Personal Finance

looking for a good personal bank account

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  • May 8th, 2015 6:24 pm
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[OP]
Deal Addict
Nov 7, 2006
2209 posts
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looking for a good personal bank account

TD is making me keep a minimum of 2000$ per month for 12 transaction. If I have less then 2000$ in my bank account or more then 12 transactions then they charge me a fee of 3.95$. Was wondering if there were better solutions out there where I don't need have to keep a minimum as high as that...
27 replies
Deal Addict
Sep 20, 2006
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Winnipeg
Tangerine or President's Choice Financial
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Jul 11, 2008
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ever heard of tangerine or PCF?? former is owned by scotiabank and latter is owned by cibc. they're no fee bank accounts.
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[OP]
Deal Addict
Nov 7, 2006
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whats an orange kee? I haven't seen any Tangerine banks around so how do I go about retrieving money if I need to? Through Scotia? Will they charge me a fee?
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Jul 11, 2008
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TurboTronix wrote: whats an orange kee? I haven't seen any Tangerine banks around so how do I go about retrieving money if I need to? Through Scotia? Will they charge me a fee?
yes through scotia.

For PCF, you can do it through CIBC.

you can also use scotiabank's ATM for tangerine, and CIBC ATMs for PCF.

They won't charge you fees. They're no fee bank accounts.

like i said, I just have basic account at TD that I pay no fee for, and use tangerine for most things - there's no fees.
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Member
Mar 14, 2015
242 posts
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Winnipeg, MB
TurboTronix wrote: whats an orange kee? I haven't seen any Tangerine banks around so how do I go about retrieving money if I need to? Through Scotia? Will they charge me a fee?
An orange key is just a referral code. Basically you put in someone's code, and when your account is set up with at least $100 in it, both you and whoever's referral code you use get a bonus of $25
[OP]
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Nov 7, 2006
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I don't think the orange key works for someone who already had other tangerine accounts (ie TFSA, savings...). The referral only works for brand new clients.
Member
Mar 14, 2015
242 posts
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Winnipeg, MB
TurboTronix wrote: I don't think the orange key works for someone who already had other tangerine accounts (ie TFSA, savings...). The referral only works for brand new clients.
yes you are right
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Jul 11, 2008
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you're correct.

I'd still keep at least one account from big 5 banks - most basic account type with no fees. and use tangerine for most other bank activities.
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[OP]
Deal Addict
Nov 7, 2006
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Is it wise to close my TD account and switch to Tangerine all together? My wife has a TD account and my mortgage and visa is with TD as well...not sure why many say its wise to keep the TD bank account but the main reason I want to switch is because they have that minimum amount that needs to be in my bank account to waive monthly fees...
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Jul 11, 2008
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TurboTronix wrote: Is it wise to close my TD account and switch to Tangerine all together? My wife has a TD account and my mortgage and visa is with TD as well...not sure why many say its wise to keep the TD bank account but the main reason I want to switch is because they have that minimum amount that needs to be in my bank account to waive monthly fees...
ah i see. I have youth account that i never upgraded and i pay no fees. i hope they don't catch on.

i guess it's just inconvenient sometimes, if you can live with it, you can just have tangerine account no problem.

like for getting a bank draft - you have to have it couriered to you by tangerine, you can't just go to scotiabank and ask for it.
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Mar 11, 2007
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Tangerine use ATM at Couche-Tard. So there are PLENTY of possibilities to get your cash.

Using ING/Tangerine for almost 3 years. I closed most of my account elsewhere.
Sr. Member
Jan 5, 2015
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Edmonton, AB
I use PC Financial.
Get all my cash from CIBC atms.
Bank drafts can be ordered online and picked up at any CIBC branch.
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Jun 3, 2006
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TurboTronix wrote: Is it wise to close my TD account and switch to Tangerine all together? My wife has a TD account and my mortgage and visa is with TD as well...not sure why many say its wise to keep the TD bank account but the main reason I want to switch is because they have that minimum amount that needs to be in my bank account to waive monthly fees...
Switch the bank account to an LOC? I keep like $100 in mine and use it as a chequing. It's convenient because I can fund my TD Waterhouse accounts quicker.
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Jan 27, 2004
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If you like having a b&m bank bmo & rbc have decent ones.
Bmo requires $1500 for their basic checking acc fee to be waived. $1500 is low compared to other banks right now.

Rbc requires a rewards visa and investment for their basic checking acc to be waived. With rbc you can at least invest your monies.


Theres always credit unions and online banks if you can handle never going to a branch again... Or having a hard time getting large amounts of cash or a draft/money order.

There are some benifits to being @ a b&m bank.if you develop a relationship old skool banking style... You'd be surprised at the perks it can get ya if you ask and actually have a relationship there. I can't get into too much details, but rates can be competitive, just not listed.
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May 13, 2005
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You don't have to leave TD in order to get free banking.

1) Open a TD Line of credit (LOC). This account will give you unlimited free transaction, free cheque... Put some money in this account so it has positive balance and you don't have to pay interest when you need money (withdraw money or paying bills).

2) Setup this TD LOC account as one of the saving/chequing for your ATM bank card so you could withdraw money from your TD LOC using your ATM card.

3) Close your TD Chequing account and enjoy free TD LOC chequing account.
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Jul 15, 2009
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mathiewannabe wrote: you're correct.

I'd still keep at least one account from big 5 banks - most basic account type with no fees. and use tangerine for most other bank activities.
Which big 5 bank offers a basic account with no fees?
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Jul 11, 2008
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bubak wrote: Which big 5 bank offers a basic account with no fees?
i guess no one.. only reason i have one is because it's still youth account - (i'm mid 20s)

like x360 said, LOC chequing is probably the best way to get free chequing - free overdraft too.
Sr. Member
Dec 26, 2011
776 posts
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Don't they have Savings accounts with no fees?

I have a no fee RBC Day to Day Savings account which over the years has typically only had a few dollars in it (<$5 and closer to 0) and has 1 free debit per month. This account actually enabled me to even get a Tangerine account as they provide over the counter cheques (no charge, just counted as a transaction which I had 1 free per month). Meanwhile my credit union had a minimum 50 cheque order, CIBC was the same.
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Nov 10, 2005
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X360 wrote: You don't have to leave TD in order to get free banking.

1) Open a TD Line of credit (LOC). This account will give you unlimited free transaction, free cheque... Put some money in this account so it has positive balance and you don't have to pay interest when you need money (withdraw money or paying bills).

2) Setup this TD LOC account as one of the saving/chequing for your ATM bank card so you could withdraw money from your TD LOC using your ATM card.

3) Close your TD Chequing account and enjoy free TD LOC chequing account.
I cannot confirm my source, but I heard, a while ago, that TD was cracking down on this type of use on their LoC?
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