Personal Finance

How many Financial Institutes are you with?

  • Last Updated:
  • May 23rd, 2015 8:30 am
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Member
Mar 14, 2015
242 posts
25 upvotes
Winnipeg, MB

How many Financial Institutes are you with?

Mainly in regards to Everyday banking, Savings and Investments, not necessarily Credit Cards.

I recently switched over to Tangerine for my everyday banking and plan to use them for the most part including Investing for my TFSA and the small amount of RRSP room I have after my pension.
But once those are filled out, I don't want to be investing all of my money so I can have decent liquidity and less risk on it, however their High Interest Savings are a measly 1.05% whereas I can get at least 1.85% if I put my basic savings at a local Credit Union.

Do most people utilize multiple banks like this? Do you find it makes processing transactions and getting your money more difficult?
13 replies
Sr. Member
Aug 14, 2013
548 posts
51 upvotes
Montreal, QC
I use multi FI.
CU gives 1.85% easily, while banks give promotion rate as high as 2.5%.
Sr. Member
Mar 3, 2015
699 posts
95 upvotes
Scarborough, ON
PC free chequing acc + saving
Tangerine free chequing acc + saving
BMO Sobeys free chequing acc + saving
Scotiabank - 3 credits cards
Deal Addict
User avatar
Sep 1, 2013
1420 posts
323 upvotes
New Tecumseth, ON
Savings account with Achieva, chequing/credit card/line of credit/brokerage account with TD.
Deal Addict
Jan 2, 2015
1633 posts
639 upvotes
Toronto, ON
PC for most, Questrade for a bit, might get something with Meridian Credit Union too. The product is important; having all things with one company does make things more convenient though.
Deal Addict
Oct 12, 2006
1451 posts
302 upvotes
Markham
TD - chequing and savings account, RRSPs, mortgage, visa
HSBC Premier - chequing and savings accounts, mastercard
CIBC - visa
Scotiabank - visa
PC - chequing and savings account
Tangerine - chequing and savings account
MBNA - mastercard
Zag - savings account (still setting up)
Deal Addict
Feb 11, 2009
1026 posts
294 upvotes
CIBC - Chequing, Savings, Brokerage, TFSA Brokerage account
Tangerine: Savings, Chequing, TFSA Savings, TFSA Mutual Fund
Sunlife - Group RRSP and DPSP through work. Also some non registered stuff
CTFS - Credit Card
Scotia Bank - mortgage
PCF - credit card

wow, I'm a bit of a ***** .
Deal Addict
Oct 12, 2006
1451 posts
302 upvotes
Markham
4seasonscentre wrote: CIBC - Chequing, Savings, Brokerage, TFSA Brokerage account
Tangerine: Savings, Chequing, TFSA Savings, TFSA Mutual Fund
Sunlife - Group RRSP and DPSP through work. Also some non registered stuff
CTFS - Credit Card
Scotia Bank - mortgage
PCF - credit card

wow, I'm a bit of a ***** .
+1

Respect!
Deal Guru
User avatar
Mar 1, 2004
12861 posts
1485 upvotes
Pickering
One. When I went to the CU with my current rates of my ULOC, they couldn't beat it. I guess because of my history with the bank, they are more free with their loans. The other two banks pissed me off.
Deal Addict
User avatar
Feb 25, 2014
2170 posts
341 upvotes
Mississauga
PCF-Chequing
Tang-Cheq & Sav
Implicity-Cheq/Savings
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
Sr. Member
Jan 5, 2015
615 posts
165 upvotes
Edmonton, AB
PC Financial - Chequing account
People's Trust - CDICed HISA - 1.6%
TD Waterhouse/Bank/MBNA - TFSA and non-registered / mortgage / credit card
ScotiaiTrade - RRSP
Deal Addict
Nov 14, 2010
1090 posts
354 upvotes
PCF: Free cheques (for rent), use for ATM, and HISA. Had this account the longest.
Tangerine: Pay gets deposited here, pay bills / transfer money from here. Also have HISA.
TD: e-series investments for TFSA, RRSP, non-reg, and Emergency pay per use "every day savings" if I need B&M banking.

Credit cards with: PCF, MBNA, and Scotia.

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