Most banks let you overpay your Line of Credit account, so you can use it as an account with unlimited free transactions and extra large overdraft, though there's differences in features.redzone wrote: ↑ this is an intriguing method to achieve the need for quick cash when required. i like the approach. will have to do more research.
I do have a Simplii account as our day to day account i just remember the last time i needed a money order / bank draft i had to pay an extra fee to get it within a week. I guess thats not a big deal as it is such a rare event.
RBC won't let you overpay.
Scotiabank does but the account is structured more like a Visa. Can accept bill payments, can make bill payments, can withdraw cash at Scotia ATM. Can't do EFT, not normal account transit numbers.
BMO I'm not familiar with. I think it's similar to Scotiabank's but in Mastercard form.
CIBC Free outgoing e-transfers (email money transfers). Can do EFT (to link to Simplii or EQ or direct deposit, or pre-authorized payments). Free Cheques?
TD Can do EFT. Can accept bill payments (so you can easily send large amounts of money from Simplii without doing an EFT link), can accept e-transfers, costs to send e-transfers. Free cheques. Combine with a free TD Everyday savings account to have a "real" deposit account. Everyday savings allows 1 free withdraw transaction per month.
Where you bank with TD now, you might be able to negotiate a good rate / limit. Having a high limit means if a quick opportunity came up, you could get a bank draft made, then wait for the money to transfer over, and not be out too much for interest for a couple of days. Also having TD & Simplii gives you two different ATM networks and institutions, where CIBC & Simplii are one and the same.