Personal Finance

No Fee Bank Account Recommendations?

  • Last Updated:
  • Jun 27th, 2017 2:23 pm
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Mar 23, 2004
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Markham
sundawner1 wrote:
Jun 18th, 2017 6:17 pm
The reason I mentioned "free" is because:
a. Nobody knows how long this promo will last
The last day to open it ends Aug 31st. The account itself should be grandfathered forever.
「もし、奇跡を起こせたら……」
[OP]
Sr. Member
May 6, 2007
958 posts
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Toronto
sundawner1 wrote:
Jun 18th, 2017 6:17 pm
Check out BMO Bank Up promo:

bmo-free-unlimited-bank-account-new-cus ... y-2085669/

You get free chequing, savings account and "free" World Elite Card: Cashback at 1.75% or BMO Travel WE 2%.

Free etransfers, guaranteed by a brick and mortar if that is what you want (BMO).

Keep in mind you need 80K to be elegible for the cards.

The reason I mentioned "free" is because:
a. Nobody knows how long this promo will last
B. Cards are $150, but are waived with the promo.

The only condition you need is to deposit $1500 to to your BMO account. Once a month.

I have my payroll going to BMO and etransfering it straight to EQ.
I would do this but I recently had a BMO Mastercard World Elite. I cancelled it in March. I think that means I'm ineligible for the offer? Unless there's been a change recently. If I can still open one with having that card then I would!
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Nov 6, 2015
431 posts
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Guelph, ON
kanewtz wrote:
Jun 18th, 2017 8:07 am
Am I the only one who doesn't mind paying Banking Fees? I have the VIP at Royal Bank and Pay $20.05/month with the multi-product rebate.

1) When I call in super fast.
2) When I show up I get preferred service (cut ahead of people, etc).
3) Premium Credit Card fees of $170 waived every year.
4) Direct Investing Account (6 of them)....quarterly maintenance fee waived for all
5) Free cheques (I know others off this too..but I like it).
6) I don't have to to "drive to a RBC" to withdraw money...do it anywhere and no extra fees.
7) Under our account we have 2 checking and 6 savings accounts at no extra fees
8) Bank Drafts are free....use at least 1 or 2 a year

I dunno...I don't mind paying fees for something that I use and is a convenience.
Well, if it works for you than great. What I don't get are the people who b*tch and moan about bank fees and then when you tell them about online banks they seem horrified and say they need a "real bank", but can't tell me what the "real" bank provides that the onlines don't.

As for your list, I don't need any of that.

Items # 1 and 2 on your list are things in my book to be avoided, not benefits. The less face time I have with salespeople who want to sell me products that are not in my interest, the better.

#3 isn't a concern because I only use no-fee credit cards to begin with. 95% of my credit card use is to pay for daily items, e.g. groceries, gas, etc., in which case pretty much any credit card will do. Don't know what a "premium" would do for me.

#6 also isn't a concern since I hardly use cash anymore, and anyways the cash machine is at a grocery store I go to several times a week, plus any CIBC ATM will do.

For # 8, I've needed about 3 bank drafts in the last 10 years, so the extra fees I've paid for that is around 3 months of your service.
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mech9t5 wrote:
Jun 18th, 2017 1:19 pm
If it works for you... $20/month is $240 for stuff most people don't need.

1. I never call the bank. Call maybe once every few years
2. Never visit the bank. Only have gone a few times in the last 5 years to exchange money or get a draft and there is never a line when I go.
3. Don't like any of the RBC credit cards
4. Investing with questrade (registered accounts) and interactive brokers (non registered). There are no maintenance fees and trade fees are much cheaper.
5. I don't use chqs at all. If I do, I still have pc financial account. Haven't used a chq in over 10 years.
6. I don't "drive" to withdraw money either. I can walk to any ATM. All the same distance to me.
7. Not sure why having multiple savings accounts is a benefit but I can get that as well with my free bank account
8. Bank draft, have used about 3 times in the last 5 years.

For most people, the things you listed are neither a convenience, need, or want. Which is why they choose not to pay $240 a year.
We're 99% on the same page on all 8 points :)

4.I also have QT and IB but I've opened registered accounts with IB now and may migrate more funds there leaving just the RESP at QT.

7. I like multiple savings accounts to track things visually without using a spreadsheet or YNAB or some other external tool.

I have accounts for each kid, and one for "kids" combined, and then accounts for annual expenses that I contribute to automatically monthly. Car insurance, property taxes, etc. I basically create my own monthly payment plans except mine is prepaid and pays me 2.3% interest at EQ instead of alternatives (like prepaid property tax via bank for crap/no interest, or post paid car insurance payment plans which involve fees and/or interest costs).
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...)
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Shawguy wrote:
Jun 18th, 2017 2:23 pm
Yes RBC allows nicknaming of accounts too.
That's good. One of the nicest featured of ING Direct when I first tried them after using PCF.
Can't say I looked exhaustively, but last time I checked PCF, CIBC, BMO, and I think maybe TD too ... you couldn't nickname your accounts.

