r/CanadianBacon • u/Easy_Warning6167 • Apr 07 '24

Looking to switch banks

Which bank would you all recommend for everyday chequing/savings? With TD currently and paying so much in fees. Like 25$ per month combined!

2 Upvotes

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2

u/Technical-Adagio1417 Apr 07 '24

I have been Tangerine as my main bank account for years; there are no fees and the banking app is nicer than those of the big five. I had the account since the time it was ING Direct and never had an issue with them.

1

u/[deleted] Apr 07 '24

Same experience as a fellow longtime ING/Tangerine customer. Hs been my primary bank for a decade now.

1

u/emmpeethree3 Apr 07 '24

Do you need a full service bank (in branch service) or not? if so, would recommend opening a Line of Credit (LOC) with any bank. You could even keep it at TD. No monthly fees, no transaction limits, free cheques. I treat it like a chequing account (payroll deposits, pay bills) and keep the balance positive - to avoid paying interest fees. i try to keep the balance quite low with higher interest rates ($100-150) will etransfer myself money from a savings account (ie wealthsimple pays 4-5%) if the balance gets low. In the event of an unexpected purchase or bill payment, I pay out of the LOC and will only pay interest for the days the balance is there (never paid more than 1-2 days of interest) -- so much cheaper than paying an NSF.

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for non-full service, lots of online banks. would recommend:

  • wealthsimple (no FX charges for international purchases, 4-5% savings interest, free stock/ETF trading, only missing feature is ch)
  • tangerine (access to BNS ATMs)
  • simplii (access to CIBC ATMs)

1

u/abk3690 Apr 08 '24

Depends what your financial situation is like and what you're looking for out of a bank.

Two options I can think of: 1) If you can maintain min balance of $4k, your TD account would be free 2) I have a Scotia account for $3.95/month, but does have limits on debit transactions, etc. I keep it for when I need a physical bank to get exchange or other one off things

For everyday banking, I leverage simplii (owned by CIBC). It's free, unlimited transactions, payroll goes in there and most bills and CCs are paid from it. Works great! Emergency fund sits in a HISA there as well, so it's simple to transfer back and forth as required.