Personal Finance

No fee accounts with the banks

  • Last Updated:
  • Jul 16th, 2018 2:44 pm
[OP]
Newbie
Oct 29, 2017
91 posts
8 upvotes

No fee accounts with the banks

Has anyone ever managed to get a no fee account with one of the big banks (BMO, RBC, TD, BNS, CIBC) based upon your net worth, meaning they give you a no fee account but you don't have to jump through any hoops like having to keep a minimum balance in your account or having to have a certain number of financial products?

If so, would you be able to share which bank gave you the no fee account and what kind of net worth you had to have?

Thank you
33 replies
Deal Addict
Jan 21, 2014
2785 posts
742 upvotes
Or if you have PLOC, you can have TD AI account without any minimum balance requirement. You can also have a premium CC with no AF
Penalty Box
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Dec 13, 2016
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I don't understand this thread.

You mean, you go to a bank and say my net worth is $300,000 and they say sure, we believe you....here's a free chequing account??

What a question.
Newbie
Apr 14, 2006
57 posts
15 upvotes
St Johns
Yes. Scotia One and HSBC Premier (requires $100k on some type of business with them)
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May 7, 2017
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BiegeToyota wrote:
Jul 14th, 2018 8:19 am
I don't understand this thread.

You mean, you go to a bank and say my net worth is $300,000 and they say sure, we believe you....here's a free chequing account??

What a question.
It’s a fair question. With net worth, you’d be expected to bring certain amount of new business. Besides people with lower net worth won’t have as much cash flows as a high net worth individual so it benefits the bank to keep them. In the end it’s just an excuse to find HNw and sell them shitty products.

Unless the bank is getting your business it won’t give you any free benefits.

RBC multi product rebate is pretty much this at a smaller level or net worth.
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Dec 13, 2016
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tradinghumble wrote:
Jul 14th, 2018 10:08 am
Yes. Scotia One and HSBC Premier (requires $100k on some type of business with them)
This is not net worth....this is having assets invested with the bank. Quite a big difference. So, it is pretty much the same thing as required minimum balance which is probably even the worse deal than having petty 5k in TD checking account and having the freedom to invest the rest where ever you want.
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Mar 9, 2012
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Kitchener
If someone has high net worth, generally, you have enough money in the accounts not to be paying fees. I don't have high net worth, but apparently, I have enough in my two different accounts that I don't pay fees.
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BiegeToyota wrote:
Jul 14th, 2018 8:19 am
I don't understand this thread.

You mean, you go to a bank and say my net worth is $300,000 and they say sure, we believe you....here's a free chequing account??

What a question.
BiegeToyota wrote:
Jul 14th, 2018 10:44 am
This is not net worth....this is having assets invested with the bank. Quite a big difference. So, it is pretty much the same thing as required minimum balance which is probably even the worse deal than having petty 5k in TD checking account and having the freedom to invest the rest where ever you want.
+1*2

The investment portfolio will have a much higher minimum balance.

Big five hacks are:
  1. keep a basic savings account with each bank you wanna deal with
  2. get a uLOC and overpay to use as chq account
  3. weigh out if multi-product discounts are worthwhile for you, or just churn everything that moves
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Newbie
Apr 14, 2006
57 posts
15 upvotes
St Johns
BiegeToyota wrote:
Jul 14th, 2018 10:44 am
This is not net worth....this is having assets invested with the bank. Quite a big difference. So, it is pretty much the same thing as required minimum balance which is probably even the worse deal than having petty 5k in TD checking account and having the freedom to invest the rest where ever you want.
Please re-read my reply. HSBC Premier requires $100k+, zero requirement for Scotia One. It's possible.
[OP]
Newbie
Oct 29, 2017
91 posts
8 upvotes
bend3r wrote:
Jul 14th, 2018 10:41 am
It’s a fair question. With net worth, you’d be expected to bring certain amount of new business. Besides people with lower net worth won’t have as much cash flows as a high net worth individual so it benefits the bank to keep them. In the end it’s just an excuse to find HNw and sell them shitty products.

Unless the bank is getting your business it won’t give you any free benefits.

RBC multi product rebate is pretty much this at a smaller level or net worth.
The question is based on two points, your net worth and how much of those assets are with a bank. Right now, I have a few chequing accounts and all of them have small balances and each is used for various purposes, paying bills, vacation fund, emergency fund, etc.

