Personal Finance

No Fee Bank Account Recommendations?

  • Last Updated:
  • Jun 27th, 2017 2:23 pm
[OP]
Sr. Member
May 6, 2007
880 posts
116 upvotes
Toronto

No Fee Bank Account Recommendations?

I've had this CIBC bank account for the past 25 years or so that waived all fees if I kept my balance above $1500/month. They are not getting rid of this account as of September 2017 so I will need to switch to a different major bank.

Does anyone have any suggestions for a no-fee bank account? My online savings (ex. EQ Bank) are linked to this so I need this to act as my main account to transfer money to/from other banks and to pay bills online, etc. I prefer one where I can physically go there in person if necessary. I was thinking PC Financial?
56 replies
Member
Dec 22, 2007
245 posts
66 upvotes
Mississauga
TigerLilly wrote:
Jun 17th, 2017 6:55 pm
I've had this CIBC bank account for the past 25 years or so that waived all fees if I kept my balance above $1500/month. They are not getting rid of this account as of September 2017 so I will need to switch to a different major bank.

Does anyone have any suggestions for a no-fee bank account? My online savings (ex. EQ Bank) are linked to this so I need this to act as my main account to transfer money to/from other banks and to pay bills online, etc. I prefer one where I can physically go there in person if necessary. I was thinking PC Financial?
pc financial, tangerine linked to a big 5 bank. no branch access don't think.

see if there is a duca near you it actually is free and has bank access.
Sr. Member
User avatar
Mar 9, 2012
623 posts
174 upvotes
KITCHENER
PC Financial or Tangerine (linked to Scotia). PC Financial because they do have 'locations' sort of. I have Tangerine and have had no issues. You can use any Scotia machine for all of your transactions.
Member
User avatar
Jul 9, 2016
397 posts
132 upvotes
Hamilton
could you not just stay with CIBC and pick one of their accounts that will still waive the monthly fee with a slightly higher amount of money kept in the account?
Deal Addict
May 11, 2005
1669 posts
21 upvotes
Ajax, ON, Canada
PC Financial and Tangerine are not bad choices.

Alterna Bank and Motive Financial also offers both a chequing and savings account (all with no fees!).
Less Negativeness, More Positiveness
Moins des négativités, Plus de positivités
Deal Addict
Jan 18, 2003
4128 posts
401 upvotes
Mississauga
TigerLilly wrote:
Jun 17th, 2017 6:55 pm
I've had this CIBC bank account for the past 25 years or so that waived all fees if I kept my balance above $1500/month. They are not getting rid of this account as of September 2017 so I will need to switch to a different major bank.

Does anyone have any suggestions for a no-fee bank account? My online savings (ex. EQ Bank) are linked to this so I need this to act as my main account to transfer money to/from other banks and to pay bills online, etc. I prefer one where I can physically go there in person if necessary. I was thinking PC Financial?
how did you find out cibc will be doing this? i ask cuz i have the same account and didn't get any notice if this? i too get unlimited transactions as long as i maintain $1500/month...
Deal Addict
User avatar
Aug 9, 2013
2378 posts
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Toronto
PCF and Tangerine. That's what I'm currently using since I left the Big 5. Pretty much do what I needed and at the same time I'm saving a lot of money by not paying any fees.
[OP]
Sr. Member
May 6, 2007
880 posts
116 upvotes
Toronto
SuperSauvage wrote:
Jun 17th, 2017 8:08 pm
could you not just stay with CIBC and pick one of their accounts that will still waive the monthly fee with a slightly higher amount of money kept in the account?
The notice said they will waive the fee if I keep my balance over $3000 at the end of each day and I have at least 2 recurring direct deposits or pre-authorized payments each month. So I could keep it if I want to do this but I think switching to something like PC would just be easier.
Ducky wrote:
Jun 17th, 2017 8:55 pm
how did you find out cibc will be doing this? i ask cuz i have the same account and didn't get any notice if this? i too get unlimited transactions as long as i maintain $1500/month...
I got a notice in the mail. The mailing date is June 15, 2017.
Deal Addict
Jan 18, 2003
4128 posts
401 upvotes
Mississauga
TigerLilly wrote:
Jun 17th, 2017 10:12 pm
The notice said they will waive the fee if I keep my balance over $3000 at the end of each day and I have at least 2 recurring direct deposits or pre-authorized payments each month. So I could keep it if I want to do this but I think switching to something like PC would just be easier.



