks
35 replies
Sr. Member
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Sep 6, 2018
702 posts
590 upvotes
Nova Scotia
Simplii, Motive and Alterna offer unlimited interac e-transfers, EQ offers 5 free per month.

Tangerine is not free "Interac" transfer, they charge $1 for Interac and offer a free alternative that requires the recipient enter their chequing account, transit, and institution numbers and wait a day or two. Ewwies.

I'd recommend Simplii since they have a new customer promo right now, offer credit products, and give you free access to all CIBC ATMs.

I've been with them for years and have no complaints. I don't like keeping my savings in the same place as any credit products or payroll deposits so I don't mind that their standard savings interest rates are not competitive or that their promos are random because I don't use them!

If you're looking for a brick-and-mortar no-fee chequing account with Interac transfers, you should look into whatever local credit union options you have. Otherwise a no-fee account at a b&m is hard to come by. Some of the big banks will waive monthly fees if you keep a few thousand dollars sitting in the account, but terms & conditions vary and you should read all fine print to know exactly how to avoid fees.
Last edited by aweawea on Jan 7th, 2019 10:22 am, edited 9 times in total.
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Oct 24, 2016
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Tangerine! If you’re okay with branchless banking.
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Holystone wrote:
Jan 7th, 2019 10:00 am
Tangerine! If you’re okay with branchless banking.
Tang does not offer free (no-fee) e-transfers. No fee waiver option with minimum balance, either.

Many subsidiaries to consider. Simplii and Motive (both no-QC), and Alterna Bank, open to all provinces.
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[OP]
Jr. Member
Jul 24, 2017
183 posts
53 upvotes
Forgot to mention I'm in Quebec. Simplii doesn't work en QC. What about Motive and Alterna?

I have Tangerine account, but the delay + the pain in the a** for the receiver using branchless banking is not worth it in my opinion.

EDIT : Alterna works in QC, thanks titaniumtux
Deal Addict
Nov 8, 2017
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CIBC ULOC works like a chequing account
Free unlimited etransfers
Unlimited cheques, if you need them
Direct deposit

And a huge cheap overdraft if you need it

I get half my pay dumped into mine


Getting approved for a ULOC is one of the tougher credit products to get approved for though
Deal Addict
Nov 8, 2017
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titaniumtux wrote:
Jan 7th, 2019 10:13 am
Tang does not offer free (no-fee) e-transfers. No fee waiver option with minimum balance, either.

Many subsidiaries to consider. Simplii and Motive (both no-QC), and Alterna Bank, open to all provinces.
Man, Tangerine must be the last outfit still charging for etransfers

Guess you get what you pay for
Deal Addict
Dec 16, 2005
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User455957 wrote:
Jan 7th, 2019 11:48 am
CIBC ULOC works like a chequing account
Free unlimited etransfers
Unlimited cheques, if you need them
Direct deposit

And a huge cheap overdraft if you need it

I get half my pay dumped into mine

Getting approved for a ULOC is one of the tougher credit products to get approved for though
I don't know about cheap... I just did a ULOC at CIBC about 2 months ago for P+11.5!!!
Although they did approve me for $40k. I only took $10k because my intent was never to actually use the ULOC as a LOC but as a chqing account.

No need for the extra credit. Plus, Tang offered $30k @ P+1 and I have $5k at BMO for P+3
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Dec 16, 2005
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User455957 wrote:
Jan 7th, 2019 11:52 am
Man, Tangerine must be the last outfit still charging for etransfers

Guess you get what you pay for
I had PC financial when they first set up shop. Then when ING Direct set up shop, I switched there. The main reason was because it was instant transfer between chqing and savings vs PCF 1 business day delay (weekends sucked).

Now, I switched back because Simplii got rid of the delay AND offer unlimited e-transfer. If Tangerine had offered even 5 or 10 e-transfers free per month, I would never have switched back. Too much hassle. Now that I'm back at Simplii, even if tangerine offers free e-transfer it is too late. I won't go back unless they offer something MORE that I find useful otherwise it is not worth the hassle of changing all my direct debits.
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Dec 16, 2017
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mech9t5 wrote:
Jan 7th, 2019 2:51 pm
I had PC financial when they first set up shop. Then when ING Direct set up shop, I switched there. The main reason was because it was instant transfer between chqing and savings vs PCF 1 business day delay (weekends sucked).

Now, I switched back because Simplii got rid of the delay AND offer unlimited e-transfer. If Tangerine had offered even 5 or 10 e-transfers free per month, I would never have switched back. Too much hassle. Now that I'm back at Simplii, even if tangerine offers free e-transfer it is too late. I won't go back unless they offer something MORE that I find useful otherwise it is not worth the hassle of changing all my direct debits.
never harm to have both. different ATM network serves different purpose.
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mech9t5 wrote:
Jan 7th, 2019 2:47 pm
I don't know about cheap... I just did a ULOC at CIBC about 2 months ago for P+11.5!!!
Although they did approve me for $40k. I only took $10k because my intent was never to actually use the ULOC as a LOC but as a chqing account.

No need for the extra credit. Plus, Tang offered $30k @ P+1 and I have $5k at BMO for P+3
Yeah, that's high. Mines prime +4 and I thought mine was bad. It's only for 5k. I think I paid 40cents in interest last month going under abit
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Dec 16, 2005
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dekvitaly wrote:
Jan 7th, 2019 3:59 pm
never harm to have both. different ATM network serves different purpose.
I never closed the account. Just switched all my pads and moved all my money. Left $1 to bounce around to keep it active

Did the same with pc. Left a penny to go between chq and savings to keep it alive.
Sr. Member
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Jun 23, 2017
668 posts
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Toronto, ON
i get this with my Simplii Chequing Account and my CIBC Home Equity LOC .. and Tangerine Chequing with free EMT (kinda sorta like Interac e-Transfer but not. You can do Interac e-transfer from this account but there's a fee)

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