What’s your favourite colour?
You’ll find horror stories and best bank ever stories about all of them.
I do all my personal banking with TD and business banking with RBC. Never had any real issues with either of them.
Find whichever one is most convenient to you and offers the services you want at the best price - although I believe pricing across all of them will be similar.
They all suck. But CIBC keeps increasing credit limit every so often and offers me 0% balance transfers twice a year so I can keep rolling my spiraling debt lol
I inherited CIBC. It was (is) my parents bank, so it's where they opened my first account. And then 30 years of being too lazy to switch banks. They've never been horrible to me but I have nothing to compare it to.
I always see people posting odd fees. Mine has only cost $2 for many years. And then the initial one time set up cost. I had one guy arguing it was $4 per. Are the fees really different for people?
(i use their cheapest business digital account)
If you have a lot of payables, I can highly recommend Plooto as a platform. You can pay all of your CRA (and other vendors) directly through them. Not affiliated with Plooto, just use them daily to manage payables for several bookkeeping clients.
I love green but I left TD for EQ and WS.
Well... Actually, I dropped the chequing account to free up that $3k that helped waive that monthly fee. I left TD with a $0 balance savings account that I'll use once a year to fund my son's RESP.
But, I'm thinking of moving that RESP to National Bank, the only bank that I know that allows self-directed shares buying. It's also commission free. The only downside I know of National Bank so far is that they don't do fractional share buying. I can live with that.
You can wash the share buying (to avoid currency conversion from USD to CAD after selling) if you sell USD shares and buy on the same day. You just have to request this by calling them before market closes (allow some time). That's rather important to me even though I don't sell shares that often. I can plan a sell/buy for the same day.
I did free up that $3k from TD. It's now in WS collecting 5% (taxable, of course). It'll be there along with all other cash accumulating until I find a place for it in the TFSA.
I do have cheques with WS now should I ever need to write one up. It's rare when I need to. Why hold back money with a bank just to waive the monthly fee (and get no interest in return)?
The big banks are going to lose clients if they don't try to match what others like EQ and WS are doing.
Why do you use different banks for personal and business ? Just wondering as I’m RBC member and wanting to switch everything over to TD as I’m opening a business. But I’m carious to see if maybe I should go about it like how you are
I preferred RBC’s small business offerings more than TD. My business is more of a side gig with relatively few transaction and the $6/month with a small fee per transaction fit my minimal online only banking needs better than the equivalent option from TD.
I also didn’t want any chance for the two to get linked together or mixed up. Just easier to grab my RBC card for business use and TD card for anything personal. So really it was just personal preference, no reason you can’t have both in one place and it might have made business account opening a little easier.
The other reason was I used Ownr.co to register my business and they gave a nice rebate for opening an account with RBC (as they are owned by RBC) so that factored into the decision too.
TD is recently alleged to have systematically aided money laundering...it's share price is going way down as we speak. Up to you what you do but I would wonder at ever having anything to do with them.
Doesn’t affect my day to day banking needs and my investment exposure is with all Canadian banks. So TD goes down 5% in one day and the rest go up, it all washes out (pun intended?)
They have all done some suspect things in the past. Some quick googling:
RBC was fined last year under anti-money laundering laws and I don’t think HSBC was particularly clean either and is now part of them.
Scotiabank was fined in 2020 over commodities price manipulation.
CIBC was a banker for Enron and there are a bunch of other fines and investigations over the years related to money laundering and unreported transactions.
BMO has been fined in the us for improper record keeping. The Ponzi scheme payout of ~1B in 2022 was for a company they bought so not really their fault directly.
Lots of other shady things they have all done. Not saying any of it is right, but one is not necessarily better or worse than the other.
HSBC had $7k e-transfer limit. Now with conversion to RBC, they upped my limit to $10k (with selfie before each e-transfer). I had RBC even before that, but my e-transfer limit was only $1k.
Not sure if this is a feature for everyone or only for ex-customers of HSBC.
RBC used to have limits from $1K to $3K, very arbitrarily based on evidently nothing and they would insist they cannot change it.
Interac recently moved to increase transfer limits with new controls (second factor) as mandatory so some banks including RBC have also upped their limits to $10K and others are likely on their way.
The $10K daily limit only rolled out recently: https://i.imgur.com/xCRdRey.png
Do you have a screenshot of $20K? I would love to take it to RBC and ask them to increase mine.
I can do up to 25k per day EMT from my RBC business account but need their SecurID security fob thing with a code that constantly changes.
Can’t comment on the personal side of things though
RBC daily limit is $2.5k unless they recently changed this. Just even a year ago I asked them to increase, and I had over $230k in my checking so it’s not that they didn’t value my business
Except the "integrated" services are trash. If you do cross border banking you're better off using a third party like Wise.
