Personal Finance

How many banks do you bank with?

  • Last Updated:
  • Mar 24th, 2013 10:52 pm
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Deal Addict
Feb 9, 2013
1912 posts
1314 upvotes
Mississauga

How many banks do you bank with?

Just wanted to do a survey on how many banks people bank with, and which banks.
I'm banking with TD and CIBC, but find that having cash in two places makes it hard to manage my financials.
I am thinking of consolidating all my money into one bank so that I can keep an eye on my entire portfolio.

Is that a good idea? What are the pros and cons of consolidating to one bank vs. having multiple banks? If multiple banks, how do you keep track/keep an eye on your money?
20 replies
Deal Expert
User avatar
Jul 5, 2004
27438 posts
6807 upvotes
I have chequing accounts with both TD and CIBC. I have a LOC with CIBC. I have CC's with CIBC and MBNA.
Deal Addict
Dec 31, 2009
1568 posts
154 upvotes
Banking as in chequing/savings accounts? I just use TD for that. I do have savings accounts at Ally and ING, but I don't keep much in them. I find them more of a hassle than they're worth.

As far as credit cards are concerned; I have one from pretty much every issuer in the country with the exception of some of the larger credit unions that are scattered about.
Deal Expert
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Aug 18, 2005
21223 posts
5939 upvotes
Burlington-Hamilton
I use 4 different banks and 1 Credit Union.
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Deal Addict
User avatar
Dec 5, 2008
1432 posts
114 upvotes
RBC for daily banking, TFSA, RRSP. ScotiaBank (emergency savings fund). RBC Visa, PC MasterCard, and MBNA MasterCard. With online banking it's easy to manage your money with 2 institutions of course it all depends on your preference and convenience as well.
Deal Addict
User avatar
Oct 5, 2003
3922 posts
305 upvotes
CIBC and TD. Savings, chequing and Visa with CIBC and investments with TD Waterhouse. Thinking on moving everything to TD. I've been with CIBC forever but moved my investment to TD a couple years back as they have a better offering than CIBC. Kind of a pain to have 2 banks.
Deal Addict
Jan 9, 2011
2207 posts
692 upvotes
Toronto
TD, CIBC and ING here.
Moderator
May 28, 2012
12484 posts
5278 upvotes
Saskatoon
Just one, RBC. I had RRSP's with two institutions, RBC and PH&N (Phillips, Hager & North), but RBC bought them a few years back...so I guess the investments are with one bank too.

My father in law always had accounts at multiple banks, but then, he lived during a time when banks went out of business, and your money went with it.
Deal Addict
Sep 24, 2007
2643 posts
172 upvotes
I use 2. I use TD for my savings and LOC. I have PC Financial for my day to day use. My credit card is with MBNA, TD.

You can use software or just check your online balances every day. I usually only keep money in one and transfer money to the other to keep.

The pros of having one bank is that you keep your money in one basket and easier to see what you have. It might be also easier to get products offered to you or ask for products due to the amount you have in there and the activity.

The con is that one bank might not offer all you want or give all you want. Your bank might not offer you a LOC but bank B will.
Deal Addict
Apr 13, 2006
1136 posts
322 upvotes
Mississauga
RBC and CIBC for regular banking activities.

I have $21 in savings accounts that allow 1 transaction per month at BMO, ING, and BNS though in case I don't have cash and need a non-CIBC/RBC machine.

I also personally suggest keeping relationships with 2 banks. Its great to have everything in one place, but you're better off keeping a few things apart.
Deal Guru
User avatar
Dec 25, 2003
11091 posts
3503 upvotes
Vancouver
Coast Capital CU & TD are the main ones but I have old/low activity/low balance accounts at Scotia, PCF, CTFS, ING, Banner Bank, and Envision Financial. I go where the deal is. Bank loyalty is for the lazy and/or ignorant.
Deal Addict
User avatar
Oct 4, 2004
4349 posts
1588 upvotes
Vancouver
CIBC - LOC & Chequings (I have and leave $5 in here- it's pretty useless and will remove it after I need to start paying for it..)
ING - Daily banking and TFSA and savings account (kind of redundant so this never really gets used especially since interest rates are so low)
Credit cards with different banks (none that are CIBC)..

As you can see, I manage everything online and that's why I switched to ING.. ease-of-use, good customer service and bill payments solve the rest!
Removed external link in signature.
Member
Aug 26, 2008
483 posts
64 upvotes
Vancouver
Currently 10 Canadian institutions - 4 physical institutions (2 credit unions, 2 big banks), 3 not-so-physical (deposit-only or limited service locations), 3 virtual/out-of-province

Soon to be 9 with Ally closing. But possibly up to 11 soon since I am in the process of open a new account at two new institutions (1 virtual/out-of-province and 1 big bank).

Currently 2 US institutions with both having physical branches.
Buying: Your US Shares (directly held with transfer agent)
Deal Fanatic
Mar 24, 2008
6278 posts
2753 upvotes
Toronto
Only RBC, I don't see the point in complicating banking. It is very convenient to track everything you have in one place.
Deal Fanatic
User avatar
Jun 11, 2001
9475 posts
1610 upvotes
Mostly 80% with BMO and the some other stuff with Scotia and TD. Bad service with CIBC so we cut them off years back.
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Jr. Member
Oct 11, 2010
124 posts
46 upvotes
HSBC for joint, day to day/automated accounts + spouse's personal and investing accounts. TD for my personal and investing + RESPs, and for anything that's easier done through a branch visit.
Jr. Member
Sep 10, 2010
154 posts
27 upvotes
BMO and ING. In about a year, I've gone from 100% BMO to 95% ING.
Sr. Member
User avatar
Feb 13, 2009
553 posts
156 upvotes
Montreal
RBC: my first bank account; now just keeping it there.
HSBC: was forced to open accounts with them when i worked there.
ING: daily account.

Peoples Trust: savings and TFSA.
Accelerate Financial:savings.

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