When I comes to where you do your daily banking, I have one main recommendation: Don’t. Pay. Fees.
In the age of the internet, I don’t think there’s any reason to pay a monthly fee to a bank when there are free options. Here are the two options I use, and recommend with no hesitation.
I have done my banking with Simplii since the late 1990’s, when it was still President’s Choice Financial. I think I might have gotten a free box of cookies for opening an account. This was the first no-fee banking I learned of, and my savings over the years have been substantial. If we assume a monthly chequing account fee of $11.95, over the last 20 years I have avoided paying $2868 in fees without missing out on any service. For the few times I’ve needed to talk to a bank teller (exchanging currency, getting a certified cheque), I’ve used CIBC tellers without issue.
Another no fee bank that I’ve been a client of for some time is Tangerine. Coincidentally they also have changed their name, as they were originally ING Direct. They offer a chequing account, but I’ve actually never done my day to day banking there. Where Tangerine really stands out in my opinion is as a place to save your money. Keeping my savings in a separate bank from my daily chequing account has really helped me to manage my savings and spending. My property tax bill and water utility bill are due quarterly, so to make budgeting easier I transfer money every month to Tangerine. For years our family has also saved our Christmas gift budget each month, and it makes shopping for the holidays a lot less stressful. If you open an account and use my Orange Key 16736041S1 you’ll get a free $50 when you deposit $100. Act now because the bonus goes down to $25 after January 31, 2019.
Tangerine Money-Back Credit Card
Tangerine also offers a great no-fee cash back Mastercard. Though you don’t have to be a member to get the card, you do get an extra spending category at 2% cash back so it’s well worth opening a no-fee bank account in addition to getting the credit card.
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Shaun Recommends 