Best No Fee Chequing Accounts In Canada 2024 - Say Bye To High Fees!
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- Опубліковано 28 чер 2024
- The chequing account is definitely the most used bank account - everyone who has a bank account has one, and it’s likely the one that your income is deposited into and your bills are paid out of. It seems like a pretty simple account, but there's something you might not have noticed about yours... you're probably paying a fee every single month (or, you're keeping high amount of money in your account to avoid fees!).
In this video, we compiled the fees and other details for 16 different Canadian chequing accounts so you don't have to!
Our favourite chequing accounts 👀
Simplii Financial No Fee Chequing Account ($400 bonus) - api.fintelconnect.com/t/l/65a...
EQ Bank Personal Account (up to 4% interest) - click.linksynergy.com/fs-bin/...
Wealthsimple Cash (4% interest) - Referral Code: WQJFTG
Neo Money Account (4% interest) - join.neo.cc/stephandden
0:00 Why you need a no fee chequing account
1:06 Our favourite chequing account options
5:25 Other no fee chequing account options
9:55 Big five bank chequing account rates
➡️ Simplii Financial - Our No Fee Checking Account (up to $400 bonus) - api.fintelconnect.com/t/l/65a...
➡️ EQ Bank - Our High Interest Savings Account - click.linksynergy.com/fs-bin/...
➡️ Wealthsimple Invest - Our Robo-Advisor Investment Platform ($25 bonus) - wealthsimple.sjv.io/vnkndW
➡️ Wealthsimple Trade - Our Favourite Stock Trading Platform ($25 bonus) - wealthsimple.sjv.io/yRARNB
➡️ Neo Financial - Our Cash Back Credit Card - neo.cc/refer/N8U6K3S9
➡️ Questrade - Low Fee Investment Platform Canada ($50 in commission free trades) - questrade.sjv.io/AWa9jo
➡️ Borrowell - Free Credit Score Check - api.fintelconnect.com/t/l/612...
The links above are affiliate and/or referral links that provide us compensation when you use them to sign up. Thank you for supporting our channel!
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Disclaimer - This content is for education and entertainment purposes only. Steph & Den do not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
What chequing account do you use? Do you pay a fee? Let us know! 👀
I use EQ and WS !
Where do you guys prefer to put the direct deposit paycheque to? Simplii or wealthsimple?
@@cinesynopsisofficial1 We do that with Simplii 😊
@@stephandden I am planning to do that but I have scotiabank which has to have maintaining balance for me not to pay the monthly fee , do you guys still keep your big banks chequing account? Would it be a bad idea to close my scotiabank chequing account which I have for long time now so I can only use my simplii instead?
@@cinesynopsisofficial1 We chose to close our accounts. The reality is that you can still have other financial products with the big banks without having your chequing account with them (think mortgages, credit cards, etc.), and they'll often provide better deals if you're a new customers anyways.
It's really up to you, but often at times, you can still leave the account open without paying fee's as long as you maintain a savings account with your bank (it may vary depending on the big bank, but thats something you can look into). 😊
I pay 11.95/month with RBC as I've split my bills and spending money into different accounts so I no longer qualify for my fees being waived. Simplii and EQ are calling me!
My local credit union waves account fees if you have a reoccurring deposit (of any amount) instead of a minimum monthly balance. So not free for everyone but if you have a regular income source no matter how small it’s great. (Could also be a deposit from another account or a friend lol). It’s harder to compare nationally because most credit unions are hyper local but worth looking into what’s available near you outside of the big banks. There’s some great deals to be had.
National Bank does have a "pay per use" chequing option which is free to maintain and charges by transaction (I assume banks do too), I use that one simply as a middle man to send money through to their direct brokerage. Charging for a chequing account is an insane concept to me. Since banks make money on the money I have in there, I refuse to pay for just having an account active.
You guys actually didn't mention one of the TD accounts that I have which is the "All Inclusive Banking". This one, if you keep $5000 in the chequing account, it actually waives the annual fee for their credit cards which I think it's a huge bonus if you're going to have that money sit there anyways. $139/y saved on credit cards, $30/m saved on the chequing account fee then + the bonuses of the actual credit card like cash back or points. Just in the fees alone, you're saving $500/y on your $5000, which is 10% which equals to the same as investing.
