Comments on: High End Chequing Account Comparison

By: Jeff

Jeff — Sun, 12 Jul 2009 02:27:58 +0000

I have made money using PC Financial/PC MC… Why the hell would I ever want to pay?

By: Cheap Scottish Guy

Cheap Scottish Guy — Fri, 10 Jul 2009 18:07:08 +0000

PC Financial is the way to go. I have not paid a bank fee in several years. Why try keeping a minimum balance getting a poor ROI just to avoid paying a monthly fee? I’d rather have that money working harder elsewhere and not worry if I went below the minimum balance or not.

By: Sampson

Sampson — Fri, 10 Jul 2009 13:51:42 +0000

This is a very interesting set of comments. It seems like there’s a split, maybe 30:70 of people who need few services vs. people who need additional benefits of these VIP type accounts.

My household uses only free accounts. Mainly PC Financial. We have self-directed investment accounts at TD Waterhouse and RBC DI – and a bunch of free savings accounts a RBC (basically 0-2 free transactions, however all inter-account transactions are free).

I can see the potential for benefits of the TD Select account, but as Elbryon points out, you really need to be using most of the services to benefit. We don’t have a safety deposit box, road-side assistance, a travel-points credit card, but even considering alternatives or paying for those services separately, I’m not sure it would amount to savings for me.

Our monthly financials are simple, we use the cash advance machine twice per month, all bills are set up to be paid automatically online. I can’t imagine any other way of doing things. So I’m curious, what type of activities are those who need the multiple transactions doing to require unlimited chequeing accounts?

By: d2cold

d2cold — Thu, 25 Jun 2009 05:43:00 +0000

PC and I have been married for a decade. Paypass MC is the best. I love getting Timmies without swiping.

Honestly who really uses the majority of those items for a $25/mo fee??

Go PC or go else where and pay more!

By: Tom @ Canadian Finance Blog

Tom @ Canadian Finance Blog — Wed, 17 Jun 2009 16:28:05 +0000

I think I’ll stick with PC Financial for now… I could see going for the TD account if I ever switch to TDW.

By: The Baker's Son

The Baker's Son — Mon, 15 Jun 2009 18:07:48 +0000

I was looking at the Select account last week myself. Just a note: the fees on the Visas are waived for the primary holder and one additional holder and if you choose the Gold Elite Visa (which gives 1% cash back) you also get the fees waived for the Deluxe TD Auto Club for your entire family (including unmarried children under 22) and every car you own is covered. I’m paying almost $100/yr for CAA just for myself for less coverage. Also, with the Elite Visa you get trip interruption insurance and delayed/lost baggage coverage included.

By: canadian dollars

canadian dollars — Sat, 13 Jun 2009 12:57:51 +0000

One way to get free cheques from TD is to deposit 5000 to get the select service. Then order some cheques. After the cheques arrive, you can downgrade your account to one of the lower tiers and withdraw most of your $5000.

How do I know this? Well, I was told by a TD bank teller about this ‘trick’.

By: Charles Pedley

Charles Pedley — Sat, 13 Jun 2009 04:19:12 +0000

I almost laughed when I saw what banks do in regard to charging fees for an account where they take YOUR money and invest it to make a profit and yet they charge you for that privilege. That is why it is good to invest in banks but NOT put money in them.

For a real deal you do to CitizensBank.ca which is an online bank operated by Vancity Credit Union, the biggest credit union in Canada. Like most credit unions, Citizensbank DOES not charge you for an account. Those charges for an account add up. There are NO charges for an account.

They have a high interest savings account, credit line and the works.

Another place you can get a good deal with a minimum deposit [forget the amount] is People’s TRust at http://www.peoplestrust.com/.

A few months back they were paying 3.60% interest. Last time I looked it was 2.5 % which I think is better than Ingdirect.

The biggest question I have about the so-called high-end savings accounts from banks is what makes it high-end? The fees?

By: Adam

Adam — Fri, 12 Jun 2009 21:52:42 +0000

I have the No limit banking with RBC. I pay no fees and don’t have to carry any minimum balance. I have a mortgage and investment accounts, as well as my Infinite card with them. My fees are rebated to me instantly.

http://www.rbcroyalbank.com/products/deposits/multiproduct-rebate.html

By: badcaleb

badcaleb — Fri, 12 Jun 2009 05:53:03 +0000

I use TD Select Service. I have the TD Gold Elite (no charge for a second card) which has the 1% cash back which returns about $240 back a year from my purchases. If it didn’t come with the TD Auto Club benefit then I’d get it for my wife as she drives the car most of the time. A comparable BCCA membership would cost me $80. I use the safety deposit box, it’s a small one but enough for our needs and I think it’s usually a $40 annual charge. The $5000 min deposit is worth it for me. Using Elbyron’s example of the lost opportunity cost of a 5yr GIC returning $175/yr, that works out to only $110 after taxes using my marginal rate. I also use US$ chequing account and US$ Visa card.