What's the point of letting you make multiple accounts if you can't name them I say.
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...)
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kanewtz wrote:
Jun 18th, 2017 2:33 pm
1. Call the bank about once every couple of months. Usually to set up appointments and/or discuss financial things
2. Kinda hard to withdraw $1000's of dollars from the ATM. I purposely put a $500 limit on my debit card incase it ever got stolen/compromised.
I guess we have drastically different uses for banks :D

I don't need to withdraw $1000's of dollars. I pay for 99% of expenses with credit card.

I probably haven't withdrawn more than $1000 combined in the past 5 years :)

Are you doing a lot of cash transactions for business or ???
3. Our RBC Avion is great. I'll be honest I only use it for travel, but we fly 2-3 times a year out of country. Have used the flight delay insurance 4 times so far and every time has been a flawless procedure. We were going to use the out of province medical when our son was in the hospital in Florida, but my wife's employers insurance was easier.
4. I pay $0 in trade fees with RBC Direct Investing. I prefer having my trading account with my bank account. Easier to transfer funds, IMO.
I have automated semi-monthly deposits from my EQ account to IB. You can do EFT pull from IB's side or bill payment from EQ. Withdrawals by EFT are easy. They are quick too, but probably not as fast as RBC to RBC. Are they instant? I do like how my RBC Canada USD <-> RBC USA USD account transfers across the border are instant (so I appreciate RBC's service ... I'm just not paying them any fees ;))
5. I write two cheques a week. One for our cleaning lady and one for our daycare provider.
PCF unlimited cheques, plus free email money transfers at Tangerine and 5 free Interac e-Transfers at EQ can replace some cheque usage.
6. Those of you in bigger cities have great access to all these "no-brick" banks. I live in a small city of ~20,000. There is no PC branded store. There is limited banking. There, are, however two RBC Branches. Perhaps the convenience is worth it alone.
Is there a 7-Eleven?
7. Aside from checking accounts, I have the savings accounts for both our kids (leo accounts are crap), $USD, etc.
I do the same type or thing at Tangerine and EQ.
8. We use bank drafts for various reasons. Last year was my truck. This year I'm not to sure yet. They really do come in handy and if I'm spending more than $5k I prefer to get a bank draft.
When we bought our SUV they took a $5k deposit by credit card, then when it arrived we paid $5k more on CC and they accepted personal cheque for the remainder. No draft required.
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...)
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Jan 18, 2017
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ace604 wrote:
Jun 19th, 2017 1:40 am
That's good. One of the nicest featured of ING Direct when I first tried them after using PCF.
Can't say I looked exhaustively, but last time I checked PCF, CIBC, BMO, and I think maybe TD too ... you couldn't nickname your accounts.

What's the point of letting you make multiple accounts if you can't name them I say.
Can rename accounts at TD, too - I've also never seen the option to do so at any of PCF/CIBC or BMO, though.
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Shawguy wrote:
Jun 18th, 2017 2:23 pm
Yes RBC allows nicknaming of accounts too.
bm2ess wrote:
Jun 19th, 2017 5:15 am
Can rename accounts at TD, too - I've also never seen the option to do so at any of PCF/CIBC or BMO, though.
Wow, RBC really buried that option ... I would have expected to find it directly next to the account name in the account summary list.
I found it under My Services in the bottom right margin, under Account Services link, and then there in a little sidebar called "Related Services".

After finding it there I realized it's also more directly accessible under My Services -> Profile & Preferences.

This makes me wonder if I didn't look hard enough / notice an obvious option for this at BMO/TD/CIBC :)

EQ and Tangerine make it very easy to rename the accounts by clicking something to edit the name right next to the name.
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...)
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ace604 wrote:
Jun 19th, 2017 1:52 am
I guess we have drastically different uses for banks :D

I don't need to withdraw $1000's of dollars. I pay for 99% of expenses with credit card.

