Personal Finance

Free unlimited bank account for new customers only - Account no more

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Feb 19, 2014
3352 posts
2339 upvotes
Langley
minimalist wrote:
Or, disregarding the travel medical insurance you could go with Rogers Platinum , Fido Mastercard or Amex Simply Cash:

Rogers Platinum: $18,000 x 1.75% = $315 cashback - $29 fee (free if PAD for Rogers set up) = $286 net cashback
Rogers Fido: $18,000 x 1.5% (no annual fee) = $270 in cashback
Amex Simply Cash: $18,000 x 1.25% (no annual fee) = $225 in cashback
Hmm. I'll need to look into the Rogers card. I don't have any Rogers products, so I think that disqualifies me from the card? I'll have to look more into it.

I have an AMEX already, so I need either a Visa or MC as a lot of places I go to do not take AMEX.

Thanks for the reply though. I'll have to look more into the Rogers card.
goozy1 wrote: I don't understand the downvotes either. Look I get it. I used to have a PC financial account too when I was in school and my banking was less complicated (I still have the account open). But I had to eventually switch to RBC because there are times I need a "real" bank to get things done. Things like last minute cheque cashing, bank drafts, depositing USD cheques , withdrawing large sums of cash, foreign exchanges (when I have no time to go to a currency exchange), getting coins, and other things I can't recall right now. On average I usually go to the teller like 1-2 a month for things that PC financial would never allow me to do.

Right now I pay $10.95 to RBC which seems like a waste. Just the other day I was looking for a free banking account from a major bank and I couldn't find anything. This offer seems like exactly what I needed. I am a bit annoyed with the CC requirement but it's not the end of the world. I will probably switch over my accounts to this.
I don't think the BMO account will solve your problems. The BMO free unlimited account is an "Online" account only. So all the things that you are doing with RBC will not allow you to do it with BMO. The BMO account you get is essentially a PCF account.


rageguy wrote: I just want this deal for the free BMO World Elite (with Priority Pass), but I recently got the PC Financials World Elite last month and don't want to change so soon. And there are horror stories about bmorewards having bad pricing. :/

I don't know about the horror stories, but I've had the BMO WE card for almost three years now. The airline pricing has always been the same and you can redeem rewards for it easily. They recently changed their hotel booking system and I have found the prices are exactly the same as Expedia. I recently booked all my Europe hotels with BMO Rewards and didn't have an issue when compared to Expedia.

My parents went to Portland and booked their hotels with BMO Rewards and the pricing was the same as Expedia. So far, for my family and I, it hasn't been an issue at all.
Deal Addict
Nov 13, 2013
4523 posts
3686 upvotes
Ottawa
goozy1 wrote: I don't understand the downvotes either. Look I get it. I used to have a PC financial account too when I was in school and my banking was less complicated (I still have the account open). But I had to eventually switch to RBC because there are times I need a "real" bank to get things done. Things like last minute cheque cashing, bank drafts, depositing USD cheques , withdrawing large sums of cash, foreign exchanges (when I have no time to go to a currency exchange), getting coins, and other things I can't recall right now. On average I usually go to the teller like 1-2 a month for things that PC financial would never allow me to do.

Right now I pay $10.95 to RBC which seems like a waste. Just the other day I was looking for a free banking account from a major bank and I couldn't find anything. This offer seems like exactly what I needed. I am a bit annoyed with the CC requirement but it's not the end of the world. I will probably switch over my accounts to this.
These are some good points. For me these are 1-2 times a year so not worth switching.
If you switch you might as well switch all your accounts over otherwise you will have even more hassle. You want to have you pay deposited in this account or its really a lot of effort. The credit card purchase part and generally laziness keeps me from signing up but overall better offer than a a free Ipad that requires 25 a month in account fees unless you don't value your time enough and are happy to switch accounts again in a year.
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Feb 12, 2009
1129 posts
290 upvotes
Vaughan
goozy1 wrote: I don't understand the downvotes either. Look I get it. I used to have a PC financial account too when I was in school and my banking was less complicated (I still have the account open). But I had to eventually switch to RBC because there are times I need a "real" bank to get things done. Things like last minute cheque cashing, bank drafts, depositing USD cheques , withdrawing large sums of cash, foreign exchanges (when I have no time to go to a currency exchange), getting coins, and other things I can't recall right now. On average I usually go to the teller like 1-2 a month for things that PC financial would never allow me to do.

