Personal Finance

Looking for an All-Inclusive Canadian Account with a small twist

  • Last Updated:
  • Sep 8th, 2021 6:02 pm
[OP]
Sr. Member
Sep 7, 2003
936 posts
408 upvotes

Looking for an All-Inclusive Canadian Account with a small twist

I'm wondering if anyone might be able to give some guidance on this.

Currently my wife and I have RBC VIP Banking. No real issues other than the monthly fee ($19.95 after rebate). Most banks offer no fees if you maintain a certain balance (say $5,000). RBC does not offer this and we are now looking at switching because of that.

We booked an appointment at TD and we're ready to sign, however they were unable to recreate the banking structure that we have with RBC.

The structure is quite simple:
1. Joint chequing account - payroll, bills etc come from this.
2. Each of us has our own chequing account, these are private from one another. It's really more of a fun money account for each of us where neither of us can complain to each other about what toys we buy :) Also helps for gifts for one another.

It's not complicated but in order for TD to build it they would need to create 3 All-Inclusive accounts for us meaning we'd need to carry a balance of $5,000 in each one to not pay fees.

Is there another bank that could create this for us? I've checked their sites and there's really no mention of anything like this. I'm actually a little surprised this isn't more common. It seemed pretty logical to us.

TIA
35 replies
Deal Addict
Nov 6, 2014
1208 posts
2185 upvotes
0 downvotes (Maple,O…
I would recommend CIBC and ensure you have an Imperial Banking Advisor assigned to you. What you have asked for is easy and I already have all that plus more with CIBC. The bank needs to work for you not the other way around. No bank is perfect. I don't pay any fees for any of the products I have with CIBC. The mobile and web apps are 2nd to none in my opinion.

Good luck.
Deal Fanatic
Jan 19, 2017
7424 posts
4332 upvotes
vistokid wrote: I'm wondering if anyone might be able to give some guidance on this.

Currently my wife and I have RBC VIP Banking. No real issues other than the monthly fee ($19.95 after rebate). Most banks offer no fees if you maintain a certain balance (say $5,000). RBC does not offer this and we are now looking at switching because of that.

We booked an appointment at TD and we're ready to sign, however they were unable to recreate the banking structure that we have with RBC.

The structure is quite simple:
1. Joint chequing account - payroll, bills etc come from this.
2. Each of us has our own chequing account, these are private from one another. It's really more of a fun money account for each of us where neither of us can complain to each other about what toys we buy :) Also helps for gifts for one another.

It's not complicated but in order for TD to build it they would need to create 3 All-Inclusive accounts for us meaning we'd need to carry a balance of $5,000 in each one to not pay fees.

Is there another bank that could create this for us? I've checked their sites and there's really no mention of anything like this. I'm actually a little surprised this isn't more common. It seemed pretty logical to us.

TIA
You can get a LOC(Line of credit) at RBC which will give free unlimited online banking transactions like paying bills. You get a joint high interest saving acct for payroll. You can do free online transfer between your LOC & the high interest saving acct for free.
Sr. Member
Dec 12, 2016
505 posts
519 upvotes
vistokid wrote: I'm wondering if anyone might be able to give some guidance on this.

Currently my wife and I have RBC VIP Banking. No real issues other than the monthly fee ($19.95 after rebate). Most banks offer no fees if you maintain a certain balance (say $5,000). RBC does not offer this and we are now looking at switching because of that.

We booked an appointment at TD and we're ready to sign, however they were unable to recreate the banking structure that we have with RBC.

The structure is quite simple:
1. Joint chequing account - payroll, bills etc come from this.
2. Each of us has our own chequing account, these are private from one another. It's really more of a fun money account for each of us where neither of us can complain to each other about what toys we buy :) Also helps for gifts for one another.

It's not complicated but in order for TD to build it they would need to create 3 All-Inclusive accounts for us meaning we'd need to carry a balance of $5,000 in each one to not pay fees.

Is there another bank that could create this for us? I've checked their sites and there's really no mention of anything like this. I'm actually a little surprised this isn't more common. It seemed pretty logical to us.

TIA
The BMO Family Bundle might also serve your needs.
Member
Mar 18, 2006
252 posts
238 upvotes
vistokid wrote: I'm wondering if anyone might be able to give some guidance on this.

Currently my wife and I have RBC VIP Banking. No real issues other than the monthly fee ($19.95 after rebate). Most banks offer no fees if you maintain a certain balance (say $5,000). RBC does not offer this and we are now looking at switching because of that.

We booked an appointment at TD and we're ready to sign, however they were unable to recreate the banking structure that we have with RBC.

