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  • Jul 29th, 2020 9:47 am
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[OP]
Jr. Member
Jul 31, 2012
120 posts
27 upvotes
OTTAWA

How many banks?

I enjoy reading the RFD posts. Seems like some people use multiple banks to meet their needs. Just curious....how many banks/credit unions do you have accounts with? (I am tempted to open accounts with another one - digital bank - for higher interest rates but my spouse already thinks I am silly using more than one bank!)

I currently have accounts with one big bank and one credit union.... and an investment advisor with a small investing firm.
21 replies
Deal Addict
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Jan 16, 2007
1886 posts
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Can you define... account? :D Chequing and savings only?
Banking: Alterna Bank (2%), Motive Financial (3%)
Investing: National Bank Direct Brokerage
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Deal Addict
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Jul 16, 2019
1568 posts
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If you just mean chequing or savings accounts, I have eight banks/credit unions. If you mean financial institutions in general, I arguably have 15 if you count things like PayPal and Stack.

Almost all of them come in handy. A few of them I only opened for the sign-up bonus, like Coast Capital. The only one I would refrain from opening if I could go back in time is Motus. They're not bad, but everything they can do, other banks can do better.

Maintaining them is easy. The only thing you need to watch out for is inactivity fees, which usually happen after one or two years with no transactions. I set a reminder to tell me every 51 weeks to e-transfer a dollar through my seldom-used accounts. I also keep a few cents in every account, since some banks automatically close accounts that have $0.00 for extended periods.

I see no reason you should hesitate to get a third account if it's free and has some feature you want. Having an extra account is often useful and the burden is minuscule.
Deal Addict
Jun 12, 2008
1490 posts
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Ripley
For chequing and savings we have 1 bank. I used to have multiple but if something happened to me it would have been a lot of work for someone to manage. My spouse doesn't have any interest in financial matters so with only 1 bank he can figure it out pretty easily if I'm not around. I used to have a Simplii account to "hide" money from myself. I don't need to do that anymore. At 1 time we had accounts with 5 banks and 1 online because I thought it would be a hassle to close accounts. It wasn't. The only difference now is that things are simplified.
Deal Addict
Nov 8, 2017
1556 posts
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Two

RBC and Motus, pay no fees with either
My RBC branch is a 5 min walk
Deal Fanatic
Apr 16, 2007
8132 posts
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Financial District B…
MoB654 wrote: I enjoy reading the RFD posts. Seems like some people use multiple banks to meet their needs. Just curious....how many banks/credit unions do you have accounts with? (I am tempted to open accounts with another one - digital bank - for higher interest rates but my spouse already thinks I am silly using more than one bank!)

I currently have accounts with one big bank and one credit union.... and an investment advisor with a small investing firm.
You don't necessarily have to or need to have multiple accounts open all at the same time but rather it's more beneficial to have had borrowing experience from multiple lenders even if you don't have a cheq/savings acct open.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
Deal Fanatic
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Nov 13, 2010
7607 posts
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Scarborough
Chequing- i have RBC
For online purchase i got Stack MC

Wife - she got simplii (moved from td)

I’m planning on moving to Simplii as well in future (rbc gave me loc so staying for that reason)

Our cash backs we get sorta pays up for the account fee of rbc cheq. (Credit card)
Deal Fanatic
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Oct 16, 2008
9963 posts
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Vaughan
3 for me.
- CIBC because I deal with it over 30 year, it has most of my RRSP
- TD because I work for it, my pension and some RRSP
- Tangerine because all my TSFA there
I spread my money.
...
Deal Fanatic
Apr 5, 2016
5937 posts
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Calgary/Vancouver
Used to spread my money around but now mostly consolidated. Too hard to keep track and put some activity in some accounts. Also, previously I found that it gets annoying if you start using an account more actively. I had a CIBC account before and haven't used it much recently. I started to put more transactions into it and then get called asking for more information. Cheques didn't have holds before but now started to. I know how banks work since I'm employed by one as a MS as most likely their system triggered an AML thing. Still quite annoying so I just shut the whole thing down.
Banned
User avatar
Feb 12, 2019
69 posts
67 upvotes
I use 3, but honestly 2 would suffice. 1 for paying pills, other to "pay yourself first" (Wealthy Barber). Just don't put all your eggs in one basket.

Other than not having to maintain a high balance to waive fee for chequing account , credit unions don't have much advantage compare to banks, their GICs and mutual funds are terrible, and their mortgage rates are higher, and have very few branches.

I don't use things like Simplii, better to go with a big bank with many locations, and hours convenient for you.

There's nothing wrong with opening an account with $3000-4000, just for a few hundred dollars bonus and then close it later, the interest rate is better than any savings account.
Deal Addict
Apr 23, 2017
1165 posts
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Hard to resist those "open a chequing account and get $300-$1,000" offers :)
Deal Addict
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Feb 6, 2003
2012 posts
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COU
My formula = Cash (including GIC's)/100,000 +1

I max the highest interest rate banks to the CDIC limit plus have one extra account to play the promotions game.

Adjustments are made to keep enough "mad money" in something readily accessible (immediate or a few days) to pay regular monthly bills and unexpected expenses.
Deal Fanatic
Aug 5, 2006
8466 posts
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Global Village
4 main ones and the rest are $300+ bonus appetizers.

Tangerine
Meridian
EQ
Simplii
All day I dream about sports

My Banks: Tangerine, Meridian, EQ Bank, Simplii
Member
Jul 7, 2020
372 posts
195 upvotes
For chequing and savings, currently only two (Simplii and Tangerine), but if you add credit cards to the mix then you can add BMO and PCF, and I also have a car loan with CIBC.
Deal Addict
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Dec 17, 2008
2774 posts
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Winnipeg
23.

But I only really actively use 9.
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Deal Addict
May 15, 2013
1959 posts
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Montreal
RBC, Tangerine, Scotiabank, Alterna, TD, Meridian and La Capitale.
Newbie
Sep 13, 2016
73 posts
27 upvotes
I always Open accounts that could get me $300+ .... Electronic Gadgets were also accepted at one point... but now I stick to cash... OP should also ask “ How many accounts have you closed”...

So far 8...
Deal Expert
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May 8, 2009
15529 posts
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Going to the Moon
Are we including "un-banks"? Foreign banks?
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Member
Jan 24, 2013
484 posts
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Rainy River
Way too many in my case but the ones I'm using currently are:

Motive Financial
Simplii Financial
RBC (no fee, but limited transactions as I have multi-product rebate going on)

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