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Thread: Bank account monthly fee - keep the float or put it in the market?

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    Default Bank account monthly fee - keep the float or put it in the market?

    Do you guys maintain a float in your bank accounts to get a monthly fee rebate?

    My monthly TD fee is $15 so I just keep a minimum of $4000 in there but I've been thinking about just throwing that $4000 into something. Essentially I'd have to make more than a 4.5% return to make it worth it but even then, $4000 capital is a pittance that it doesn't do much.

    What do you guys do?

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    Interested in this too. I do like my all inclusive account with TD, waves my TD Visa annual fee as well.
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    S&P500 has gone up 3.6% over the past year. The US economy is starting to contract and running record deficits, tbh I'd play it safe and take a guaranteed 4.5% since you also have no fees on that. If you invest it you need 4.5% after any investment fees
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    TIL, people still pay bank fees, or keep money tied up to avoid paying bank fees... PC Financial/Simplii or whatever they're calling themselves FTW.

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    How's the app / online interface?
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    4k is quite a bit to float. CIBC is 1000 which is reasonable enough just to forget about it.

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    Float for sure, although my current main account is only $1,500 I think? Other accounts are no fee anyway.
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    BMO premium plan is $30 a month, waived for $6000 minimum. I do it. I consider it as part of my emergency fund which in theory should be liquid.

    30*12 = $360, 360/6000 = 6% "guaranteed return"

    One of the main reasons i go for the premium plan is it waives my CC's annual fee of $150, so i get a bit of extra value this way too. If i went with a different plan (say the $16/month which is waived at 4000) then i would have to pay my $150 YF.

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    I pay no service charges regardless of balance, RBC. Just have a couple products with them (ie. visa, chequing, small rsp).
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    I'm just average joe but my wife and I have our investment holdings through TD, dual term life products, an auto insurance policy and an unsecured LOC which admittedly doesn't get used much. We had a mortgage as well but that got switched to another lender back in November 2018. I have products on paper but I wouldn't consider myself as doing alot of business with them.

    Decided to try my luck so I called TD and some feller basically gave me the spiel that they don't have the ability to waive any monthly fees regardless if their customer was a high roller or not

    I don't feel like calling again since 90% of the time I get some frontline east indian guy reading off a script.

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    Quote Originally Posted by rx7boi View Post
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    Do you guys maintain a float in your bank accounts to get a monthly fee rebate?

    My monthly TD fee is $15 so I just keep a minimum of $4000 in there but I've been thinking about just throwing that $4000 into something. Essentially I'd have to make more than a 4.5% return to make it worth it but even then, $4000 capital is a pittance that it doesn't do much.

    What do you guys do?
    I do the same, except I have the one where you need to keep $5K in, which only adds TD Visa fees waived (and I don't even have one) and no TD fee for ATMs worldwide vs just Canada (which I don't need either). I might as well switch and that'll be $1K less tied up.

    I also consider it to be an emergency fund, although I don't know what emergency could come up that my credit cards couldn't handle, if anything I'd rather use them for the cash back.

    Quote Originally Posted by rx7boi View Post
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    I don't feel like calling again since 90% of the time I get some frontline east indian guy reading off a script.
    That's getting pretty brutal, when I had to call them in Vegas because my card wouldn't work on 4 different ATMs they said it should work, try another. Total script BS.
    Last edited by Swank; 06-13-2019 at 01:50 PM.

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    Yeah for sure! I had the All-Inclusive account as well but moved down to the Unlimited account.

    Just FYI, if you don't have that top-tier account and ever need a bank draft(s) or free cheques, just get your balance past $5000 and ask them to change your account on the spot. They can do it as many times as you want and there is no time period limitation.

    If I recall, I needed a bank draft and it was like $30. I already had more than $5000 so I just changed my account to an All-Inclusive and then changed it back after several weeks haha.

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    I normally float more than needed to wave the fee just in case of an emergency or if I want access to immediate cash for something
    Last edited by Sugarphreak; 06-13-2019 at 02:43 PM.
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    I keep mine afloat just above 4k. But that includes part of immediate emergency funds that has to stay liquid.

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    Quote Originally Posted by rx7boi View Post
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    Decided to try my luck so I called TD and some feller basically gave me the spiel that they don't have the ability to waive any monthly fees regardless if their customer was a high roller or not
    They have the ability to waive any fees they want for certain customers, you're just not one of those customers haha.

    (disclaimer: I am also not one of those customers)

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    Quote Originally Posted by cjblair View Post
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    They have the ability to waive any fees they want for certain customers, you're just not one of those customers haha.

    (disclaimer: I am also not one of those customers)
    Yeah exactly haha. Like I said, I'm just average schmuck with some basic TD products.

    I just think it's hilarious that the rep tried to lie through his teeth when I called him out and asked "so you don't think that TD has the ability or would waive fees for a multi-millionaire customer that does business with TD frequently and is considered a VIP?"

    We both knew what the answer was or maybe he's so oblivious he just sticks to the script no matter what.

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    Quote Originally Posted by tonytiger55 View Post
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    I keep mine afloat just above 4k. But that includes part of immediate emergency funds that has to stay liquid.
    This. Our float is 5k, but for same thing.

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    Holy Hanna imagine how much money TD makes off our money just sitting in our accounts
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    Quote Originally Posted by Ca_Silvia13 View Post
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    4k is quite a bit to float. CIBC is 1000 which is reasonable enough just to forget about it.
    I honestly don't think floating 4k is a lot and it would disappear real quick in an emergency. At least for me it would, different strokes for different folks I guess depending on your situation.

    Quote Originally Posted by dirtsniffer View Post
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    Holy Hanna imagine how much money TD makes off our money just sitting in our accounts
    They make enough to pay their CEO a petty ~$5 mil a year lol. Make money with other peoples money, it's the perfect business model. I'm surprised they haven't added the TIP feature on their ATMs and teller login machines yet.

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    Quote Originally Posted by Ca_Silvia13 View Post
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    4k is quite a bit to float. CIBC is 1000 which is reasonable enough just to forget about it.
    my CIBC is 3k float

    I float just because i like to have easily accessible funds if needed.
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