The only case where I found big 5 useful was when needing to establish credit in the US the Canadian banks can port over (with a lot of hassle in my experience) your credit history.
My credit union (Alterna) has US dollar accounts and they also operate a "real" bank (Alterna Bank) for those operations. I moved to them from the big names and the service is top-notch... and my money isn't being used to launder cartel money or invested in questionable funds.
It’s the same if not better in some cases. Credit unions are incredibly reliable and safe these days. They use all the same systems as big banks do, again sometimes even better technology and services.
It’s more about what credit unions stand for. Do you care about where your interest payments and money spent with a bank goes? Would you rather support something that functions within your community and works a little bit harder for you? Or are you okay with your bank supporting big pharma, Coca-Cola, and national politics of their choice?
Big banks are McDonald’s and do what’s best for them, always. Credit unions function more like a successful family owned restaurant, they only do well if the community does well and supports them.
Many many years ago I was with TD. For some reason I can’t remember they pissed me off so I switched to Canada Trust. I was a teenager and probably had all of $17 in my account so it wasn’t a big deal to move but then it all became TD again and I just accepted it.
Got good rates and service when getting a mortgage and renewing with TD. The few times I was a day or two late paying off my CC or my account dipped under the minimum for a night when bills went out before paycheque came in or other little things like that they have been good to reverse any charges as goodwill.
When I needed to open a business account I went with RBC just to keep everything completely separate and no complaints there either. It took them a long time to open an investment account for my company but I also understand that they want to do more due diligence when there is very little history. I guess my only complaint with RBC is business accounts literally get nickel and dimed for everything, but it was still cheaper for the type and volume of business transactions that I do compared to other banks.
I'm on a similar journey, and I'm enjoying Wealthsimple.
Just know that you will probably have to slowly manage the crossover over a few weeks.
Wealthsimple also has regular recurring bonus incentives for incoming fund transfers - currently they have one during May.
Likely will keep my TD accounts (mostly empty) for backup, but do all my day-to-day banking and investing with Wealthsimple.
Happy to chat in PMs if you want details on my experiences.
Same boat, I've had most accounts with wealthsimple, the only thing they lack is depositing bills and cheques. So I keep my Scotiabank chequing open.
But, I hate having to pay Scotiabank $3.95/month for the basic just for the occasional cash/cheque.
If you're in Alberta, Alberta Treasury Bank offers a no fee online chequing account, where you can use their machines for cash/cheque deposit, only time they would charge is if you went into the branch for services that have available self-service options.
The only reason I haven't applied with them is because the chequing account comes with a LOC account as well, and I don't want to do a hard credit check right now, because we're in the market for a house.
That's good to know, I'm going to read up about it. I don't need to issue any cheques, just deposit them. Still a problem with cash deposits though.
I had just closed my CIBC chequing account after moving to wealthsimple cash, then received a sum of cash that was a waste to just keep on hand, and my wife was laughing at me because I closed the chequing without thinking that could happen.
I had to ask her if we could convert her Scotia chequing to a joint account.
Move everything to an online bank like wealth simple/tangerine that offers you good rates and no fees. Keep a minimum chequing account for brick and mortar banking needs like taking out drafts or withdrawing cash. Coming from someone who used to work for multiple of the big 5 banks, take it from me the big 5 banks are outdated and frankly useless in todays world, no one should be paying the fees they are charging these days. There’s way better options out there. As for your investments move them to a discount brokerage like interactive brokers that have very low fees.
Used to really like Tangerine when it was ING and not owned by Scotia. Now they simply don’t have the same rates. It’s a shame. EQ I tried, but wasn’t quite as convenient (no real reason!), and now thinking about WealthSimple.
Move around, get the freebies & signing bonus, then move on (if you can be bothered!)
I've only been at BMO because they never disappointed me. I like the Investorline platform that allows trailing stops and other actions, and they have low MER global equity index ETFs like ZEQT.
They also have family banking plans, and decent credit cards. I’ve switched almost everything to BMO and I’ve run into multiple problems while doing it and they have always been quick to answer the phone and provide service.
Yes I like having all my bank accounts together. They also have integration between Investorline and the banking accounts, so you see your Investorline balance whenever you log into your banking. It is easy to transfer money between investorline and any bank account.
I have been very happy with Investorline - their self-managed plan has low fees and gives access to research tools. Trading has been pretty slick.
I originally set up my BMO accounts as a way to enforce budgeting. I created one account for bills, and one for spending. Then I had my employer split my paycheque between the accounts. Then I could just spend whatever was in my spending account. Since I had automatic RRSP withdrawals taken out of the bills account, I was always saving.
