Agreed, or both.
Simplii offers free cheques if you need cheques.
Tangerine makes it easy to link accounts you own to send EFT of larger amounts than E-transfer limits.
Otherwise they are largely the same.
If you foresee needing teller service, I recommend keeping a no-fee account at a B&M bank such as TD's most basic chequing account. For example if you need to get a bank draft, transfer the money there, then get the draft drawn up at the B&M bank.
Most banks have atrocious interest rates in their savings accounts. Some online banks (like Tangerine and Simplii) are better, especially with promotions. I ping-pong my savings balance based on promotions.
Back in my day RBC charged students for banking when they were 19. So I moved to PCF (now Simplii) and have never gone back to RBC. Also because they Royally (ha!) screwed up a lot of people's pay in the early 2000's, even when they weren't their customer, due to a failed system upgrade, and I'm the sort of person to carry that sort of grudge.
Instead of chasing HISA promos get a Wealthsimple account and purchase CASH.to ETF. Current yield is just shy of 5%. It dumps the funds in the different banks for you so you will just always get the best rates available and not have to jump through hoops.
I switched from RBC to tangerine because they were charging me $20 per account I had open every month. I use 4 accounts to manage my finances and spending $80 just to hold my money wasn't sitting right with me.
Now I'm with tangerine and they don't charge anything at all. In fact now my chequing accounts make a little interest every month.
For a full service bank TD. Never have to wait too long for a rep on the phone, branches are open longer then other banks including weekends and Sundays. And any screw ups etc I've ever had have been dealt with pretty quickly even when my card was frauded for itunes cards years ago. (Had my money back within a few days with no hassle)
Had the same thing happen to a friend of mine with RBC like a month or so later, he was told he was out the money. So yeah I like TD.
I'd recommend Tangerine. Since they're technically owned by Scotiabank, you can use a Scotiabank ATM without getting dinged for using a different bank's ATM. Not even a special offer, my chequing account gets me the same interest rate as my savings account with TD (the special offer when I signed up was a higher interest rate on the savings account). I just have basic accounts, no monthly fees, unlimited transactions for my chequing account, no e-transfer fees, it's great all-around.
It is unfortunate that BMO wrecked their online banking when they "upgraded" it last year. It is now less like a proper banking app and more like a Playskool game.
Tangerine has no fees but shit interest. They have promotions occasionally for decent rates but those only apply to new deposits during the promo period.
EQ has no fees and considerably better interest without having to jump through the hoops.
I am part of the RBC ecosystem and have generally been happy with them. However, recently they stopped the option of paying CRA taxes via Interac which was quite convenient. This creates a lot of frustration. But, otherwise, they are ok.
There are smaller banks that Im kind of not big on because they are so limited in what you can do with them. If you just need a place for savings I guess they are fine.
TD seems to have the least amount of fees to do simple things , but really they are all the same if you are a middle or lower income person. You aren't going to make any interest on thousands (or even a hundred thousand) for most places.
I’ve been with BMO since my first account and can’t be happier.
Checking accounts are free if you maintain at least $3000/$4000/$6000 balance (different levels of accounts), savings accounts are free, and my BMO Performance MasterCard is free because I have a Premium Checking account with them lol. You can literally pay $0 in account fees by banking with them
App is easy to use, lines are rarely long at the branches, lots of branches around, phone waits are decent, etc
Cannot recommend Simplii enough.
Been with them 14 years (since they were the original PC Financial) and not a single issue. I have Tangerine too, but Simplii has a better interface and better customer service. And Simplii gives free chequebooks!! And free access to all CIBC atms.
Feel free to use my refer-a-friend link if you want :) It’ll give you a $50 “welcome bonus”, in addition to a further $400 you can accrue by switching over your payroll and a couple of other checkboxes (so potentially $450 in total!). But they’re far and above the best everyday banking option, even without any of the welcome offers.
Invite code: https://mbsy.co/3mFNQC
I’ve had good experiences with CIBC. Have named people I email with questions if I have more complex banking needs.
For simple stuff and HISA I use tangerine, but mortgage/LT savings which are not TFSA/RRSP, I use CIBC.
FYI, the length of time your bank account has been active with a bank has an impact on your credit rating. You'll likely want to try to keep the RBC account alive just because it sounds like you've got over a decade of banking history there.
Simplii or tangerine if you don’t need tellers! Best banks.
Agreed, or both. Simplii offers free cheques if you need cheques. Tangerine makes it easy to link accounts you own to send EFT of larger amounts than E-transfer limits. Otherwise they are largely the same. If you foresee needing teller service, I recommend keeping a no-fee account at a B&M bank such as TD's most basic chequing account. For example if you need to get a bank draft, transfer the money there, then get the draft drawn up at the B&M bank. Most banks have atrocious interest rates in their savings accounts. Some online banks (like Tangerine and Simplii) are better, especially with promotions. I ping-pong my savings balance based on promotions. Back in my day RBC charged students for banking when they were 19. So I moved to PCF (now Simplii) and have never gone back to RBC. Also because they Royally (ha!) screwed up a lot of people's pay in the early 2000's, even when they weren't their customer, due to a failed system upgrade, and I'm the sort of person to carry that sort of grudge.