When talking about chequing accounts, you should definitely choose one that fits your needs, but I believe you should take a look at what benefits of having the higher chequing accounts and what they're actually worth other than just looking at the fees and saying "higher fees = bad"
We personally don’t think you should have a high amount of money sitting in your chequing account - ideally you’ll just have enough to cover your recurring expenses on a monthly basis, and keep the rest in a high interest account so your money isn’t just sitting there.
This definitely differs depending on your personal situation - if you do the math and it makes sense to keep a specific amount of money in your account and have the fee waived anyways, then that’s great (again, as long as your not paying a fee when there are so many no fee account options).
Also, I wanted to note that investing your money can grow it by 10% (as an example, since you mentioned 10%), not just save you 10% on fees. Ideally, you’re not paying fees and your money is also growing by investing. 😊
The thing with the EQ bank is that you cant do physical money deposit at the ATM but only withdraws.
It would be great if you talked about CDIC coverage for the smaller and online only banks. It gives a slightly better assurance for newcomers who want to bank without a huge chunk of their money being tied down. Like me with one of the Big banks one year later.... Long story short, my banking adventures in Canada wasn't mapped out properly and I have money just sitting around to avoid fees... LOL
I use EQ, Koho, & Neo. All really good! I am still in the Management process meaning how I want to define the account I have with them and what is there specific actions are but otherwise, they are good!
can you use koho to apply for gyms that require bank account linking?
great video, thanks for sharing all this concise info! you guys help me a lot 😊
Thank you! We’re so happy to hear that 😊
Thank you for making a video specially for Canadians!!! 12 transactions is what I'm so used to sadly :\
Of course! 😊 + yes, that seems to be the common number with the big banks!
Thanks for this video! Wondering if you could do a video on which business accounts to consider for small businesses? Thanks!
Hey Angie! Thanks for the suggestion. We use the BMO eBusiness account and it’s been perfect for our business, but there’s definitely some other great options out there that we can talk further about. 😊
If you had to choose between EQ and Simplii, what would you choose?
Good to see a High Quality Canadian financial channel. Keep up the good work.
Thanks you both for all your wisdom and education! Literally just opened an EQ bank #interestmatters
Of course! Thank you 😊
I think Steph just has her Neo money account, though she’s eligible for the 4% too… it’s just in a separate account… their high interest product connects with the neo money
RBC does have a promotion - they always do. Not sure when you checked or did your research but they either have the iPad, Apple Watch or cash offer (that seems to be the rotation). I would know. I work there lol
They also have the value program which reduces monthly fees/eliminate it completely for clients - without the minimum balance.
Ps. You should include their newcomer promotions as well.
I completely understand the need for other smaller FIs, I use them myself. But I think leading with fees eliminates understanding clients needs as a whole.
Anyways good content.
We didn’t include promos for prizes, only sign up bonuses or interest rates!
Thank you for sharing 😊
The Neo Money Account (2.25% provided by Concentra Bank) is actually different from the Neo High Interest Savings Account (4% provided by People’s Bank of Canada), I’m not sure why they market them together tho unless they’re trying to strip back the Money account.
My wealthsimple cash account gives me 5% as of lately. I did have to make certain requirements such as switching my direct deposit transactions to them. Very happy with it.
That’s great - thanks for sharing! 😊
I LOVE Tangerine!
Been with them since 2007!!!
they suck
I am an artist who sometimes apply for grants and because of that I had to get a business license and open a business bank account. I get heavily charged in this account as it just sits there when not in use. When the account is empty it goes dormant until I put funds in it or start to use it (CIBC). Anyway after hearing about you guys on CBC last night and checking out this video, it woke me up and I think I am just going to go and close the account down and see if I can route business funds through my personal account. Then go get a no fee account. Any feedback you can give is welcome.
Glad you found us! 😊 we actually use the BMO eBusiness bank account which is great if you’re a creative or someone who doesn’t have too much going on in their business (compared to a traditional business).
It’s a $0/month account, you get 2 free e-transfers per month, unlimited online and ATM transactions (think moving money from one account to another, making a payment, etc). For us it works really well and if we ever have to pay a fee, it’s because we went above our e-transfer limit by one or two transaction in which case we’ll pay $1.50 each for those. Not sure how much you’re paying now, but it could be a better alternative.
