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For Motive Savings, you earn 0. There are three broad categories for banks operating in Canada as per the Bank Act. Schedule I : These are domestic banks that are not subsidiaries of a foreign bank. They are authorized to accept deposits and may be eligible for deposit insurance through CDIC. Schedule II : These banks are subsidiaries of eligible foreign banks and are also authorized to accept deposits. Schedule III : This category includes branches of foreign banks that operate in Canada and are authorized under the Bank Act to carry on banking business in Canada.
Schedule III banks operate under some restrictions. While we have covered some of the best bank options in Canada, the best bank for you boils down to your specific needs.
Fees: How much are you willing to pay for your money to sit in a bank account? For convenience? Are you maximizing the features of the account?
If you do most of your banking online, a no-fee chequing account may be all you need. If you need to visit a branch every now and then or want premium perks, it may make sense to keep the minimum balance in order to waive the account fee at your bank.
Interest Rates : How much is the bank paying you to save money? Compared to a big bank savings account, you could potentially earn x more in interest on your savings when you choose an online bank. Perks : Depending on your needs, a package offering free cheques, drafts, safe deposit box rental, credit card fee rebates, loyalty rewards, etc. Promotion : Banks often advertise juicy offers in order to attract new customers.
While these sign-up bonuses are short-term, they may be worth your time. Here are the bank promotions available in Canada. The best bank for you depends on your financial needs, including the number of transactions you typically conduct every month, your location, need for in-person assistance, and whether you have a need for premium perks. The biggest bank in Canada right now is the Royal Bank of Canada. It surpasses the others by asset size and market capitalization.
If you are looking for a no-fee bank, your best bet is to choose an online bank. Online banks have their pros and cons. You pay minimal fees for day-to-day banking transactions, however, most transactions can only be conducted online as they lack branches. Get one of the highest savings rates in Canada. Up to x interest more than other banks. Combines savings and chequing account features. No monthly fees and free unlimited transactions and Interac e-Transfers.
Free reloadable prepaid card and budgeting app. Premium chequing account with VIP perks. Credit score updated weekly and no fees! Get your free credit report updated weekly. Access to DIY credit monitoring. Over 1. Sign up now to join thousands of other visitors who receive our bi-weekly newsletter and latest personal finance tips.
Enoch Omololu is a personal finance expert and a veterinarian. He also has an MSc. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade.
CIBC has 3 main chequing accounts, with some extra discounts for students and seniors available too. One unique thing to mention is the fee for the Smart account changes depending on how many free debit transactions you want:. This includes unlimited transactions and no monthly balance. See product details here. And again, Simplii can give you the full bank experience, including a chequing account, savings account, and its own credit card.
You can also get a savings account with Simplii , currently getting you 0. That makes it easy to get money in and out without worrying about getting a surprise charge. And like Tangerine, Simplii also has its own credit card for you to earn some cash back for no fee. Owned by Scotiabank, Tangerine is one of the top online banks in Canada.
You can also get a Tangerine Savings Account to earn a bit more interest. Tangerine also has several fun saving programs to make it easier to put some cash away for a rainy day. Read our full review here. Check out the full review here.
And your rewards are handed out every month, instead of yearly like some of the other top cash back credit cards. Another no fee online bank option is Motive Financial, offering both chequing AND savings accounts for you to take advantage of.
The first, Motive Cha-Ching Chequing Account, gets you unlimited free transactions and Interac e-Transfers — and starts you out with 50 personalized cheques for free. It also pays you 0. Want a bit more interest? The second account, Motive Chequing, will currently pay you 0. Motive also offers 2 savings accounts — one with a higher interest rate but only 2 free transactions, and another with more free transactions and a lower rate. So if you just want to maximize your interest earnings, the Motive Savvy Savings Account will currently get you 1.
But if you like having the freedom to withdraw your money whenever you like, you can sacrifice a bit of interest with the Motive Savings Account. With a still-decent rate of 0.
The last bank on our list, Alterna gives you full chequing and savings account services — all for no fee. The Alterna No-Fee eChequing account has no monthly fees and unlimited transactions.
The Alterna High Interest eSavings account will currently get you 1. Would it be better invested somewhere else? And even with the big 5 banks that all have physical branch locations, which one is closest to your home? What about your work?
Would they be convenient to drive to if needed? If this is a concern for you, it could be worth going to each of the bank websites and looking up their nearest locations. If you still like to carry cash, considering how many ATMs associated with your bank could be important to you.
Keep in mind the most premium accounts on most of the big banks waive the fee on non-affiliated ATMs, some of them even globally.
And finally, are you the type of person who wants to do everything at one place? Do you want your chequing accounts, savings, credit cards, mortgages, and loans all at one institution — streamlining the whole financial process? Then keeping in mind all the products a bank has to offer could be important to you too.
The big banks usually have mortgages and other credit products available on top of their bank accounts. The online banks, on the other hand, may be a bit more basic with what they offer. Want to compare the best high interest savings accounts and no fee chequing accounts? You can see them compared right here.
You can read more about RBC here. But in terms of the most services offered, both Tangerine and Simplii offer chequing accounts, high interest savings accounts, credit cards, mortgages, and more. Speaking of credit cards, Scotiabank carries 18, including some of the highest-earning rewards credit cards in Canada.
As with their bank accounts, Scotiabank has cards tailored to a variety of Canadians, from those looking for a no-fee card, to travellers, to cash-back collectors. Notably, Scotiabank is the only Big Five bank to offer cards with no foreign transaction fees. In addition to everyday banking accounts and credit cards, Scotia provides mortgages, loans, and lines of credit.
One of the main benefits of banking with a Big Five bank is that you can keep all of your financial products with one, trusted institution. With this in mind, Scotiabank offers the widest variety with the best perks and benefits. Online-only banks operate their services through their website, on the phone, and on their phone apps. Without having to meet the massive investment in those overhead costs, online-only banks have been able to offer customers no-fee everyday banking.
When you open an account you have to link it to an external account so you can transfer money in. With the No-Fee Chequing Account, you receive unlimited debit transactions and Interac e-transfers, as well as pre-authorized payments and bill payments.
You can even operate a business account through Tangerine. Finally, Tangerine has one of the best cash-back credit cards in Canada. Neither card charges an annual fee.
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