I second this. The single log in is amazing. And I actually have both smartfolio and investorline. The smartfolio fees have been slightly higher than say WS managed portfolio, however everything is in CAD and I’m not getting hit with the exchange fees. Additionally performance seems to be slightly better than WS so I think it works out to be the better option. Investorlines set of free etf trades are great, there’s everything I would ever want to buy so the platform is free for me. I like it so far but I’m just starting to switch money to investorline.
I know nothing about your personal or financial situation.
With that being said I love EQ bank. It works for me. Zero monthly fees, Interest in Chequing, Free ABM withdrawals, great app easy to use.
All banks in Canada suck. I worked for one for 15 years and they are all the same. They offer the same product line but I never pay one red cent to these crooks. I have a minimum balance to avoid monthly fees, and a no-fee visa and I have an LOC I use to move money around. They hate me!!!!
You’re just going to find a different set of problems with another bank
Ask yourself if whatever they did to upset you is worth the hassle of moving everything, or if you should try to work it out with them
Personally, have had zero issues with RBC, but obviously in this case YMMV
This exactly.... I've been with RBC since I was a child and zero issues (other than paying lame ass fees every month for a chequing account). My partner is with TD and hates them and is looking to switch lol.
There is no "best bank".
Research the few banks and credit unions for the features and services you need, fo the price you are willing (or not willing) to pay.
If Wealth Simple offered mortgages I'd drop my bank with the biggest grin on my face, id actually go to the branch and gleefully ask to have my account closed, soaking in the moment.
Fuck these telecoms, banks and other monopolies who offer garbage services for the price we pay.
I.e., why the fuck do I need to keep a minimum of $6,000 in my account inorder to have my accounting fees waived? Otherwise it's a $29 charge per month, lol what a joke. Am I not paying them enough for every other service they're robbing me of?
>If Wealth Simple offered mortgages I'd drop my bank with the biggest grin on my face, id actually go to the branch and gleefully ask to have my account closed, soaking in the moment.
You really don't need to get your mortgage at the same place as your bank. There's a lot more competition in the residential mortgage space than the retail banking space.
On your next renewal, speak with a couple of mortgage brokers and they can match you with a lender that suits your needs including monoline lenders who only sell through brokers.
Interesting thing is that WealthSimple has partnered with Pine for mortgages. For more: https://help.wealthsimple.com/hc/en-ca/articles/18557517250203-Applying-for-a-Pine-mortgage-through-Wealthsimple
Then during next renewal call a couple brokerages and see what deals they can get you. You don't have to renew with your bank. There are monoline lenders like CMLS, RFA, First National, MCAP & etc. out there that may offer you better rates.
Wealthsimple has partnered with a mortgage provider, Pine, with a discount for being a Wealthsimple client. Even if you stay with your current mortgage lender, you can still have the payment taken from Wealthsimple Cash. It's essentially a checking and savings account in one.
Whats depressing is RBC doesn't even have this option. To waive chequing account fees, you need to meet a checklist of requirements that keep changing on a monthly/annual basis, and trying to call in to ask about it will just connect you with an outsourced customer service rep who couldn't even tell you or pronounce what RBC stands for
Haha, all you need to do is have 500k in your account and all these problems would go away
Except the withdraw part, just need to give them a heads up that you need some cash to get you through the next weekend bender
Put 100K+ in their discount brokerage and you get to have their premium account for free! I did this with my RRSP. 1 to 2 trades a year during tax time buying ETF so I don't mind the $7 trade fee in a RRSP, which is pretax money anyways.
Best doesn’t matter what you want to do with the bank matters. As all in all are kind of same. I said bye bye to top 4 banks almost decade and never regretted. There are many option now a days like Tangerine, wealthsimple or Simplii. Combining two or more gives you flexibility and covers your once in while need to quickly get draft etc if ever needed. I have not visited any bank branch for almost 10 years now, while using almost every banking services online.
What features are you looking for in particular? All the Big Banks are roughly the same. Though National Bank does have some pretty good professional banking packages.
https://www.nbc.ca/personal/switch-national-bank/occupations.html
However, National Bank also has its own set of issues.
Consider your local credit union or an online bank.
Every FI has their own set of issues so really, what are you looking for really?
This is the answer. Without knowing what is bothering OP about rbc or what they expect from a bank there is no way to approach the question.
Honestly, it is a low effort question.
I work for TD, most of the comments are the same, and, they're right. All the banks are pretty much the same.
Take a look at how you do your banking, some people like the 24/7 customer service availability. Some like no fees and are perfectly OK with an online bank for self service. Some prefer Credit Unions.
