Personal Finance

Best bank that can open several chequing accounts?

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  • Jul 12th, 2015 3:06 pm
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[OP]
Newbie
Jun 20, 2015
1 posts
Brampton, ON

Best bank that can open several chequing accounts?

Ideally I'd like to open 5-10 chequing accounts and would like your recommendation on which bank is okay with opening these many accounts.

Thanks in advance! :D
16 replies
Deal Addict
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Dec 17, 2008
2780 posts
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Winnipeg
mrcarter3 wrote: Ideally I'd like to open 5-10 chequing accounts and would like your recommendation on which bank is okay with opening these many accounts.

Thanks in advance! :D
Because that is not going to set off any red flags at your new bank...
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Feb 25, 2014
2170 posts
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Mississauga
mrcarter3 wrote: Ideally I'd like to open 5-10 chequing accounts and would like your recommendation on which bank is okay with opening these many accounts.

Thanks in advance! :D
Usually online banks such as ing can open unlimited accts
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
Deal Addict
Jan 2, 2015
1633 posts
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Toronto, ON
Why do you need so many accounts, in case the bank asks?
Member
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Jun 26, 2012
456 posts
81 upvotes
canada
Some people like to keep track of things using different accounts. 3 or 4 accounts seems like enough for some people but indeed 10 sounds like quite a lot. Some banks encourage you to keep track of things using separate accounts, such as Ing and maybe some other online banks I have seen. I think its a great idea, and to judge someone just because they want more than one account is ludicrous. Maybe be suspicious if they want 7-10 accounts.
Newbie
May 26, 2015
26 posts
6 upvotes
Toronto
How often will you be using these accounts? Typically, you can open several savings accounts at your bank. Pick savings accounts that don't have monthly service charges and free transfers (or limited). That way you just pay for one main chequing account. Not all banks offer this service, but yours may. Also, often you can rename these accounts online as to keep your finances organized.

Another option is to open PC accounts. I have clients that have told me that they have opened as many as they wanted for free.

Hope that this helps,
Deal Addict
May 10, 2011
1478 posts
532 upvotes
Ottawa
PC Financial. You can open as many as you want. There is no monthly fee, no minimum balance. I have a bunch of them and each one serve a particular purpose. Very handy.
Deal Fanatic
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Apr 29, 2008
7976 posts
4716 upvotes
Montreal
Are you sure you need a "checking" account?

If you want "savings accounts", it's not the same.

Many institutions offer multiple savings accounts, such as Tangerine. You can get a $50 extra if you deposit $100 or more, when someone with a Tangerine account currently gives you their "Orange Key". Their online interface is great, but they pay not that much interest.
Newbie
Jan 31, 2009
6 posts
Calgary
As CSI123 has said - PC Financial is very good. I have multiply accounts and zero fees. Before someone else comments - I have multiple rental properties and separate accounts is an awesome way to keep things separated. NO hidden agenda.
Deal Expert
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Jan 27, 2004
51256 posts
15653 upvotes
ONTARIO
BMO offers this... Its the only bank (excluding the online banks that give free accounts) that offers something of this kind.
You pay ONE monthly fee... You are allowed to have multiple accounts under that fee.

The practical plan lets you have up to 2 accounts for a low monthly fee of $4/month.
If you move up to the plus, performance plan you get up to 20 accounts!

Just pick and choose how many transactions you need to do and what type of features.
Plus $10.95 for 30transactions a month
Performance is 14.95 and unlimited

Then theres Premium which is $30/month and gives a whole bunch of features including free world elite master card (which is a great card).
Deal Addict
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Feb 25, 2014
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Mississauga
I think you should be okay with free banks. Don't listen to urban poet.
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
Deal Expert
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Jan 27, 2004
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ONTARIO
MehtabS wrote: I think you should be okay with free banks. Don't listen to urban poet.
Thats fine too, if he is okay with the self service style of free banks and not having to use a branch ever.
But I'm just stating that BMO is the only one of the big 5 banks to offer this type of multiple accounts for 1 service fee.
Jr. Member
Sep 26, 2009
133 posts
23 upvotes
Double entry bookkeeping was invented perhaps by Luca Pacioli (1447–1517). If you're going to do bookkeeping, it should be easier to use that and folio numbers. However, I can see that bureaucratic (tax man) or formalistic (lawyer) or budgeting purposes may require the appearance of separate accounts. And if you're not going to do any bookkeeping, let the account be the Accounts. Brilliant! Frankly, I'd be afraid that I wouldn't make a timely transfer, miss a payment date, and end up in a bounce / overdraft situation.
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Dec 28, 2004
2037 posts
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Burlington
i have had quite a few chequing accounts at pcf. Even opened one just for the TD ipod deal. And free cheques.

The one thing I wish was that toy could name the accounts. You have too keep of which is which by the last 4 digits.
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Aug 18, 2008
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Ottawa
Does anyone know if CDF or Alterna can open several Chequing accounts, since their accounts are named as Chequing 00?


Also, OP, apparently you CAN open several chequing accounts at RBC. I remember someone posting on here that they had 3 CCs, 3 CHQ's, 3 savings accounts/investments, etc. to get all 3 account fees waived on each of their RBC chequing account. You could try giving that a shot.

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