The structure is quite simple:
1. Joint chequing account - payroll, bills etc come from this.
2. Each of us has our own chequing account, these are private from one another. It's really more of a fun money account for each of us where neither of us can complain to each other about what toys we buy :) Also helps for gifts for one another.

It's not complicated but in order for TD to build it they would need to create 3 All-Inclusive accounts for us meaning we'd need to carry a balance of $5,000 in each one to not pay fees.

Is there another bank that could create this for us? I've checked their sites and there's really no mention of anything like this. I'm actually a little surprised this isn't more common. It seemed pretty logical to us.

TIA
Must you stick with a bank? Are you open to joining a credit union?

If you are in the GTA, then have a look at Duca. I have the exact same setup with them. No fees for any personal account or the business one, nor are there any minimum balance requirements. I moved over from RBC as well.
[OP]
Sr. Member
Sep 7, 2003
936 posts
408 upvotes
fordmaple wrote: I would recommend CIBC and ensure you have an Imperial Banking Advisor assigned to you. What you have asked for is easy and I already have all that plus more with CIBC. The bank needs to work for you not the other way around. No bank is perfect. I don't pay any fees for any of the products I have with CIBC. The mobile and web apps are 2nd to none in my opinion.

Good luck.
Thanks, booked an appt with CIBC for next week.
[OP]
Sr. Member
Sep 7, 2003
936 posts
408 upvotes
sprinter wrote: Must you stick with a bank? Are you open to joining a credit union?

If you are in the GTA, then have a look at Duca. I have the exact same setup with them. No fees for any personal account or the business one, nor are there any minimum balance requirements. I moved over from RBC as well.
I'd rather stick with one of the larger banks. Thanks though.
[OP]
Sr. Member
Sep 7, 2003
936 posts
408 upvotes
Here2day2 wrote: The BMO Family Bundle might also serve your needs.
Thanks, I looked in to their accounts and I think it would work as well. I notice their Family bundle only give a $150 cash back on a credit card. I see the card being $120 plus $60 for a spouse card which means I'd go $30 out of pocket I'm assuming.
Deal Fanatic
Jul 26, 2007
6687 posts
4255 upvotes
Toronto
I have 1 joint account with TD and have structured like how you wanted and DUCA for myself.

It's better to have multiple bank accounts spread out instead of all 3 tied onto single bank incase you need to break ties and leave. And you only need 1 all inclusive account. I haven't set foot into duca branch in over a year, done all electronic while visiting bm TD branch once every few months.
[OP]
Sr. Member
Sep 7, 2003
936 posts
408 upvotes
peteryorkuca wrote: I have 1 joint account with TD and have structured like how you wanted and DUCA for myself.

It's better to have multiple bank accounts spread out instead of all 3 tied onto single bank incase you need to break ties and leave. And you only need 1 all inclusive account. I haven't set foot into duca branch in over a year, done all electronic while visiting bm TD branch once every few months.
How did TD do it for you? They said they couldn't for us. Only if we created 3 separate all-inclusive accounts.

I'm not in GTA. No DUCA for me.
[OP]
Sr. Member
Sep 7, 2003
936 posts
408 upvotes
vistokid wrote: Thanks, I looked in to their accounts and I think it would work as well. I notice their Family bundle only give a $150 cash back on a credit card. I see the card being $120 plus $60 for a spouse card which means I'd go $30 out of pocket I'm assuming.
Booked an appt with BMO for next week. Doesn't hurt to see what they can do.
Deal Fanatic
Jan 19, 2017
7424 posts
4332 upvotes
vistokid wrote: Booked an appt with BMO for next week. Doesn't hurt to see what they can do.
you don't like my idea? You can get a LOC(Line of credit) at RBC which will give free unlimited online banking transactions like paying bills. You get a joint high interest saving acct for payroll. You can do free online transfer between your LOC & the high interest saving acct for free.
Deal Expert
User avatar
Jan 27, 2004
49967 posts
14005 upvotes
ONTARIO
vistokid wrote: I'm wondering if anyone might be able to give some guidance on this.

Currently my wife and I have RBC VIP Banking. No real issues other than the monthly fee ($19.95 after rebate). Most banks offer no fees if you maintain a certain balance (say $5,000). RBC does not offer this and we are now looking at switching because of that.

We booked an appointment at TD and we're ready to sign, however they were unable to recreate the banking structure that we have with RBC.

The structure is quite simple:
1. Joint chequing account - payroll, bills etc come from this.
2. Each of us has our own chequing account, these are private from one another. It's really more of a fun money account for each of us where neither of us can complain to each other about what toys we buy :) Also helps for gifts for one another.