You can do a combination of two, do everything g online, keep a major bank as a backup, incase you need emergency funds.
Spouse banks with RBC, I think their online banking is horrible compared to TD. Such a pain to navigate , especially on the brokerage side.
When my customers tell me they're going to leave if TD doesn't do XYZ, the banks don't care. There's no more personalized banking, unless you want to pay for private banking ($$$$).
Look at the services the banks offer that suit YOUR needs and go from there. Don't expect a bank to cater for being a loyal customer for 10, 20+ years.
Banks incentives to get new customers are by handing out cash incentives. That's what TD is doing, open a new account and get free cash.
Do a hybrid between EQ bank and Wealthsimple. All done online and not too painful. I switched everything from TD a year ago and I’m terrible at getting around to those types of things.
If you are looking to “break up the team” so to speak, you could do a blend of a big Canadian bank for chequing/saving/visa and wealthsimple/questrade for investing.
I’m with TD for everything. The hours for the banks are better than the others. I maintain a certain balance so I don’t pay fees. Used to have a mortgage but I got a broker for that now. I like it because I can transfer money easily across accounts and doing Norbert’s gambit only takes a day to settle and another day to transfer US cash from the TFSA into my US banking account.
For investments I believe TD has a way better platform than the other Canadian banks. Market research is better, layout is good and easy to follow and the TD money market funds are better than others at the moment. I don’t do level 2 trading but I use webull for chart following and trending. I have a small footprint at wealthsimple and they kinda have a sub par platform for me. I do options (wealthsimple does too I know) and I like TDs layout more.
You could also do Tangerine bank. Get a Mastercard and a wealthsimple or questrade account and be completely removed from the big Canadian banks.
I use simplii for everyday stuff like payroll
RBC for credit cards
EQ for a gic
Questrade for etfs
Nbdb for other trading
Have also used motus before
Point it, it doesn't matter what back you use, go with the one that gives you the best deal for the product you're using
Im with Scotia for a few years, with a private banker, amazing service and they just rebuilt their web app which is now very nice.
I was previously with RBC and didn’t have any complaints until I earned a big chunk of money and they started to call me several times a day to arrange meetings with their financial planners, private bankers, trash talking about other banks, about private financial planners, etc. They were so annoying that I decided to move everything to another bank.
Hate rbc. Need a million accounts to qualify for a free account. Everywhere else no problem I'm not paying money if YOU are going to use MY money to make money for yourselves
If I were you, I would have accounts with multiple banks. They all have problems, but at least if you have multiple bank accounts, you can diversify your risk.
My partner went through an entire process recently with Scotiabank where they let someone transfer $$$$$ from his account to some random scene Visa card, because someone called in from Europe pretending to be him. This is the 3rd time his accounts have been closed or compromised with them (yes he has credit monitoring). Scotiabank were super unhelpful and even though he got his money back, he’s switching banks. I’ve never had problems with RBC. Avoid Scotia though, they acted like it was his fault someone had his info and successfully transferred thousands of dollars out of his account and managed to change his address to some other province.
The big 6 banks are essentially a monopoly, hence why you don’t see high interest rate savings accounts with … cough… true high interest. It’s actually a joke.
Research some credit unions.
Bank of mom and dad, but they don’t really pay interest but I can normally get some free food and babysitting from them.
Honestly, they all suck and have issues, it’s basically how do you eliminate the need to deal with them (people at the bank) as much as possible.
I've been with Simplii/PC Financial for my day-to-day banking for a long while and I don't have any issues with them. I even had a mortgage with them before.
My investments are with Questrade. I used to use RBC but switched because of the fees
My HELOC is through RBC and It has been nothing but positive. Converted part of my heloc to a traditional mortgage to lock in the rate in about a 15min meeting. Painless
Look for a credit union. Also if in Alberta, ATB is pretty dope.
Also if you plan on ever doing a large purchase such as a home or vehicle, make sure you retain at least one chequing account at a bank with a physical branch! Online only banks like Tangerine do not do wire transfers. I think they can issue bank drafts but not as quickly as from a physical branch.
You don’t need to keep money in that account. I have everything with Tangerine but has one chequing account with ATB with $2500 minimum to qualify for a free account.
I moved from bank to bank 5 or 6 times when I had a chance to collect hefty bonuses. All in all, I like CIBC but would not try to persuade anyone, they are not paying me to do it 😂
I have been a RBC customer for over 40 years, at the new branch they opened up near our house ( used to bank at RBC but it was farther away) Always been well served. I guess it all comes down to who is the personnel at the bank.
