Think you’re getting fleeced by your bank? We know the feeling.
Canadian banks earn some of the highest profits in the world and it’s for a reason — their service fees. In recent years, this has only gotten worse with the largest banks in canada such as TD Canada Trust, Royal Bank of Canada, CIBC, BMO and Scotiabank increasing the minimums required to avoid fees and some doing away with account rebates altogether.
This means you could be paying anywhere from $5 to $30 for your banking and chequing account. That’s $60 to $360 a year. But do you have to? No, because there’s options with …
Free Daily Banking in Canada
There are two main providers of free daily banking and chequing accounts in Canada.
Tangerine used to be known as ING DIrect and was owned by them until it was bought out by Scotiabank. Since then, some products have become slightly more expensive but the free chequing that brought this bank to prominence has rained. With Tangerine, you get free daily chequing, banking as well as savings. This means you can conduct all your day to day banking like depositing payroll, cheques and paying bills without any additional fees.
Simplii – Previously PC Financial
Simplii is much the same but it’s a division of CIBC. It offers many of the same products.
How Do You Deposit?
Tangerine lets you deposit a cheque by taking a picture of it with their app, using a bank machine or conducting an online transfer. PC Financial supports the latter two.
How Do You Withdraw?
The easiest way to withdraw is by an online transfer or from a bank machine. If you need a larger sum and don’t have the capability to conduct an online transfer, then you must visit a branch.
Differences from Other Major Banks in Canada
The important thing to remember is that the free banking comes with some tradeoffs. For starters, you can’t just walk into a branch. Sure, they have a few branches scattered around most major cities but their business model is made to not have much branch or in-person interaction. However, you will enjoy a vastly superior online experience to make up for this with features you won’t find at the traditional banks.
Any Incentives for New Customers?
Along with the free daily banking, Tangerine always offers a higher savings rate to bring in new clients. They also offer a $25 or $50 bonus (credited to your account) if you sign up through a friend. You can do this by providing a valid Tangerine Orange Key while signing up. If you’ve found this article helpful, use 41814563S1 when setting up your account to earn yourself this bonus. PC Financial does not offer any such bonus.