It's not complicated but in order for TD to build it they would need to create 3 All-Inclusive accounts for us meaning we'd need to carry a balance of $5,000 in each one to not pay fees.

Is there another bank that could create this for us? I've checked their sites and there's really no mention of anything like this. I'm actually a little surprised this isn't more common. It seemed pretty logical to us.

TIA
BMO family share. Pay one monthly fee. You can open multiple accounts without being joint.
Deal Addict
User avatar
May 7, 2017
1126 posts
666 upvotes
Look into Premier offerings. I have this set up with HSBC Premier. With TD you need to maintain 5K but I am not sure if you can qualify with Presidents account.
Deal Fanatic
Mar 21, 2010
6575 posts
3726 upvotes
Toronto
vistokid wrote: Thanks, I looked in to their accounts and I think it would work as well. I notice their Family bundle only give a $150 cash back on a credit card. I see the card being $120 plus $60 for a spouse card which means I'd go $30 out of pocket I'm assuming.
You don't have to get a credit card from the same bank that your bank account is at. There's really no benefit to it since you don't do any branch transactions with a credit card.

If I was you, and if I didn't need all of the accounts to have in-person teller services, I'd use an online bank for the two personal accounts - Simplii (CIBC) or Tangerine (Scotia) if you want to stick to brands of the big banks. Those don't have day to day transaction fees and you can still use the parent bank's ATMs.
Sr. Member
Feb 28, 2014
964 posts
1141 upvotes
vistokid wrote: I'm wondering if anyone might be able to give some guidance on this.

Currently my wife and I have RBC VIP Banking. No real issues other than the monthly fee ($19.95 after rebate). Most banks offer no fees if you maintain a certain balance (say $5,000). RBC does not offer this and we are now looking at switching because of that.

We booked an appointment at TD and we're ready to sign, however they were unable to recreate the banking structure that we have with RBC.

The structure is quite simple:
1. Joint chequing account - payroll, bills etc come from this.
2. Each of us has our own chequing account, these are private from one another. It's really more of a fun money account for each of us where neither of us can complain to each other about what toys we buy :) Also helps for gifts for one another.

It's not complicated but in order for TD to build it they would need to create 3 All-Inclusive accounts for us meaning we'd need to carry a balance of $5,000 in each one to not pay fees.

Is there another bank that could create this for us? I've checked their sites and there's really no mention of anything like this. I'm actually a little surprised this isn't more common. It seemed pretty logical to us.

TIA
Why not just open the individual accounts at an online only bank and just have the TD account as joint? This is something pretty simple tbh. The individual accounts don't really need to be at a brick & mortar.

Something like TD + Simplii can be a great option. Hell, if you don't even need debit card access for the individual accounts, pair the TD account with individual accounts at EQ or Neo Financial.
Deal Expert
User avatar
Dec 12, 2009
25186 posts
14917 upvotes
Toronto
OP, you should work with the financial institution that you have done business with over the years. Leverage your loyalty. It is not easy to walk into a new account and be demanding right away. I bank at CIBC and have been forever. When my kids needed accounts, my branch level advisor was very accommodative. There were monthly fees associated with the kids accounts, but they were reversed automatically each month. Over the years, the type of account has changed, but the fee reversal is still in play. The branch is not going to walk out on them and risk losing a potential life long customer.
Koodo $40/6GB
Public Mobile $40/15GB, lot less with rewards
Fido $0.00/4GB+tablet
Tangerine Bank, EQ Bank, Simplii
[OP]
Sr. Member
Sep 7, 2003
936 posts
408 upvotes
ml88888888 wrote: you don't like my idea? You can get a LOC(Line of credit) at RBC which will give free unlimited online banking transactions like paying bills. You get a joint high interest saving acct for payroll. You can do free online transfer between your LOC & the high interest saving acct for free.
Honestly, I've given RBC ample opportunity to keep our business and they don't seem interested. I'm good with moving on.

Thank you for the reply though.
[OP]
Sr. Member
Sep 7, 2003
936 posts
408 upvotes
deltatux wrote: Why not just open the individual accounts at an online only bank and just have the TD account as joint? This is something pretty simple tbh. The individual accounts don't really need to be at a brick & mortar.

Something like TD + Simplii can be a great option. Hell, if you don't even need debit card access for the individual accounts, pair the TD account with individual accounts at EQ or Neo Financial.
We need access to cash for our own chequing accounts. ATMs are a must.
Deal Fanatic
Jan 19, 2017
7424 posts
4332 upvotes
vistokid wrote: Honestly, I've given RBC ample opportunity to keep our business and they don't seem interested. I'm good with moving on.

Thank you for the reply though.
if you have not made up your mind to hate RBC, would you choose my method?

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