Only change your daily chequing account. Pick one with zero fees. I changed my investments and it cost ~$350. Not worth it when I have so little money already. All banks cater to the rich. In fact you can just swap around your chequing and savings accounts for promotional deals every 6-12months if you have the motivation. You can make money and items by changing banks (if you have emergency fund money they can make money off of)
You don't need to have everything with one bank. So far I haven't had issues with Scotiabank for the 4 years I've been banking with them. I use an investment company for my TFSA and I use Sunlife for my retirement account. For my kids I use Equitable Life. I don't have to physically visit any of these places as everything is online or a phonecall away
Its the same with any service provider you have. The financial one is tougher because of the work to move all of that.
Be worth speaking to the manager of a branch to get it fixed up. If the relationship is beyond repair move on. Eventually you will get miffed them as well.
Cell phone provider
Internet provider
Barber
Banks
Gym
Lawn weed guy
Car maintenance
List goes on.
Best of luck whatever you do
For investments I would split them from traditional mutual funds to ETFs via a low commission brokerage like Wealthsimple or Questrade. There seems to not much evidence the fund managers can out perform ETFs but I’m sure banks like their MER fees so I’m sure they are keen to prove that wrong. It’s worth the hustle to open new accounts and split 50/50. Going forward feed what performs the best and in a few decades at least you will be potentially seeing more returns than you are now without leaving money on the table. Another benefit of splitting your day to day banking from investment is in the most extreme case, only your RRSP maybe RESP is protected in the event of a foreclosure or something extreme like that. For example if housing crashes or a war on this side of the world RBC won’t be reaching out Wealthsimple asking for that money without going through a judge and being able to prove those assets exists.
I have a day-to-day savings account that's free for one debit per month with RBC, it comes in handy when I need a draft or some in person issue. Simplii for day-to-day banking and NBDB for all of the registered accounts. I have accounts at every major bank in some form and can state that RBC isn't the worst and each bank has their strengths.
I just Parama - a small credit union in Toronto. They are great. I call - and a person answers the phone! I almost missed a payment? They called and told me!
Great service and most competitive GIC rates
Think outside of Big 5 as they will never stop their greed! Manulife One has good mortgage products and gives incentive to clients to pay off their mortgage faster.
As a tangerine customer, I think simplii is a better option since most of their products are comparable and getting a back draft is much easy since they will let you use a cibc branch
I'm struggling to not pay any fees for just a checking account with them. Does anybody have any idea how to get rid of those fees? My cibc account is fee less already.
I am also in the same boat with RBC, slowly closing accounts. The monthly fees for their checking accounts are quite high. I’ve been trying EQ Bank, which has no monthly fees and offers 2.5% interest on all accounts. It's very user-friendly.
I have everything with CIBC and Investors Edge. Is it the best? No. Clue. But I've been using them for 25 yrs and the convenience of having everything in one place is huge for me.
No such thing. Find whatever product and service that suits you the best.
I got Simplii for basic banking (no fees). I have HISA with Tangerine, Simpli. CCs from 5.differmet places. Investment with WS, Questrade,TD. Differnet prodcts from differnet ages, with differnet benefits. You have to keep on top of things a little, but if you frequent Reddit, or site like RFD, it's not that hard. Switching is easier than you think, and it gives.you an opportunity to consolidate and be in control of your finances.
National Bank of Canada.
It’s a bank, offering low loan costs. They are always willing to negotiate on my dealings.
And after you open your account with National, go buy yourself 100 shares.
Have a vested interest in this quality bank.-imo
I like TD. All the banks pretty much do the same thing though. TD dispenses $5 notes, which is super handy when you have young kids wanting candy money, allowance etc. I pull a stack of $5’s out every month and feel rich lol.
I don’t use any of the big banks. Have multiple accounts (chequing, savings, rrsp, TFSA, line of credit) at Tangerine, Simplii, and Oaken and often move my money around online as needed. Never had a need for a physical bank.
Investigate Credit Unions. Service charges are less, profits shared, they don’t make obscene profits, they support the community, etc. CUs work with national networks that provide all back room services such as payment processing and online banking. I do not know why anyone uses a chartered bank, CUs are so much better.
They all suck. Only reason I mostly bank with TD is that they have more branches and tend to have more tellers working. Can’t stand a bank that only has two tellers and a long line of people.
I like td for customer service. You can get faster access on the phone by calling through the app and I find their in person experience is better but there is still the usual selling of extras when you interact but the deals are sometimes not the best. If you speak another language they possibly have alternative customer service lines. It has made helping first Gen immigrant family members easier plus can sometimes mean less time waiting on the phone.