However, the vast majority of my assets (high 6 figures) in the bank are invested with their brokerage account.

The question is, does the bank value my business enough to offer me a simple chequing account with no fees to retain my business. I'm going to hit them up on this, but before I do, I wanted to see if anyone else has gone this approach.

I've gone through the posts and while I see people over paying a Line of Credit and then using the positive balance essentially has a chequing account, this is more a hack. It works perfectly, but you never know if at some point, the bank decides to close this loophole. I just want a chequing account that I don't have to worry about and not have to pay fees, nor keep a minimum balance. I feel my investments with the bank more than make up for the unnecessary minimum balance that some banks impose upon customers.
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User avatar
May 7, 2017
265 posts
95 upvotes
timc00k wrote:
Jul 15th, 2018 2:29 am
The question is based on two points, your net worth and how much of those assets are with a bank. Right now, I have a few chequing accounts and all of them have small balances and each is used for various purposes, paying bills, vacation fund, emergency fund, etc.

However, the vast majority of my assets (high 6 figures) in the bank are invested with their brokerage account.

The question is, does the bank value my business enough to offer me a simple chequing account with no fees to retain my business. I'm going to hit them up on this, but before I do, I wanted to see if anyone else has gone this approach.

I've gone through the posts and while I see people over paying a Line of Credit and then using the positive balance essentially has a chequing account, this is more a hack. It works perfectly, but you never know if at some point, the bank decides to close this loophole. I just want a chequing account that I don't have to worry about and not have to pay fees, nor keep a minimum balance. I feel my investments with the bank more than make up for the unnecessary minimum balance that some banks impose upon customers.
Hsbc Premier should be able to help. Move some long term holdings off to invest direct that are worth 100k and they’d give you a chequing account with free transfers, no fx fee on debit card, preapproved credit card etc. You are allowed to have up to 5 free chequing accounts - they can also be joint so you can share one with family member or keep a USD chequing if you like. And yes, you can keep 0 in your accounts as long as your relationship is worth their minimum threshold.

Fair warning though. You might feel hsbc is a little crap. Whatever they lack - they usually make up for it in other ways. For example - I never have to go to a branch to make wired transfers. Wired transfers are also cheaper.

Lastly they also give you an RM to take care of stuff. Most people complain that their RM is useless but mine so far is amazing. I ask him stuff that needs to be done over email and he gets it done.

I had a talk with TD rep once. Even with TD private client status I’d have to pay chequing fees. Most people go to RBC and get multiproduct rebate in this scenario - which works too. So you can pick between RBC or HSBC.

Another person suggested scotia one. I don’t know anyone who has that but should be worth investigating.

PS: Invest direct is ok for holding securities. I wouldn’t recommend it for active trading. Though I have yet to see new invest direct trading platform - I am not sure it’ll have better execution. It is cheaper than other brokerages however.
Member
Apr 14, 2006
309 posts
161 upvotes
Find a senior and open a joint chequing account. You can remove their name afterwards and keep the account :) I still have my grandfathered Plan 60 from TD back from the early 00's.

-Unlimited transactions, ie bill payments, Interact, etc.
-Free cheques.
-Free Canada / US Drafts
-No minimum balance required

Even though I have the free TD account I don't use it that much these days though.. their new envelope free ATM sucks. It so much slower if you run a business and need to deposit things in bulk.

I prefer Credit Unions such as Coast Capital or Envision. There are ALOT more of them here in BC and they offer free accounts, free etransfers, free coin counters, + free coffee too.
Deal Addict
Nov 9, 2013
2228 posts
908 upvotes
Edmonton, AB
Although not necessarily net worth related, RBC reimburses me my bank fees via a multi product rebate as I have multiple accounts with them (i.e checking, credit card, LOC, investments).
[OP]
Newbie
Oct 29, 2017
91 posts
8 upvotes
treva84 wrote:
Jul 15th, 2018 8:32 am
Although not necessarily net worth related, RBC reimburses me my bank fees via a multi product rebate as I have multiple accounts with them (i.e checking, credit card, LOC, investments).
I'm just looking at RBC and their multi product rebate listed at http://www.rbcroyalbank.com/products/de ... ebate.html

Unless you have a mortgage with them, you can't get an unlimited no fee account with them unless you are a student or a senior. I no longer have a mortgage.

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