Tangerine for me. Interests earned in those accounts are taxable, so not the best to keep a lot of savings, unless the TFSA is maxed out 😊
That’s great! For chequing accounts, it’s all about finding an account that does the job with little to no fees - ideally, you’re not keeping too much money in the account. For us, Simplii’s been great 😊
Tried Tangerine myself starting last August. Im always been using brick-and-mortar . This is my first time using online banks. Im amazed how Tangerine app is extremely easy to use; very intuitive. I was able to lock a 5.9% GICs since both my TFSA and RRSP are maxed out. It paired great also with no fee world mastercard ccrard which gave me good money-back on 3 categories(food, gas and groceries).
Have you guys checked out KOHO? Are they a viable option? I’d love it if y’all could break them down, please.
Great vid guys ❤
Thank you! 🙏🏿🙌🏻
Big bank will waive the premium credit card charge, but it still work out as a monthly subscription at around 12-15 per month. However, they do offer better banking produce than the free banks, such as free e- transfer cancellation and free over draft fees. So it depends on people’s banking need
While, I am still pretty tempted to cancel the big bank checking account as they offer a lot, but do I really need it ?
eq is one of the few with no limits.
Hi
I registered with your link. What is the process to get those 400$ after applying for the simplii bank. I open high saving and chequin only for now.
can you do a video on cards that don't charge the foreign currency conversion fee? When buying in USD, most credit cards charge an additional 2.5%
The EQ Bank card and Wealthsimple Cash card don’t have a foreign currency conversion fee! We can cover this in more detail in a future video though 😊
Woah, ya'll just made me realize I can (probably?) move all my pre-auth debits to one of my EQ accounts and earn interest on that money (since I keep it at a min balance of one month's worth) instead of paying a fee 🤯
Yes, you could definitely do that! 👏🏿🙌🏻
Im student soon will be out of school so planning to get out of big banks 😂. Im new in this but how will i be doing regular purchases in markets, stations, commerical if tangerine/ simplii doesn't have cards ?
That’s awesome - glad you found the video! 😊 All of the no fee banks that we listed have debit cards, so you don’t have to worry about that.
We use Simplii and they work exactly like the big banks. When you sign up online, you get your debit card in the mail shortly after and then you’re good to go.
thanks. I'm planning to closed my account and credit card with one of the big5 once i graduate. I have seen it lowers your Credit score, is that true? what can I do? i dont want to have anything with them.@@stephandden
For online banking- do any of these places have visa debit cards or just debit cards?
Yes! Simplii, EQ Bank and Wealthsimple are partnered with Mastercard specifically, so you can use their card in the same way that you would use Visa debit 😊
Hi Steph and Den! ❤️
Hi! 😊✨
Do you know which bank can provide a virtual card, instead of sending a physical one?
Wealthsimple offers a virtual card.
My only downside for my WS cash account is you can’t deposit physical cash into the account. You can withdraw from an ATM of course but I typically have to rely on my partner to deposit cash into their account. Not sure if these other options have that same issue?
Are you using the WS cash account as your primary chequing account?
Simplii Financial along with a few of the other banks we mentioned have access to a bunch of ATM networks where you can deposit your cash and cheques. In Simplii’s case, they’re owned by CIBC so you can use all of the CIBC atm’s to do that. 😊
@@stephandden thank you that’s great info to know! It wasn’t a huge inconvenience for me so yes I use it as my primary, but definitely something I didn’t think of before hand. Loving your guys content and you’ve got a new subscriber 👍🏼
How much do you recommend keeping in your chequing account? I’m also a 20-something living in Toronto. Thanks!
Ideally just enough to cover your monthly expenses (ie. recurring bills that come out of your account automatically / your typical monthly credit card payment amount)
That way you have your monthly expenses covered, but aren’t keeping unnecessary money in there doing nothing for you!
We hope that helps! 😊
@@stephandden okay great! I have some moving around to do then! Thank you 😊
I went back to college in my 30s and was able to get a no fee student checking account, I had to upload my admission letter from the college, did it all by phone too.
