Personal Finance

Looking to switch banks and credit card companies

  • Last Updated:
  • Apr 26th, 2022 11:14 am
Sr. Member
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Oct 30, 2010
550 posts
253 upvotes
Toronto

Looking to switch banks and credit card companies

Currently I'm with Simplii Financial, and while it's sufficient for basic banking needs, there's literally 0% interest rate in the savings account and there aren't any promotions whatsoever. Same situation with the CIBC Costco Mastercard - crappy cashback rates on everything. I'm looking to switch to another bank (both chequing and saving account) and credit card provider.

  • For the chequing account, I heard sometimes the Big 5 gives out a free iPad, conditional on making some transactions. Anyone know usually when these promos occur? Right now I checked all 5 banks and the best offer is a $350 reward
  • For the savings account, best interest rate I found so far is RBC's "cashable GIC" account, which to my knowledge is virtually identical to a high interest savings account? Or are there any differences?
  • For the credit card, it seems BMO's World Elite MC is alright in terms of cashback. Anyone have other suggestions?

I always maintain sufficient balance in my account so I can easily avoid the monthly charges on non-free accounts.
4 replies
Deal Addict
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Nov 26, 2011
3447 posts
894 upvotes
For me the Rogers World Elite Mastercard works best with a straight 1.5% cash back, I also use PC WE MC and Triangle WE MC.
Deal Addict
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May 31, 2018
1207 posts
3037 upvotes
SK
I would look to have a number of options available at any time to take advantage of different promos and product niches.

For example, you could open accounts at Tangerine, Motive and EQ Bank for different HISA offerings, and maybe Scotia's Ultimate account for chequing, a safe deposit box and a AF free Scotia Amex Gold, Momentum or Passport Infinite.

Then look at credit card offerings from Tangerine, Amex (Cobalt) and others that fit your spending patterns to max out on rewards there.

Just a huge number of possibilities. Start with a few threads and start narrowing down what you think is important.

official-rfd-thread-high-interest-savin ... es-698055/

list-rfd-credit-card-lists-2162874/
Deal Addict
May 16, 2017
2809 posts
3663 upvotes
First - unless you'll have enough deposits or investments to avoid future fees STOP looking at the Big5 bank promo's and separate out your credit card provider from your search for a banking provider. Even then, none of the Big5 will provide a reasonable straight savings account interest rate.

Follow FarmerHarv's advice in the previous post and see what might suit your financial activities best.
Deal Fanatic
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Nov 14, 2003
6675 posts
5466 upvotes
LaLaLand
Cibc has the Smart Plus Account

If you have $6000 in a deposit account or $100,000 in combined eligible savings and investments, including GICs, there are no monthly fees.

This also includes a $140 rebate on a credit card annual fee.

https://www.cibc.com/en/personal-bankin ... rvice.html

There is also currently a $350 welcome bonus.

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