Right now I pay $10.95 to RBC which seems like a waste. Just the other day I was looking for a free banking account from a major bank and I couldn't find anything. This offer seems like exactly what I needed. I am a bit annoyed with the CC requirement but it's not the end of the world. I will probably switch over my accounts to this.
Just get the lowest TD account and keep 2K in chequing account. You will get enough transactions.
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Apr 24, 2017
7313 posts
6264 upvotes
@jellytime Rogers MC gives you 1.75% cash back with no annual fee if you PAP Rogers/Fido/Chatr bill. If you don't have any Rogers service, you can get statement credit once per year, and $29 annual fee.
🤑 Amex Cobalt | MBNA RWE | Rogers MC
⛱️ Amex Platinum | Amex Bonvoy Brilliant
Deal Guru
Jul 19, 2012
14763 posts
4912 upvotes
Montreal
aviator_13 wrote: Myriad requirements and stipulations?
yes, there are 3 main requirements, but within those extremely broad statements there are a multitude of sub-requirements and limitations.

for example: 3. Strict online banking only, include a LOT of unstated things you cannot do and need to be fully aware of.
Deal Guru
Jul 19, 2012
14763 posts
4912 upvotes
Montreal
goozy1 wrote: Right now I pay $10.95 to RBC which seems like a waste. Just the other day I was looking for a free banking account from a major bank and I couldn't find anything.
it's called COLLUSION.
Deal Guru
Jul 19, 2012
14763 posts
4912 upvotes
Montreal
jellytime wrote: I don't think the BMO account will solve your problems. The BMO free unlimited account is an "Online" account only. So all the things that you are doing with RBC will not allow you to do it with BMO. The BMO account you get is essentially a PCF account.
exactly, he blithers on about the superior options you get with a *real* bank account, yet this is as far from a real bank account as you can get.
Deal Addict
Aug 7, 2011
1942 posts
3072 upvotes
VANCOUVER
jellytime wrote: I don't think the BMO account will solve your problems. The BMO free unlimited account is an "Online" account only. So all the things that you are doing with RBC will not allow you to do it with BMO. The BMO account you get is essentially a PCF account.
Yes I am aware of that. I do 99% of my banking online but I like having the option for the odd time I need something that can only be done through a teller. I don't mind paying the $2.50 fee in those occasions. Also note: it says you only need to pay that fee if it's something that can't be done online or through the ATM. Some of the things I listed are probably covered under that exception.

rsxmachine wrote: Just get the lowest TD account and keep 2K in chequing account. You will get enough transactions.
I looked into TD because I used to bank with Canada Trust way back before they merged with TD. Their cheapest account is $10.95/month and you need a minimum of $3K to waive the fee. I don't keep a balance in my chequing account so that wouldn't be any good to me. The reason why the BMO offer is so inciting is that you can just deposit your paychecks into your account as most people normally already do, then spend it how you like. All the other banks require you to keep that money essentially frozen away where it's not earning interest and there is a penalty if you use it
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Dec 10, 2006
1096 posts
670 upvotes
Vancouver
Well, I bit the deal. Applied and approved instantly. Now to switch all the direct deposits and pre-authorized payments out of TD.
Newbie
Mar 7, 2017
1 posts
thank you for the post. I was just about to ask if we do not maintain depositing 1500 a month what happens. Awesome!
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Aug 25, 2009
2349 posts
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JackWhyte wrote: yes, there are 3 main requirements, but within those extremely broad statements there are a multitude of sub-requirements and limitations.

for example: 3. Strict online banking only, include a LOT of unstated things you cannot do and need to be fully aware of.
I don't quite follow

1) Deposit at least $1500 a month .... can't seem to find a sub-requirement
2) Make at least one purchase on the BMO credit card ... also can't seem to find a sub-requirement
3) Online banking only ... aka basically equivalent to PCF/Tangerine/other no frills options
4) Keep a savings account open with them ... don't see a sub-requirement

In exchange for the above you get unlimited transactions, free e-transfers, a waived annual fee on one of the best credit card offerings in Canada.
Seems worth it IMO but everyone's situation is different.