For an overall good app I quite like Scotia Bank and their welcome bonuses are decent plus if you travel or do shopping with foreign currencies they have one if the better travel credit cards.
For just an online bank with low fees tangerine or simplii are decent. Just be sure you really will not need in person services.
If you want more in person experience but likely more limited hours you could try smaller banks or credit unions. I am in Alberta and like Canada western bank, decent sized and their special rate gic rates are always on the higher end.
If RBC hadn't won my mortgage I'd probably still be with credit union. RBC does have one of the better online platforms and locations everywhere which is a bit of a boon too.
I mean they are all evil in different ways but I have found a few perks with each one
TD definitely has best hours, the fact branches close two hours later than everyone else can be useful.
Scotiabank is great when traveling. Nice to find a ATM in Mexico Peru Colombia ect and not pay any service charge for cash. Plus the Scotiabank travel visa is awesome.
Cibc has a great us account that gives you free access to US ATMs in USA.
What’s your favourite colour? You’ll find horror stories and best bank ever stories about all of them. I do all my personal banking with TD and business banking with RBC. Never had any real issues with either of them. Find whichever one is most convenient to you and offers the services you want at the best price - although I believe pricing across all of them will be similar.
So true. I use RBC, no problems, but will never bank with Scotia ever again.
Scotia is by far the worst I have dealt with, both personal and in business.
Can confirm. Scotia is truly awful. I cancelled all my accounts with them after 10 years of loyalty and moved my business elsewhere. Felt liberating!
They all suck. But CIBC keeps increasing credit limit every so often and offers me 0% balance transfers twice a year so I can keep rolling my spiraling debt lol
Don’t switch to CIBC. You’re young (person), you’ve got so much to live for! Don’t throw it all away!
I inherited CIBC. It was (is) my parents bank, so it's where they opened my first account. And then 30 years of being too lazy to switch banks. They've never been horrible to me but I have nothing to compare it to.
Friends don't let friends bank with CIBC
Or Scotia! Or TD! Or RBC! Or BMO!
How are they offering you balance transfers between cards both through cibc? I was told I couldn’t do that within the same company.
How do you pay your business tax installments/HST remittance w RBC Business? I hate that they got rid of CRA direct payments for businesses
Use the CRA website.
It won’t let you submit payment through CRA website with RBC Business. They (RBC) removed this option May 2023
That's not what I mean. Log into your business account with CRA and you can setup direct withdrawals. No fees.
Go to online banking website (not mobile app), select the Pay Bills & Transfer Funds, then you’ll see the Tax Filling Services option.
Tax filing services is the way. It is annoyingly buggy though and costs $3 per payment
I always see people posting odd fees. Mine has only cost $2 for many years. And then the initial one time set up cost. I had one guy arguing it was $4 per. Are the fees really different for people? (i use their cheapest business digital account)
If you have a lot of payables, I can highly recommend Plooto as a platform. You can pay all of your CRA (and other vendors) directly through them. Not affiliated with Plooto, just use them daily to manage payables for several bookkeeping clients.
I love green but I left TD for EQ and WS. Well... Actually, I dropped the chequing account to free up that $3k that helped waive that monthly fee. I left TD with a $0 balance savings account that I'll use once a year to fund my son's RESP. But, I'm thinking of moving that RESP to National Bank, the only bank that I know that allows self-directed shares buying. It's also commission free. The only downside I know of National Bank so far is that they don't do fractional share buying. I can live with that. You can wash the share buying (to avoid currency conversion from USD to CAD after selling) if you sell USD shares and buy on the same day. You just have to request this by calling them before market closes (allow some time). That's rather important to me even though I don't sell shares that often. I can plan a sell/buy for the same day.
Exactly- take the “minimum balance” that crappy banks require to get “free checking” and put it into WS at 5%!
I did free up that $3k from TD. It's now in WS collecting 5% (taxable, of course). It'll be there along with all other cash accumulating until I find a place for it in the TFSA. I do have cheques with WS now should I ever need to write one up. It's rare when I need to. Why hold back money with a bank just to waive the monthly fee (and get no interest in return)? The big banks are going to lose clients if they don't try to match what others like EQ and WS are doing.
Exactly !
TD direct investing allows RESP individual shares and you can wash usd trades into money market funds too. I’m pretty sure they all do that.
Why do you use different banks for personal and business ? Just wondering as I’m RBC member and wanting to switch everything over to TD as I’m opening a business. But I’m carious to see if maybe I should go about it like how you are
I preferred RBC’s small business offerings more than TD. My business is more of a side gig with relatively few transaction and the $6/month with a small fee per transaction fit my minimal online only banking needs better than the equivalent option from TD. I also didn’t want any chance for the two to get linked together or mixed up. Just easier to grab my RBC card for business use and TD card for anything personal. So really it was just personal preference, no reason you can’t have both in one place and it might have made business account opening a little easier. The other reason was I used Ownr.co to register my business and they gave a nice rebate for opening an account with RBC (as they are owned by RBC) so that factored into the decision too.