I got a notice in the mail. The mailing date is June 15, 2017.
thanks... i got the letter too... i am upset and will definitely leave cibc... totally unacceptable... new dumb terms, no way..... i know it doesn't pay to be loyal nowadays... but this grandfathered account we have was the only reason i stayed with cibc....cya later cibc
Deal Fanatic
User avatar
Aug 8, 2012
9755 posts
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BC
TigerLilly wrote:
Jun 17th, 2017 6:55 pm
I've had this CIBC bank account for the past 25 years or so that waived all fees if I kept my balance above $1500/month. They are not getting rid of this account as of September 2017 so I will need to switch to a different major bank.

Does anyone have any suggestions for a no-fee bank account? My online savings (ex. EQ Bank) are linked to this so I need this to act as my main account to transfer money to/from other banks and to pay bills online, etc. I prefer one where I can physically go there in person if necessary. I was thinking PC Financial?
You can pay bills directly from EQ. Including PADs like mortgages/hydro/gas.
You can deposit your paycheque directly to EQ as well.

You could get away with only an LOC as a chequing account for ATM/debit access and leave $0 there, replacing used funds via free Interac e-Transfer from EQ.

This is my setup now. I have $0-20 in any of my non-EQ accounts unless part of a promotion :)
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Deal Fanatic
User avatar
Aug 8, 2012
9755 posts
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BC
X360 wrote:
Jun 17th, 2017 9:17 pm
You could open a CIBC LOC or TD LOC which will give you free unlimited transactions and unlimited cheques...

https://www.cibc.com/en/personal-bankin ... redit.html
+1 this plus EQ as my post above.

Or Tangerine with free overdraft.

My wife and I both used our $0-balance Tangerine debt cards this weekend and will to them back up to $0 (from now negative) by midnight and pay $0.00 fees or interest.
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Member
Nov 6, 2015
404 posts
133 upvotes
Guelph, ON
I've had PC Financial for 15 years with no complaints. They don't have branches, but they have some "booths" at the grocery store. I got my debit card replaced at one of those, but I'm not sure what else they can do for you. You can't withdraw cash there.

If you need a bank draft you order it from PC Financial over the phone and then you pick it up from a CIBC branch of your choice a few days later.
[OP]
Sr. Member
May 6, 2007
880 posts
116 upvotes
Toronto
ace604 wrote:
Jun 17th, 2017 10:26 pm
You can pay bills directly from EQ. Including PADs like mortgages/hydro/gas.
You can deposit your paycheque directly to EQ as well.

You could get away with only an LOC as a chequing account for ATM/debit access and leave $0 there, replacing used funds via free Interac e-Transfer from EQ.

This is my setup now. I have $0-20 in any of my non-EQ accounts unless part of a promotion :)
I've never thought of this before but it would work. I had always thought of using EQ as a savings account but never considered as using it as my main one for some reason. Then just link it to a LOC which I do have. Thanks for the suggestion!
[OP]
Sr. Member
May 6, 2007
880 posts
116 upvotes
Toronto
Ducky wrote:
Jun 17th, 2017 10:22 pm
thanks... i got the letter too... i am upset and will definitely leave cibc... totally unacceptable... new dumb terms, no way..... i know it doesn't pay to be loyal nowadays... but this grandfathered account we have was the only reason i stayed with cibc....cya later cibc
I KNOW!!! My whole family is on this and have so much money with them but they probably won't care. I'm going to phone my home branch next week and see if there's anything they can do. If not then I'm going to close it and go somewhere else. I have a LOC with them too and might just leave it there or close that as well out of spite.

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