Personal Finance

TD VS Tangerine VS RBC VS National Bank

  • Last Updated:
  • Dec 12th, 2018 2:32 pm
[OP]
Newbie
Feb 3, 2015
16 posts
4 upvotes
Montr

TD VS Tangerine VS RBC VS National Bank

Hey Guys, I'm looking for a new bank and am looking between TD, Tangerine, RBC and NBC.

I use to be with Tangerine but had one bad experience there a year or so ago and am willing to give them another wirl.

For TD I am with TD but 15$ a month for an all unlimited checking account is a bit high and was wondering if shopping around was even worth it or just stick to TD and call it a day?

I don't really mind for branches IMO but I would like decent customer service when calling in for assistance.

Thank you in advance!
30 replies
Sr. Member
Dec 25, 2017
542 posts
429 upvotes
I don't have much to say, and my accounts are student accounts held at TD and RBC, but both of them have decent customer support when I called in a few times. However, sometimes the information I get from the RBC reps over the phone isn't completely accurate, even when it's written on the website. I wonder if those were the outsourced ones...

I heard TD is typically more expensive... :(
Deal Addict
Dec 16, 2017
1394 posts
522 upvotes
Raincouver
Tangerine is always my favorite. Since you're in QC, your option is very very limited. You can certainly try Alterna Bank but I guess Desjandines wouldn't be bad?
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dekvitaly wrote:
Dec 3rd, 2018 2:15 am
Tangerine is always my favorite. Since you're in QC, your option is very very limited. You can certainly try Alterna Bank but I guess Desjandines wouldn't be bad?
+1 to Alterna Bank. No-brainer for QC residents.

Aside Alterna, Meridian may be "cheaper than the big banks". Their chequing account is not free, but they're QC friendly and cheaper than big banks.

Desjardins is not competitive afaik. We know @Poutinesauce can chime in on that.
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Deal Addict
Dec 16, 2005
3884 posts
1665 upvotes
I have Tangerine, Simplii, BMO, CIBC LOC, EQ Bank.

My primary bank was Tangerine but recently switched to Simplii when they removed the 1 day delay from savings to chqing.
Simplii has no fees for daily banking, EMT, and chqs. Tangerine is the same except only 1st chq book is free and no free EMT.

EQ I tried to make my primary bank because it did away with the concept of chqing and savings accounts and had decent interest. But a lot of downtime caused me a lot of pain so I have nothing in there now. No fees but no branches and limited ATMs. If you need cash, you need to EMT yourself to a regular bank with an ATM.

BMO is free with the bank unlimited plan. Savings account has crap interest but it has free EMT. Primary reason for this account was originally to be get a brick and mortar bank along with the lounge passes from the free credit card. Since then I've gone to the CIBC LOC and don't have much use for their devalued credit card. Contemplating cancelling this but I still have 3 mortgages with BMO.

CIBC LOC - over pay the LOC and you can use it like a chqing account. Free EMT, VISA Debit, and access to branches.
Member
Jan 4, 2017
305 posts
140 upvotes
I too am not a fan of monthly or any other extra fees, it's why I've been a Tangerine customer for years. But with that said, there are always pros and cons to each, there is a certain "you get what you pay for" element, and a negative or positive experience is possible with any of them. If you look, you'll find horror stories on all of them. I eventually grew out of Tangerine for my main banking, but the no-fee credit card is still great as a backup for its 2% categories.

The big banks aren't necessarily always all bad, you have to find what fits your lifestyle and use case. Of the banks that charge monthly fees, I personally find that the opportunity cost of leaving the minimum balance to waive monthly fees is far more acceptable than just paying the fees. It is always a good idea to have an emergency fund anyway, and as you grow your long term investments over the years, having that small amount in checking becomes much less concerning when viewed as a percentage in terms of the cash portion of your overall holdings.

If the minimum balance for fee waivers aren't on the table at all, then I highly recommend using a line of credit as a pseudo free unlimited checking account, which is something that TD and CIBC allow. TD does not include free e-transfers with that, but CIBC does. With this method, you get free banking at a big 5, and you can keep the cash emergency fund completely allocated where it can earn you a return. That can include churning welcome bonuses, or just a regular high interest savings account.