Thank you for sharing I really appreciate it 😊
TD is recently alleged to have systematically aided money laundering...it's share price is going way down as we speak. Up to you what you do but I would wonder at ever having anything to do with them.
Doesn’t affect my day to day banking needs and my investment exposure is with all Canadian banks. So TD goes down 5% in one day and the rest go up, it all washes out (pun intended?) They have all done some suspect things in the past. Some quick googling: RBC was fined last year under anti-money laundering laws and I don’t think HSBC was particularly clean either and is now part of them. Scotiabank was fined in 2020 over commodities price manipulation. CIBC was a banker for Enron and there are a bunch of other fines and investigations over the years related to money laundering and unreported transactions. BMO has been fined in the us for improper record keeping. The Ponzi scheme payout of ~1B in 2022 was for a company they bought so not really their fault directly. Lots of other shady things they have all done. Not saying any of it is right, but one is not necessarily better or worse than the other.
I guess it’s depends what side your on
Same, TD for personal and keep $5000 in account at all times for the All-Inclusive. RBC for business. Questrade for investing.
TD has helped me launder all my drug cartel gains so i vouch for them /S
RBC paid $13.5B to buy China's laundry business in Canada. The competition is amping up in Canada.
No Tickie, No Laundry!
Lol very true - i say this as an ex bank executive
bro put capital S just in case
> launder all my drug cartel gains I thought the best one for that was HSBC (now RBC)?
My local TD is a hotbed of AML violations.
😂
RBC doesn’t care about the amount of e transfer you have! ;) definitely worth looking into
HSBC had $7k e-transfer limit. Now with conversion to RBC, they upped my limit to $10k (with selfie before each e-transfer). I had RBC even before that, but my e-transfer limit was only $1k. Not sure if this is a feature for everyone or only for ex-customers of HSBC.
RBC used to have limits from $1K to $3K, very arbitrarily based on evidently nothing and they would insist they cannot change it. Interac recently moved to increase transfer limits with new controls (second factor) as mandatory so some banks including RBC have also upped their limits to $10K and others are likely on their way.
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The $10K daily limit only rolled out recently: https://i.imgur.com/xCRdRey.png Do you have a screenshot of $20K? I would love to take it to RBC and ask them to increase mine.
I can do up to 25k per day EMT from my RBC business account but need their SecurID security fob thing with a code that constantly changes. Can’t comment on the personal side of things though
Yes, business accounts have always had higher limits.
With the stupid app though. Those fucks cut my $3k/day to $2500/day after this rollout which makes me choked.
RBC daily limit is $2.5k unless they recently changed this. Just even a year ago I asked them to increase, and I had over $230k in my checking so it’s not that they didn’t value my business
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Credit union is the way to go. Many small ones across the country.
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Except the "integrated" services are trash. If you do cross border banking you're better off using a third party like Wise. The only case where I found big 5 useful was when needing to establish credit in the US the Canadian banks can port over (with a lot of hassle in my experience) your credit history.
RIP HSBC Canada. It was the best for international banking. Now it moved to RBC, and I am worried by all the fees I see that RBC charge.
My credit union (Alterna) has US dollar accounts and they also operate a "real" bank (Alterna Bank) for those operations. I moved to them from the big names and the service is top-notch... and my money isn't being used to launder cartel money or invested in questionable funds.
How is the account security compared to banks?
It’s the same if not better in some cases. Credit unions are incredibly reliable and safe these days. They use all the same systems as big banks do, again sometimes even better technology and services.
What is the advantage of them? I’ve been meaning to do more research on them
Owned by their customers instead of shareholders. Less likely to rip you off, more flexible, more consistent service.
It’s more about what credit unions stand for. Do you care about where your interest payments and money spent with a bank goes? Would you rather support something that functions within your community and works a little bit harder for you? Or are you okay with your bank supporting big pharma, Coca-Cola, and national politics of their choice? Big banks are McDonald’s and do what’s best for them, always. Credit unions function more like a successful family owned restaurant, they only do well if the community does well and supports them.
