This week we thought we’d compare the best of the best chequing accounts between major banks. Since quite a few of the banks offer a variety of products and services, I chose accounts that offered unlimited transactions.
We live in a virtually cashless society where most of us pay with our debit cards. So I decided to compare banks against six important features to see who will give me the most bang for my buck.
The results were mixed – and interesting. Let’s just say that I’m rethinking where I keep my money.
Bank of Montreal – Performance Plan
| Features | Details |
| Minimum monthly balance required | No, but fees are waived if over $3,000 |
| Rewards | Earn AIR MILES reward miles on purchases made with your debit card |
| Online/Mobile banking | Yes |
| Monthly fee | $13.95 |
| Interac e-transfer | 2 free per month |
| Overdraft protection | $5.00 per item |
CIBC – Unlimited Chequing Account
| Features | Details |
| Minimum monthly balance required | No |
| Rewards | Earn Aeroplan miles |
| Online/Mobile banking | Yes |
| Monthly fee | $12.95 |
| Interac e-transfer | $1.50 each |
| Overdraft protection | $5.00 per item + interest |
RBC – No Limit Banking
| Features | Details |
| Minimum monthly balance required | No |
| Rewards | No |
| Online/Mobile banking | Yes |
| Monthly fee | $10.95 |
| Interac e-transfer | $1.00 each |
| Overdraft protection | $3.00 per item + interest |
Scotiabank – Scotia One
| Features | Details |
| Minimum monthly balance required | No, but monthly fee is waived if blanace is over $3,000 |
| Rewards | SCENE Rewards |
| Online/Mobile banking | Yes |
| Monthly fee | $11.95 |
| Interac e-transfer | $1.00 each |
| Overdraft protection | $5.00 per item + interest |
TD Canada Trust – Infinity
| Features | Details |
| Minimum monthly balance required | No, but monthly fee is waived with a $3,500 minimum |
| Rewards | No |
| Online/Mobile banking | Yes |
| Monthly fee | $14.95 |
| Interac e-transfer | $1.50 each |
| Overdraft protection | $4.00/month or $5.00 per transaction |
ING Direct – THRiVE Chequing
| Features | Details |
| Minimum monthly balance required | No |
| Rewards | Pays interest |
| Online/Mobile banking | Yes |
| Monthly fee | $0 |
| Interac e-transfer | $1.00 each |
| Overdraft protection | $2.50 per item (no interest if paid within 30 days) |
PC Financial Trust – No Fee Bank Account
| Features | Details |
| Minimum monthly balance required | No |
| Rewards | Interest earned on balance, plus PC points |
| Online/Mobile banking | Yes |
| Monthly fee | $0 |
| Interac e-transfer | $1.50 |
| Overdraft protection | $4.97 per item, plus 19% per annum interest |
Conclusion
If you’re an active user then you know the importance of having an account that allows you unlimited transactions. While each of the above accounts offers unlimited transactions, some charge for this privilege.
Each bank also tacks on fees for additional services – you just have to decide which ones are most important to you. Although I recently switched plans with my bank, I have just come to realize that I’m still paying too much. It might be a wise idea to switch to one of the no-fee banks to keep daily banking costs down.
Which account do you think works best for you?
My Choice
PC Financial Trust’s No Fee Bank Account. There are no fees for the services I require, I can access my account online, and I earn interest on the money I save. As an added bonus, I earn points on the money I spend. PC Points add up quickly and translate into something I can use – money towards my grocery bill.
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Melanie, compare your choice with ING. Are you blind?
Thanks for your comment, Frank. Have a look at PC Financial’s profile again. Not only do I earn interest on the money I save, but I also earn reward points on the money I spend. The points actually translate into something useable – groceries. With other rewards you have to spend a LOT of money to get points, and it takes a LOT of points to buy something – usually something you don’t really want anyway. I like that every few months I have enough points to pay for my groceries. The only difference between PC and ING is the amount they charge for email transfers and overdraft protection. I don’t use overdraft protection and I rarely send email transfers. The choice was clear cut for me, but it won’t be the same for everyone. Your needs are likely quite different than mine.
I’m curious; why do you think ING is better?
I agree with you Melanie. I have nothing but good things to say about PC Financial. I had enough of the main stream banks and their ever increasing fees about 10 years ago and decided to try out PCF on a friends recommendation. Not only have I saved hundreds of dollars in fees over the years, I also accumulated and used thousands of PC points. By the way, the points can also be redeemed for non-grocery items. My PC points paid for most of my Christmas gifts this year and last. I will never go back to fee based banking!
just got my bank staement and in the envelope they give you a sheet advising the increase to banking fees as of march 2012