Great call out! Yes, you can definitely get a student account at any age as long as you’re in school and can provide proof 😊
When they said I could have it, I almost asked am I too old 🤣🤣@@stephandden
Lol that’s funny! 😅 I’m surprised they even mentioned the option to begin with - the bigger banks are usually pretty hush hush about these things
For Simplii, do I need to make direct deposits to receive the $400 bonus or is creating the account enough?
Yes, you have to open an account and add an eligible direct deposit of at least $100 a month for 3 straight months 😊
So you are using almost all these accounts.
Is this because your worried or hedging against 1 more more going into bank closer and losing money in thst bank?
We’re not using almost all of them 😊
Here’s our breakdown -
Chequing account - Simplii Financial
High interest savings account - EQ Bank
Cash back credit card - Neo Financial
Investment platform - Wealthsimple (currently using the Cash account for money that will be invested with the platform soon to gain interest in the meantime)
What's the penalty for someone who opens an account with these bank accounts and then wants to cancel them?
No penalty!
There’s no penalty - you can open as many as you’d like and close as many as you’d like 😊
Then some accounts give no fees if you hold your RDSP with them, but I've chosen to have my RDSP moved to the broker account my financial planner works with that charges $0 fees on the RDSP investment portfolio.
That’s true! Also that’s awesome, it’s much better to have your RDSP invested in the market 👏🏿👏🏻
The big banks invest it, I just don't trust their choices. but they know how to dominate offering the RDSP account@@stephandden
What do you use to invest into your rdsp with. Just got eligible and i invest with wealthsimple but they do not offer it
I work with a financial planner he set it up with a broker account and move it from where I opened it. Better control having someone watch over it and answers my questions quickly. @@RaNdOm49985
My biggest issue with most of the no fee accounts is that they don't give a debit cards. While most provide an associated mastercard, unfortunately I find myself from time to time, go to places that only take debit. It's not a huge issue for most people, but that's been pushing me to stay with one of the big banks and keep the minimum balance to not pay any fees.
That’s always annoying - it happens to us from time to time! We use Simplii as our main bank account though and they provide a debit card - also you can use their debit card at all CIBC atm’s to take out cash 😊
@@stephandden oh do they? I thought it was a MasterCard from what I had read online. Maybe I confused that one with some of the other online banks. Good to know! I may have to switch over sooner then later if that's the case.
Funny how so few of these accounts are available in QC
Unfortunately yes! We've seen some of the accounts become available in Quebec over time, but there are definitely fewer options there.
I don’t want interest on my money, is there any bank account in Canada. Please advise.
If you look into the big banks - I’m pretty sure most if not all of them have 0% interest on all of their regular accounts. Just take a look at their account details and you’ll get more info. 😊
@@stephandden Thanks for the prompt response
An important point, some of these accounts don't include a debit card (Wealthsimple, Neo, EQ Bank), so you must have an account in an account that does include a debit card (Tangerine, Simplii, Alterna, etc.)
Both EQ Bank and Wealthsimple have cards you can use just like a debit card 😊 we have a video on our channel all about the EQ Bank card specifically, and it looks like the Wealthsimple Cash card works similarly!
@@stephandden "Like a debit card", they say on Wealthsimple website that it works everywhere Mastercard is accepted.
So if you go somewhere that only accept debit or cash (government office, small restaurant, etc.), your card won't work, so you need a real debit card from Tangerine, Simplii, Alterna, etc.
That minimum balance trap is crazy these days.
Seriously! 🙃
Wealth simple you can earn up to 5%
If you have over $500,000 in the account, yes! The 4% is for any balance (and they have no minimum requirement)
RBC can have reduced fees the more products you have (mortgage, investing, business, etc)
That’s true! I think a couple of the other big 5 banks have a similar set up. The only downside is that people often won’t get the best deal or rates for additional products long-term despite being a legacy customer.
Typically the more products that you have at one bank, the less likely you are to switch or find a better deal per product. 😊
Simpli
First like🎉
So quick! 👏🏿👏🏻
"Do one thing every day that scares you." -Motivation
Can i have your full name and email to get your referral code, i created my account without the code.. now i need to give them a name and email... thanks
If you had to choose between EQ and Simplii, what would you choose?
Good to see a High Quality Canadian financial channel. Keep up the good work.