Then again we are on RFD where people will jump through way more hoops than the above for a ~ $100 statement credit.
Deal Guru
Jul 19, 2012
14763 posts
4912 upvotes
Montreal
aviator_13 wrote: 3) Online banking only ... aka basically equivalent to PCF/Tangerine/other no frills options
:lol: :lol: Hardly, especially as PCF/Tangerine do not have physical bank branches (thus limiting the potential offline services to about nil right off the bat), let alone a cross-Canada network like BMO with more potential on-site services than I care to list here.
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Aug 25, 2009
2349 posts
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JackWhyte wrote: :lol: :lol: Hardly, especially as PCF/Tangerine do not have physical bank branches (thus limiting the potential offline services to about nil right off the bat), let alone a cross-Canada network like BMO with more potential on-site services than I care to list here.
...

Thereby making this offer even better?
Deal Guru
Jul 19, 2012
14763 posts
4912 upvotes
Montreal
aviator_13 wrote: Thereby making this offer even better
Yes, potentially, but also a lot more confusing.

Personally, I don't like to save money when the company in question can slap you with a big tomato surprise each month, like a cheap cell phone plan they artificially jack up with spurious/fraudulent charges - not worth it to me just based on potential stress and time wasted getting refunds, etc.
Deal Addict
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Dec 17, 2008
2781 posts
2300 upvotes
Winnipeg
I had the BMO Club Sobeys Account back in 2012 but closed it because they wanted $2 for paper statements and they had no online statements that you could download at that time. Now in 2017 I noticed they finally have online PDF statements so that is a plus.

This deal sounds interesting but the only thing I would want is the free premium credit card so I probably won't take this deal, but I will be forwarding this deal onto friends and family I know. Thanks OP.
*Do you like someone's idea, post, or response? Why not consider giving them "thanks" and clicking the thumbs up to give them the credit they deserve.*
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Dec 16, 2005
6905 posts
5592 upvotes
rageguy wrote: Well, I bit the deal. Applied and approved instantly. Now to switch all the direct deposits and pre-authorized payments out of TD.
Do you get the $200 sign up bonus for BMO travel WE card?
Deal Fanatic
Mar 12, 2010
6112 posts
660 upvotes
SW Ontario
aviator_13 wrote: I don't quite follow

1) Deposit at least $1500 a month .... can't seem to find a sub-requirement
2) Make at least one purchase on the BMO credit card ... also can't seem to find a sub-requirement
3) Online banking only ... aka basically equivalent to PCF/Tangerine/other no frills options
4) Keep a savings account open with them ... don't see a sub-requirement

In exchange for the above you get unlimited transactions, free e-transfers, a waived annual fee on one of the best credit card offerings in Canada.
Seems worth it IMO but everyone's situation is different.

Then again we are on RFD where people will jump through way more hoops than the above for a ~ $100 statement credit.
exactly. Only there is another perk, it's actually not 'ONLINE ONLY'. You can use the tellers for things you can't do online or at the ATM. They just expect you to use their ATM or online first, and teller only if it's the only option. If it's a teller only thing, then you shouldn't even be charged the $2.50.

We were going to switch to BMO this week, so hoping to get on this offer. At TD I find I do use the tellers sometimes for deposits etc, but really only because the ATM is lined up, or their money counter in the ATM rejects a bill or something.

Anyone know if this plan qualifies under the BMO 'plan share' program? where you can add up to 20 additional accounts without any extra fee for budgeting etc.
Deal Addict
Jan 6, 2007
2735 posts
78 upvotes
jhinkarlo wrote: 1. Must deposit at least $1500 every month... not very enticing.
It's just a deposit...you can transfer it elsewhere thereafter, no?
Member
Nov 9, 2015
354 posts
104 upvotes
Toronto, ON
mech9t5 wrote: Do you get the $200 sign up bonus for BMO travel WE card?
Just went through an entire T &C and found this

"This Offer cannot be combined with any other offers or promotions. This Offer may be changed, withdrawn, or extended at anytime without notice. "

So... I guess you wouldn't be eligible if for Cashback WE promo of 4% on ALL spending during first 4 months(capped at $250, so $6,250 total spending)

Reading from conditions on BMO WE.

"The 20,000 BMO Rewards welcome bonus points offer is limited to new BMO World Elite MasterCard accounts. Applications must be received between December 1, 2016 and May 31, 2017 (“Offer Period”) to be eligible for this offer."

So, are we SOL for the bonus or am I misinterpreting? Fee waiver with minimum effort is still attractive, but not getting $200 bonus is a game changer.

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