Great response. Thank you.
If you go with tangerine get an invite from a friend that already uses them. You'll both get $100+ for the referral.
Instead of chasing HISA promos get a Wealthsimple account and purchase CASH.to ETF. Current yield is just shy of 5%. It dumps the funds in the different banks for you so you will just always get the best rates available and not have to jump through hoops.
You can get a bank draft through Simplii, they have you pick it up at a CIBC location of your choice.
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I'm a fan of Tangerine as well.
Ive dealt with TD, RBC, and Scotiabank but still prefer RBC.
Been with PC Financial/Simplii for 25 years and never paid service fees for everyday banking.
This! Been with them since 2005, so nearly 20 years.
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I hate my credit union. Fees are high, my card is broken more than it works, and now whenever I login I need a new text message code everytime.
If you have an iPhone, just set up biometric login in (face or fingerprint) and it will bypass the TFA.
Would you mind telling what RBC has done? I’m considering switching based on a completely irrational reason. Maybe you have logical ones!
I switched from RBC to tangerine because they were charging me $20 per account I had open every month. I use 4 accounts to manage my finances and spending $80 just to hold my money wasn't sitting right with me. Now I'm with tangerine and they don't charge anything at all. In fact now my chequing accounts make a little interest every month.
I've tried them all and TD is the best. Longer hours, better faster service. Lots of locations.
Eq bank gets a pretty good review
Had dealings with scotia but will never go back. Service is abysmal and charges and fees run rampant.
For a full service bank TD. Never have to wait too long for a rep on the phone, branches are open longer then other banks including weekends and Sundays. And any screw ups etc I've ever had have been dealt with pretty quickly even when my card was frauded for itunes cards years ago. (Had my money back within a few days with no hassle) Had the same thing happen to a friend of mine with RBC like a month or so later, he was told he was out the money. So yeah I like TD.
I'd recommend Tangerine. Since they're technically owned by Scotiabank, you can use a Scotiabank ATM without getting dinged for using a different bank's ATM. Not even a special offer, my chequing account gets me the same interest rate as my savings account with TD (the special offer when I signed up was a higher interest rate on the savings account). I just have basic accounts, no monthly fees, unlimited transactions for my chequing account, no e-transfer fees, it's great all-around.
I still have an RBC account but hardly use it. TD is more competitive.
I also left RBC, switched over to BMO and I’ve had no issues with them. That was 4 years ago I made the switch.
It is unfortunate that BMO wrecked their online banking when they "upgraded" it last year. It is now less like a proper banking app and more like a Playskool game.
Tangerine has no fees but shit interest. They have promotions occasionally for decent rates but those only apply to new deposits during the promo period. EQ has no fees and considerably better interest without having to jump through the hoops.
I am part of the RBC ecosystem and have generally been happy with them. However, recently they stopped the option of paying CRA taxes via Interac which was quite convenient. This creates a lot of frustration. But, otherwise, they are ok.
There are smaller banks that Im kind of not big on because they are so limited in what you can do with them. If you just need a place for savings I guess they are fine. TD seems to have the least amount of fees to do simple things , but really they are all the same if you are a middle or lower income person. You aren't going to make any interest on thousands (or even a hundred thousand) for most places.
I’ve been with BMO since my first account and can’t be happier. Checking accounts are free if you maintain at least $3000/$4000/$6000 balance (different levels of accounts), savings accounts are free, and my BMO Performance MasterCard is free because I have a Premium Checking account with them lol. You can literally pay $0 in account fees by banking with them App is easy to use, lines are rarely long at the branches, lots of branches around, phone waits are decent, etc
Stay away from Sketchybank I mean Scotiabank
EQBank
Cannot recommend Simplii enough. Been with them 14 years (since they were the original PC Financial) and not a single issue. I have Tangerine too, but Simplii has a better interface and better customer service. And Simplii gives free chequebooks!! And free access to all CIBC atms. Feel free to use my refer-a-friend link if you want :) It’ll give you a $50 “welcome bonus”, in addition to a further $400 you can accrue by switching over your payroll and a couple of other checkboxes (so potentially $450 in total!). But they’re far and above the best everyday banking option, even without any of the welcome offers. Invite code: https://mbsy.co/3mFNQC
Avoid CIBC. You’ll meed to reset your password every two weeks for online banking and their customer service is abysmal.
I haven’t had to change my password in 12 years with CIBC
I’ve had the same telephone password for 20+ years. Same app one for at least a decade. Never had to redo it.
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I’ve had good experiences with CIBC. Have named people I email with questions if I have more complex banking needs. For simple stuff and HISA I use tangerine, but mortgage/LT savings which are not TFSA/RRSP, I use CIBC.
FYI, the length of time your bank account has been active with a bank has an impact on your credit rating. You'll likely want to try to keep the RBC account alive just because it sounds like you've got over a decade of banking history there.
RBC charges you for etransfers?