Personal Finance

BMO Club Sobeys Bank Account - Grandfathered

  • Last Updated:
  • Jan 29th, 2023 5:43 pm
Deal Expert
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Feb 24, 2008
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Gatineau
Here2day2 wrote: I wonder how long they will keep the $1,500 deposit feature going for the converted accounts. Is this simply a teaser promo that will eventually be discontinued? Judging how long BMO took to migrate these Club Sobeys accounts over, I wonder if they will just “set it and forget it”.
That's a good question. If they do end up getting rid of this $1500 deposit monthly fee waiver, then I'll just cancel the account at that time.

My banking goal here is to simply have free access to a teller for the rare occasion (maybe 1-2 times annually) since Tangerine does not provide this access. I'll likely get rid of my RBC chequing in favor of this account. Should this BMO monthly fee waiver go away in the future, then I guess I may opt to sign up for some sort of pay as you go banking product similar to what Desjardins offers here.

djino
Sr. Member
Jan 24, 2013
503 posts
482 upvotes
Rainy River
Djino:

Another thing you could do is downgrade RBC and change from Day to Day Banking and go to RBC Day to Day Savings. There is no monthly fee and you get 1 free debit per statement month. I did this 6 months ago or so when I got rid of the brokerage account for same reason as you just in case once in a blue moon when you neeed a teller. You could then get rid of the credit card, not have to have an investment and still have access to a teller. You can switch to that account right online without changing account numbers etc. so your cheques if you have any from the other account will still be good.

https://www.rbcroyalbank.com/accounts/d ... vings.html
Jr. Member
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Jan 6, 2018
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So I will need to receive my paycheque there ...and send it to the other accounts ( pretty much as I am doing now) and I don't need anything else.

if it is like this I can keep it.
Newbie
Mar 21, 2021
14 posts
4 upvotes
I am also with Tangerine and had Club Sobeys BMO for the 1-3 times a year I needed a teller (mainly cashier's cheques). The constant availability of ATMs was a bonus as well. I am looking at credit unions as an alternative. The only two near me that have a "no minimum monthly balance" option are YNCU's "Simply Free" and FirstOntario's "Everyday Convenience".
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Apr 9, 2010
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Montreal
RFDTTMR wrote: I am also with Tangerine and had Club Sobeys BMO for the 1-3 times a year I needed a teller (mainly cashier's cheques). The constant availability of ATMs was a bonus as well. I am looking at credit unions as an alternative. The only two near me that have a "no minimum monthly balance" option are YNCU's "Simply Free" and FirstOntario's "Everyday Convenience".
I advise everyone to go with ScotiaBank if they need access to a physical branch.

You only need to park 5K in their chequing account (look at it as an emergency fund) and you get your premium credit card annual fee waived, no fees at all for your banking, 6 lounge passes for when you travel (Passport Visa), free cheques, free secondary chequing account, free safety deposit box and several hundreds of dollars as a welcome bonus.

It’s a no-brainer because you could never pay for all those things with the interest you earn on the 5K.
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Mar 30, 2004
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Durham Region
For anyone in Southern Ontario that wants an account for very occasional branch access, DUCA Credit Union also offers a no-fee no-mininum chequing account. Branches aren't always the most convenient, but for my usage patterns anyways Exchange Network always worked well for me when it came to ATM locations.

Was my brick and mortar backup until I left Tangerine and switched back to a big bank.
Deal Expert
Oct 27, 2003
16810 posts
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Toronto
Personally , having accounts at multiple banks, I usually just pick the $4 chequing account option which gives 10 - 15 debit transactions per month. Yes, this adds up ($48 per year per bank) but it's worth it for me to maintain a relationship with those banks.

I do have no fee accounts at Simplii, Tangerine, DUCA, PC Financial etc.
Deal Expert
Oct 27, 2003
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Toronto
kenze wrote: I advise everyone to go with ScotiaBank if they need access to a physical branch.

You only need to park 5K in their chequing account (look at it as an emergency fund) and you get your premium credit card annual fee waived, no fees at all for your banking, 6 lounge passes for when you travel (Passport Visa), free cheques, free secondary chequing account, free safety deposit box and several hundreds of dollars as a welcome bonus.

It’s a no-brainer because you could never pay for all those things with the interest you earn on the 5K.
This is actually a pretty good deal if you need and use all the above features, Safety deposit box alone is $100+ per year these days.