If that method is not appealing, or not feasible (ie, can't get approval for the line of credit), in that case Tangerine is the best. Nothing wrong with either way, it's mostly personal preference. But you absolutely can and should avoid paying fees, whether it's with the big banks or not. :)
[OP]
Newbie
Feb 3, 2015
16 posts
4 upvotes
Montr
So guys, I got kinda lucky.

After speaking longly with my branch manager...I was able to get a student account for 2 years, So for now TD it is.

Thank you all for the advice, I might be bridging TD with Tangerine or KOHO.

Cheers
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Oct 7, 2012
1304 posts
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Montreal
titaniumtux wrote:
Dec 3rd, 2018 6:38 am
+1 to Alterna Bank. No-brainer for QC residents.

I've never heard of this bank before. It's in MTL? Does it offer free overdraft like Tangerine?
Newbie
May 9, 2018
51 posts
26 upvotes
Summerside, PE
I have the TD all-inclusive account. It offers quite a lot, including a credit card annual fee waiver and free safe deposit box. I make sure to leave $5000 in the account so I don't pay the monthly. I have yet to have a bad experience in the 2 years I've had the account.
[OP]
Newbie
Feb 3, 2015
16 posts
4 upvotes
Montr
Yea i still cant decide but i just reopened my CC with them
So maybe il use my CC or my koho card and work that way for now and leave a bit of money in checking.

Still cant decide if i should just switch to tangerine as ive seen lots of things change there recently.
Member
Jan 4, 2017
305 posts
140 upvotes
Tangerine is still good. The no-fee cashback Mastercard is worth having as a backup card that pays 2% on selected categories (I use it for taxis, uber/uber eats and hotels/motels). They're also introducing a personal line of credit (there's a thread on that). They still have very competitive targeted offers for savings accounts. They still charge no fees, including free Tangerine e-transfers and free transfers on external linked accounts. The two most off-putting things for me with Tangerine is the website redesign, and the under-staffing support that has led to more consistent long hold times in their queues. Overall they are still a solid choice for discount banking though.
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May 8, 2009
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gogoblender wrote:
Dec 5th, 2018 6:01 am
I've never heard of this bank before. It's in MTL? Does it offer free overdraft like Tangerine?
Brick & mortar in Gatineau, QC only (two locations), but online and available to all Canadians, including QC. ATM access in MTL at NBC and Laurentian.

Their overdraft essentially pulls the $$ from savings at no fee afaik.
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Newbie
Mar 21, 2018
67 posts
12 upvotes
My first experience with this forum was figuring out how to use TD LOC to avoid fees. TD is great, if it wasn't for the fees. Please leave TD. I bank I have experience with is tangerine. No fees, love that I can link banks, got money for signing up, higher saving that TD insulting rate. Please leave TD.
TD made me feel bad, I was having a hard time financially, had like nothing in my account. Had to withdraw cash, got fee'd, then feed again for nothing having enough money in the account because of fee's, the fee'd for the overdraft. Felt like I was being punished for being poor. Now I get good cashback and dont got to park my money in an account doing nothing to avoid Fee.

Please leave TD.
Do it...for me.
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summerss wrote:
Dec 6th, 2018 8:39 am
My first experience with this forum was figuring out how to use TD LOC to avoid fees. TD is great, if it wasn't for the fees. Please leave TD. I bank I have experience with is tangerine. No fees, love that I can link banks, got money for signing up, higher saving that TD insulting rate. Please leave TD.
TD made me feel bad, I was having a hard time financially, had like nothing in my account. Had to withdraw cash, got fee'd, then feed again for nothing having enough money in the account because of fee's, the fee'd for the overdraft. Felt like I was being punished for being poor. Now I get good cashback and dont got to park my money in an account doing nothing to avoid Fee.

Please leave TD.
Do it...for me.
Big banks offer bigger signup bonuses, but give you less reason to stay.

Can keep basic savings account at TD CT for footprint. One free withdrawal per month, no hassle. Can still churn everything else TD.
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[OP]
Newbie
Feb 3, 2015
16 posts
4 upvotes
Montr
What i currently have is a student account with TD.

Would you guys say stay with TD or change to tangerine?

I have the possibility to stick to my student account for 2 years . Let me know :D

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