Which Bank do you use?

[killramos]

Private banking at RBC is 250k investments I believe. And it’s far from free.

No idea where this 100k to not pay fees comes from?

Retail banking is very profitable across the board, they all get their pound of flesh somehow. Go with whatever bank makes you feel the least ripped off.

Edit: Private does seem to be listed as a million now, swear it was 250k before.

[ExtraSlow]

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That's too bad. RBC might make you feel like a VIP, but aren't you paying $19.95 a month for something TD offers for FREE?

That in itself is robbery.

Keep $5k in my account at all times, or pay $19.95 a month? Answer is pretty simple to me, especially if you like beer.

agree. I'm sure that td had that program back then, but they sure didn't sell me on the benefits.

Most people who think they will keep the $5k in the account will slip up a few times a year, and end up paying significant fees when they do. So you are foregoing the little bit of interest yiur 5k could have earned, and paying some fees.

[FraserB]

Just switched from TD to BMO, had a bunch of fraud issues at TD and this was the only sure way to stop it.

BMO still waives the account fees and credit card annual fee with minimum balance, the cash back CC vs. travel points isn’t a big difference. BMO did give me a unsecured LOC 8x what TD did and beat their rate by like 3%, even though I never use the thing.

[Strider]

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And it’s far from free.

Just looked it up and it seems to be the exact opposite. $100/month in fees, lol.

[sabad66]

i consider the 5-6k i keep in my chequing account as part of my emergency fund. if i didn't keep it in my chequing account, it would be in a basic savings account which only pay like 1% interest anyways so don't really feel like i'm missing out on much interest/gains with by keeping cash in chequing to get the free premium plan.

[killramos]

So if the balance drops below 5k at any point in these accounts boom fees?

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Just looked it up and it seems to be the exact opposite. $100/month in fees, lol.

I know a few people who use it, it’s really not for everyone and it’s more about financial planning than anything.

[sabad66]

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So if the balance drops below 5k at any point in these accounts boom fees?

Yup, with BMO it's 6k for the premium plan and if at any point your account gets below, even 5999.99, you pay the $30 fee.

FWIW, it's only happened to me once in the past 3 years... if you can plan well and have a good idea of all payments going in and out of your chequing it's not too hard to do.

[Strider]

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So if the balance drops below 5k at any point in these accounts boom fees?
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I know a few people who use it, it’s really not for everyone and it’s more about financial planning than anything.

I thought financial planning, etc was handled on the DS / wealth management side. It looked like private banking was more about business financing, lending/credit needs, and a black card.


$29.95 fee if your TD balance drops below $5k for even 1 day in a month... but they'll usually waive it if you ask.

[killramos]

Maybe financial management is a better word than planning.

Like not paying your own bills haha

[swak]

I was with TD for 20+ years when I was a kid, then recently moved over to RBC in the past 3 years. TD's fees were getting crazy over petty stuff, I had enough. RBC has been great.

RBC for day to day banking, direct investing and visa (payroll gets deposited into)
Tangerine for home expenses.

I am trying to convince myself it's a good idea to move all my assets to Tangerine, as I'm a big fan of their model of no fees and they pay you interest (albeit pennies).

[ExtraSlow]

Not often, but occasionally it's handy having a big bank. Buying a vehicle it's cool to have decent weekend hours and a branch close to the point of sale.

[tonytiger55]

Im at TD, Credit card at Tangerine and slowly shifting RRSP over them too.

[jwslam]

Anyone with Manulife?

https://www.manulifebank.ca/campaign...waAgNpEALw_wcB

[msommers]

I'm going to start looking more closely at where to change my chequing account to since my student deal is going to expire here soon. Almost all my banking transactions are online these days and want bare-bones features.

[realazy]

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I'm going to start looking more closely at where to change my chequing account to since my student deal is going to expire here soon. Almost all my banking transactions are online these days and want bare-bones features.

I've been contemplating depositing paychecks into EQbank instead of TD and just transferring it out when I need it cash. EQ basically has unlimited transactions it can do pretty much everything in a "savings" account except getting cash. You can just get a bare bones free account at some other bank for cash. EQ's 2.3% interest is better than zero interest in chequing accounts and the 0.15% interest savings accounts that most large banks offer.

[suntan]

Simplii for day to day.

Pick whatever is best for you for CC. Get a LOC somewhere so that you have teller access.

[msommers]

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I've been contemplating depositing paychecks into EQbank instead of TD and just transferring it out when I need it cash. EQ basically has unlimited transactions it can do pretty much everything in a "savings" account except getting cash. You can just get a bare bones free account at some other bank for cash. EQ's 2.3% interest is better than zero interest in chequing accounts and the 0.15% interest savings accounts that most large banks offer.

I use EQ now as a savings vehicle. It works great because it takes several days to have the money transfer back to my main account so it impedes my impulse buying! Not sure if this is a problem for day-to-day stuff like paying bills etc.

[realazy]

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It works great because it takes several days to have the money transfer back to my main account so it impedes my impulse buying! Not sure if this is a problem for day-to-day stuff like paying bills etc.

I'm surprised it's so slow. EQ to TD push transactions show up the next morning for me, same with payments to Questrade, TD Visa, etc. Its faster than payments using TD.

[Mitsu3000gt]

TD my entire life, since the bank-booklet days that recorded my pathetic balances.

Never had a reason to switch or look to switch really. Nothing sits in an actual bank account for too long anyway.

[ThePenIsMightier]

I'm at the Boyal Rank.
Not happy but not furious. I'd consider a switch to Scotia.
Never will I ever CIBC.