The welcome bonuses etc will only be for new Scotia customers though.
Newbie
Nov 28, 2022
6 posts
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angel_wing0 wrote: Got the same email too, I already have this plan for my other BMO account, so I certainly dont mind having another one. Putting $1,500 there for a few seconds every month is worth it for me.
You can consolidate all your accounts under the same performance plan with that $1,500 deposit special offer. Honestly...their performance plan with this special offer is not bad, and I believe this offer will last forever...
Last edited by Friday3364 on Dec 15th, 2022 7:31 pm, edited 1 time in total.
Newbie
Nov 28, 2022
6 posts
11 upvotes
Here2day2 wrote: I closed my account on Friday and slightly regretting it now. I originally interpreted the $1,500 to be a minimum monthly balance and not deposit. One can unlock more features with a Performance plan such as a free USD account.
Ask if you can re-open your accounts. If your branch can get them reopened, then you will still get the special offer after Jan 24th. I had this special plan for a few years now and I think it's a really good plan...as soon as you deposit $1,500 within a month, the plan fee will be waived. You can still withdraw anytime during the month as the outflows don't impact the eligibility of the offer at all.
Newbie
Mar 21, 2021
14 posts
4 upvotes
Personally, I don't trust this $1500 offer to last (terms and conditions mean they can revoke it at any time) and it will be a pain in the ass to make sure I am pointlessly passing $1500 through there monthly. Credit union looks like the best alternative at this point for a last ditch in-person option.
Member
Dec 31, 2011
335 posts
399 upvotes
ETOBICOKE
Today's the first day of the new 'performance plan'. Just saw the account name switched over on online banking.

I switched my payroll from CIBC and I haven't been impressed so far with the customer service. Everytime I call they seem to want to fob me off to someone else or say they cant help. To me it appears they are not empowered as employees to help so they don't try, at least the people I speak to.

They also like to tell you to call the branch and my branch wasn't helpful either so.. will keep them for a bit, if CS continues to suck I'm out. From my personal experience TD probably has some of the best most consistent CS. CIBC was decent too. BNS was also pretty poor.
Last edited by dan2011 on Jan 24th, 2023 8:07 pm, edited 1 time in total.
Member
Apr 30, 2018
259 posts
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Vancouver
kenze wrote: I advise everyone to go with ScotiaBank if they need access to a physical branch.

You only need to park 5K in their chequing account (look at it as an emergency fund) and you get your premium credit card annual fee waived, no fees at all for your banking, 6 lounge passes for when you travel (Passport Visa), free cheques, free secondary chequing account, free safety deposit box and several hundreds of dollars as a welcome bonus.

It’s a no-brainer because you could never pay for all those things with the interest you earn on the 5K.
The problem with this is Scotiabank. I’ve heard more horror stories than I can count.

Maybe another bank with a waiver.
Deal Addict
Apr 9, 2010
3466 posts
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Montreal
DennisA83876 wrote: The problem with this is Scotiabank. I’ve heard more horror stories than I can count.

Maybe another bank with a waiver.

I have too but I’ve personally never experienced anything horrible with them. Never been incorrectly charged either.
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Mar 23, 2004
47193 posts
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Markham
dan2011 wrote: Today's the first day of the new 'performance plan'. Just saw the account name switched over on online banking.
Nice, mind didnt get converted until yesterday. Just transferred the 1.5K to ensure no bank fees :lol:
Newbie
Mar 12, 2008
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Toronto/Markham
Does anyone know if we keep the minimum balance, will that allows us to avoid having to transfer In $1500 and transfer back out?
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Mar 25, 2012
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Kelowna
djino wrote: That's a good question. If they do end up getting rid of this $1500 deposit monthly fee waiver, then I'll just cancel the account at that time.

My banking goal here is to simply have free access to a teller for the rare occasion (maybe 1-2 times annually) since Tangerine does not provide this access. I'll likely get rid of my RBC chequing in favor of this account. Should this BMO monthly fee waiver go away in the future, then I guess I may opt to sign up for some sort of pay as you go banking product similar to what Desjardins offers here.

djino
What service(s) would you need to see a CSR in a branch anymore, besides purchasing a bank draft?

Desjardins pay-as-you-go account may be a good option, on the Quebec side of Ottawa/Gatineau, but Desjardins' website is surprisingly very bad at detailing included free transactions, per transaction fees, and minimum monthly balance fee waivers.

In your case, could the Comtech Fire Credit Union, on the Ontario side of Ottawa/Gatineau work for you? Their LifeSaver Regular Savings Account allows for one free debit transaction per month:

https://www.comtechfirecu.com/Personal/ ... /index.jsp

Cheers,
Doug
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Dec 25, 2017
3099 posts
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dmehus wrote: What service(s) would you need to see a CSR in a branch anymore, besides purchasing a bank draft?

Desjardins pay-as-you-go account may be a good option, on the Quebec side of Ottawa/Gatineau, but Desjardins' website is surprisingly very bad at detailing included free transactions, per transaction fees, and minimum monthly balance fee waivers.

In your case, could the Comtech Fire Credit Union, on the Ontario side of Ottawa/Gatineau work for you? Their LifeSaver Regular Savings Account allows for one free debit transaction per month:

https://www.comtechfirecu.com/Personal/ ... /index.jsp

Cheers,
Doug
Wouldn't TD also work this purpose too if one free debit is plenty? https://www.td.com/ca/en/personal-banki ... gs-account

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