Canadians pay some of the highest bank fees in the world. As per CBC News, Canadians paid an average of $216 in yearly bank fees in 2015.
Cutting cost and lowering your expense are some of the way you can grow your savings and investment and achieve your financial goals faster.
1. Tangerine No Fee Daily Chequing Account
The Tangerine option is a no-fee daily banking account that earns tiered interest, from 0.15% all the way up to 0.65%.
Since Tangerine is owned by Scotiabank, you can use all 3,600 Scotiabank ATMs in Canada for free. And you getaccess to Alliance members ATMs worldwide, giving you another 44,000 ATMs when travelling, all free of charge.
The account comes with a free book of 50 cheques. Once you run out, you’ll have to pay $20 for each new book of cheques. Visit Tangerine.ca for more info
2. The Alterna No-Fee eChequing Account
Though Alterna Savings is a credit union, its subsidiary, Alterna Bank, extends their service across Canada using The Exchange Network’s ATMs.
It offers free, easy banking that’s accessible online and through their mobile app.
Its interest rate (0.05%) is the lowest among the 4 I’m comparing today, but since it’sa chequing account, this shouldn’t play too big of a role.
The account also has the lowest overdraft fee ($2.50), but that’s because it’s not a fee at all, it’s a protection feature that’s charged monthly.
The other banks have overdraft protection that is only charged when you use it, leaving Alterna alone on this one.
So keep in mind that if you want overdraft protection, the account
3. Simplii Financial No Fee Chequing Account
Simplii Financial is owned by CIBC, one of the Big 5 banks in Canada.
Like Tangerine, you get access to all ATMs Canada-wide that are owned by Simplii’s big brother. This gives you about 3,400 CIBC ATMs to choose from, at no fee to you.
Also like Tangerine, Simplii’s interest rates are given based on the amount of money in your account. With less than $1,000, you’ll only be getting 0.05% interest, but this can be increased tenfold once you reach more than $25,000.
Something cool about this account: you get personal cheques for free.
4. Manulife Advantage Account
Manulife’s no-fee chequing account option is definitely a unique one.
It works as a combination chequing AND savings account, giving you the withdrawal options of a chequing account, but with an interest rate of 1.40% – by far the highest offered by the 4 accounts we’re looking at, and relatively-high even for savings accounts standards.
Like Alterna, it uses The Exchange Network ATMs, giving you free access to about 3,300 ATMsCanada-wide.
Though you don’t need to keep a minimum balance in order to qualify for the $0 monthly fee, you do need to maintain $1,000 to get all your transactions free, including Interac e-Transfer. Visit Manulife Bank for more info
5. Motive Financial
Motive Financial (formerly known as Canadian Direct Financial) is a division of the Canadian Western Bank. They offer two free chequing accounts (Motive Chequing and Motive Cha-Ching Chequing), savings accounts, investments, and more.
Motive Chequing account offers:
- Zero fees and unlimited transactions
- Free access to the second largest ATM network in Canada
- 60% interest is paid on your account balance
- Mobile app
- First cheque book (of 50 cheques) is free
Fees to note include a $1 fee per Interac e-Transfer and a $20 inactive account charge that kicks in after 2 years of no transactions. Click here for more info
OTHER NO FEE BANK WITH MINIMUM MONTHLY BALANCE
Meridian Pay As You Go Chequing Account
Transaction fees waived with a minimum monthly balance of $1,000.
With no monthly fee and unlimited free transactions when you maintain a balance of $1,000. The Pay As You Go Chequing Account lets you truly bank the way you want. Visit Meridian Bank for more info
TD Canada All Inclusive Free Chequing Accounts
TD Canada Trust offers 4 different
RBC Unlimited No Fee Chequing Account Canada
RBC offers Canadians two daily chequing accounts where you can qualify to have the monthly fee waived if you are also enrolled in additional RBC financial products. For instance, if you enroll for
BMO Performance No Fee Unlimited Chequing Account Canada
BMO (Bank of Montreal) offers three types of chequing accounts that Canadians can use with no fees, but you must maintain a monthly minimum balance. Minimum balances range from $3,000-$6,000. These accounts are packed with
Scotia One Unlimited No Fee Chequing Account Canada
Scotiabank offers two chequing accounts to Canadians that are free if you meet the monthly minimum balance of $3,000-$4,000. The Scotia One Unlimited Chequing account is a great