By: Amit

Amit — Fri, 12 Jun 2009 02:52:20 +0000

Forgot to add – Both my credit cards are $0 fee cards – CIBC Visa, and Capital One Mastercard. No Amex (I am not a fan of American Express for many reasons), no costco cards. Don’t see the need for more than 2 cards.

I have $0 fee savings accounts at ICICI bank and at ING Direct.

By: Amit

Amit — Fri, 12 Jun 2009 02:49:13 +0000

At TD, Value Plus account, $2000 minimum and the $8.95/mo. fee is waived off.
At TD, Business account, $8000 minimum and the $11.95/mo. fee is waived off. Pretty hard to keep the minimum in the business account and I end up paying the monthly fee. I wish there were better alternatives that I was aware of for business accounts in Canada. But there are some advantages – there is never any hold for any of the cheques that I deposit in my business account and the money is available immediately, and I can immediately transfer it to my chequing account the moment I deposit the cheques. But this varies from branch to branch.

I just saw some adverstisement for Coast Capital bank advertising no-fee, no-hassle, no-minimum balance chequing accounts, even for business accounts. Need to study more. Does anyone have any accounts at Coast Capital?

By: Emily

Emily — Fri, 12 Jun 2009 02:26:09 +0000

Hello. To clarify on the TD account: You still get all the perks listed with the TD Select Service account, even if you don’t keep the 5k balance (you just have to pay the $24.95.) If you keep a 5k balance, the fee for the account is waived, plus you get all of the services. It’s worked out great for us!

By: Howie

Howie — Fri, 12 Jun 2009 02:07:15 +0000

How about HSBC Premier? You have to have a $150,000 in deposits / investments with them to qualify (or $300,000 of loans/mortgage/deposits/investments). The monthly fee is $28 but that goes down if you have more assets. I don’t think any of the banks here match can match the level of international service they provide.

Perks:
- HSBC Premier MasterCard
- $2000USD emergency cash advance anywhere in the world
- Next day card replacement
- Worldwide recognition of Premier
- Lower commissions with their discount brokerage

By: Peter

Peter — Fri, 12 Jun 2009 01:11:29 +0000

I have PC Financial account for everyday banking because it’s free and the bank machines are everywhere (every 7-Eleven) plus all the CIBC and Superstore locations.

Last year I opened an account with TD, they were close by and I wanted a safety deposit box. Cost me $5000 upfront to keep it free but got the VISA card and US account as well. Since PC does not have any tellers I can bring all my coin for free to deposit in my account. When I go on trips to the US we get preferred rates on US currency, and a USD credit card as well. All the benefits including travel insurance are just a bonus if you do any traveling.

When it comes time for a mortgage I will see if they will provide the account for free because the $5000 is part of my down payment :-)

Peter

By: mp

mp — Fri, 12 Jun 2009 00:22:58 +0000

I have a grandfathered account at TD from the old Canada Trust days. $12.95 a month but if I have a $3000 balance it’s waived. Unlimited ATM, web banking and web bill payments, debit transactions. I argue when they try to charge me a dollar to do banking at the counter and usually get it waived.
Don’t travel much so not getting free travellers checks or travel insurance isn’t a big deal.

By: Mark

Mark — Fri, 12 Jun 2009 00:07:17 +0000

Hi everyone,

There is another alternative: do like I did, marry a staff :) Usually staff have no fees when it comes to their banking needs…

Thanks for understanding my Thursday evening humour!!

By: bank gal

bank gal — Thu, 11 Jun 2009 23:31:16 +0000

Hi! To four pillars: If you have a CIBC account that has no fees, if you keep $1500.0 in it- keep it! They are no longer offered. They like to talk you into an UNLIMITED account for $12.95 for almost the some thing!

By: Chris L

Chris L — Thu, 11 Jun 2009 21:35:32 +0000

Keep it simple, float it all out of a line of credit. Try TD, like a regular account, free cheques, and no positive account, it’s all working right for ya….no extra sideline money. Whatever you don’t spend each month keeps the principle down.

By: Elbyron

Elbyron — Thu, 11 Jun 2009 21:14:20 +0000

Perhaps some wealthy customer are so rich that they don’t care how much the bank charges them, and these high end accounts offer more convenience. But mostly people choose these accounts because it’s the best fit for their needs. Some folks use tellers, safety deposit boxes, USD chequing accounts, brokerage accounts, and various other services on a regular basis. So it just makes sense financially to get a high end account rather than pay all these costs individually.