I probably haven't withdrawn more than $1000 combined in the past 5 years :)

Are you doing a lot of cash transactions for business or ???
More for miscellaneous things. Had home renos done and paid in cash. Driveway is getting re-done and paying cash to avoid tax. I prefer to pay cash if I can to avoid higher costs/paying tax.
ace604 wrote:
Jun 19th, 2017 1:52 am
I have automated semi-monthly deposits from my EQ account to IB. You can do EFT pull from IB's side or bill payment from EQ. Withdrawals by EFT are easy. They are quick too, but probably not as fast as RBC to RBC. Are they instant? I do like how my RBC Canada USD <-> RBC USA USD account transfers across the border are instant (so I appreciate RBC's service ... I'm just not paying them any fees ;))
Transfers are instant from both my USD and CAD accounts into DI
ace604 wrote:
Jun 19th, 2017 1:52 am
PCF unlimited cheques, plus free email money transfers at Tangerine and 5 free Interac e-Transfers at EQ can replace some cheque usage.
Sadly, neither will accept E-Transfers. Something to do with their bank...not sure so cheques it is.
ace604 wrote:
Jun 19th, 2017 1:52 am
Is there a 7-Eleven?
Nope, there isn't.
ace604 wrote:
Jun 19th, 2017 1:52 am
I do the same type or thing at Tangerine and EQ.
Its really the only way to go.
ace604 wrote:
Jun 19th, 2017 1:52 am
When we bought our SUV they took a $5k deposit by credit card, then when it arrived we paid $5k more on CC and they accepted personal cheque for the remainder. No draft required.
When I bought my truck last May 2016...they allowed me to put $10k down on my credit card (in two installments)...but wouldn't allow the other $42k via personal cheque...had to use a bank draft.
[OP]
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May 6, 2007
958 posts
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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 called my home branch and asked about if there's anyway to keep it and they said no. They said it's not a branch decision but a national decision and the change happens automatically. There is nothing they can do other than possibly opening a new account that meets my needs. I said unless they have something that waives all feels for keeping a balance over $1500 then no. She said they don't have anything like that. So I'm going to look into switching or working the LOC idea. Maybe there'll be some sort of promotion for new members at PC Financial or Tangerine or some place.
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kanewtz wrote:
Jun 19th, 2017 8:16 am
Sadly, neither will accept E-Transfers. Something to do with their bank...not sure so cheques it is.
Sorry if that wasn't clear. Tangerine offers free "Tangerine Email Money Transfers". These are acceptable by anyone with a bank account (and are different than Interac e-Transfers). They just enter the destination account info themselves when claiming the payment. Someone recently posted that you may even be able to log in to your bank account via Tangerine to automatically populate the context info, but it's actually easy if they have a cheque to copy the info. Heh. It's actually easy for you to just scrape that info from the back of a cheque image that they've deposited too. You could probably accept it for them on their behalf using the deposit acct's institution, transit, & account # info you see printed on the back of your cheques after they're cleared. :)
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...)
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Aug 14, 2007
2269 posts
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Waterloo
JoeBlack23 wrote:
Jun 19th, 2017 12:52 am
What I don't get are the people who b*tch and moan about bank fees and then when you tell them about online banks they seem horrified and say they need a "real bank", but can't tell me what the "real" bank provides that the onlines don't.
My coworker is one of those. He gave me his list of stuff that he does with a real bank, and each item was something he could do with an online bank (sure bank drafts arent AS convienent)

The only thing on his list was rolled coin deposits. A few times a year he deposits $100+ in change. Although I know there are some coin counters that take a % fee ( and the fee would still be a lot less then the monthly fee). I'm wondering if he can just take the rolled coins to another bank like CIBC and get the cash equivalent.
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Vladimir wrote:
Jun 19th, 2017 1:05 pm
My coworker is one of those. He gave me his list of stuff that he does with a real bank, and each item was something he could do with an online bank (sure bank drafts arent AS convienent)

The only thing on his list was rolled coin deposits. A few times a year he deposits $100+ in change. Although I know there are some coin counters that take a % fee ( and the fee would still be a lot less then the monthly fee). I'm wondering if he can just take the rolled coins to another bank like CIBC and get the cash equivalent.
yes you can. There are a lot of small cash transactions any bank will do.

For example, I just went today to exchange 2 x $20 USD into 40 x $1 USD. They didn't ask if I was a customer. They just did it.

Another example, I also have gone and done currency exchange. Went to the bank machine, got cash and then said I want to buy $XX USD (I've done, Chilean Peso, Japanese Yen, and Argentine Peso). No questions asked.
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Jun 18, 2017
7 posts
Tangerine and PC should be a good combo.
Plus get one of the five banks so you are good to go.
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TigerLilly wrote:
Jun 19th, 2017 10:53 am
I called my home branch and asked about if there's anyway to keep it and they said no. They said it's not a branch decision but a national decision and the change happens automatically. There is nothing they can do other than possibly opening a new account that meets my needs. I said unless they have something that waives all feels for keeping a balance over $1500 then no. She said they don't have anything like that. So I'm going to look into switching or working the LOC idea. Maybe there'll be some sort of promotion for new members at PC Financial or Tangerine or some place.
I haven't decided what to do yet...I do have a tangerine chequeing account already...

The pain in the ass thing for me is to change the pre-authorization payments.....car, home, life insurance...condo fees, car loan, etc... Need to change payroll...

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