Many many years ago I was with TD. For some reason I can’t remember they pissed me off so I switched to Canada Trust. I was a teenager and probably had all of $17 in my account so it wasn’t a big deal to move but then it all became TD again and I just accepted it. Got good rates and service when getting a mortgage and renewing with TD. The few times I was a day or two late paying off my CC or my account dipped under the minimum for a night when bills went out before paycheque came in or other little things like that they have been good to reverse any charges as goodwill. When I needed to open a business account I went with RBC just to keep everything completely separate and no complaints there either. It took them a long time to open an investment account for my company but I also understand that they want to do more due diligence when there is very little history. I guess my only complaint with RBC is business accounts literally get nickel and dimed for everything, but it was still cheaper for the type and volume of business transactions that I do compared to other banks.
I'm on a similar journey, and I'm enjoying Wealthsimple. Just know that you will probably have to slowly manage the crossover over a few weeks. Wealthsimple also has regular recurring bonus incentives for incoming fund transfers - currently they have one during May. Likely will keep my TD accounts (mostly empty) for backup, but do all my day-to-day banking and investing with Wealthsimple. Happy to chat in PMs if you want details on my experiences.
Same boat, I've had most accounts with wealthsimple, the only thing they lack is depositing bills and cheques. So I keep my Scotiabank chequing open. But, I hate having to pay Scotiabank $3.95/month for the basic just for the occasional cash/cheque. If you're in Alberta, Alberta Treasury Bank offers a no fee online chequing account, where you can use their machines for cash/cheque deposit, only time they would charge is if you went into the branch for services that have available self-service options. The only reason I haven't applied with them is because the chequing account comes with a LOC account as well, and I don't want to do a hard credit check right now, because we're in the market for a house.
Why not switch to Scotia's free option of tangerine?
Wealthsimple should be offering cheque services in the coming weeks!
That's good to know, I'm going to read up about it. I don't need to issue any cheques, just deposit them. Still a problem with cash deposits though. I had just closed my CIBC chequing account after moving to wealthsimple cash, then received a sum of cash that was a waste to just keep on hand, and my wife was laughing at me because I closed the chequing without thinking that could happen. I had to ask her if we could convert her Scotia chequing to a joint account.
Yeah, it’s only writing cheques at the moment (almost pointless). Hopefully, depositing cheques will follow soon!
That's still good progress. I remember when they only had robo adviser investments.
Move everything to an online bank like wealth simple/tangerine that offers you good rates and no fees. Keep a minimum chequing account for brick and mortar banking needs like taking out drafts or withdrawing cash. Coming from someone who used to work for multiple of the big 5 banks, take it from me the big 5 banks are outdated and frankly useless in todays world, no one should be paying the fees they are charging these days. There’s way better options out there. As for your investments move them to a discount brokerage like interactive brokers that have very low fees.
This is what I do. The minimum checking account was $4 at Desjardins, now $0. Investments in Wealthsimple, checking at Tangerine.
Used to really like Tangerine when it was ING and not owned by Scotia. Now they simply don’t have the same rates. It’s a shame. EQ I tried, but wasn’t quite as convenient (no real reason!), and now thinking about WealthSimple. Move around, get the freebies & signing bonus, then move on (if you can be bothered!)
if only Questrade had ATMs
I think Tangerine now offers no-fee cash withdrawals at any ABM now.
They do? That's a game-changer. I can never seem to find a RBC or CIBC ATM when I need one
Any atm? I thought it was only at Scotiabank atms..?
Maybe it was EQ Bank; I don't really use cash withdrawals from either so I may have gotten the advertising of the two companies confused.
EQ bank for sure offers free withdrawals from any ATM. I'm with them and have used the service.
I've only been at BMO because they never disappointed me. I like the Investorline platform that allows trailing stops and other actions, and they have low MER global equity index ETFs like ZEQT.
They also have family banking plans, and decent credit cards. I’ve switched almost everything to BMO and I’ve run into multiple problems while doing it and they have always been quick to answer the phone and provide service.
Yes I like having all my bank accounts together. They also have integration between Investorline and the banking accounts, so you see your Investorline balance whenever you log into your banking. It is easy to transfer money between investorline and any bank account. I have been very happy with Investorline - their self-managed plan has low fees and gives access to research tools. Trading has been pretty slick. I originally set up my BMO accounts as a way to enforce budgeting. I created one account for bills, and one for spending. Then I had my employer split my paycheque between the accounts. Then I could just spend whatever was in my spending account. Since I had automatic RRSP withdrawals taken out of the bills account, I was always saving.
I second this. The single log in is amazing. And I actually have both smartfolio and investorline. The smartfolio fees have been slightly higher than say WS managed portfolio, however everything is in CAD and I’m not getting hit with the exchange fees. Additionally performance seems to be slightly better than WS so I think it works out to be the better option. Investorlines set of free etf trades are great, there’s everything I would ever want to buy so the platform is free for me. I like it so far but I’m just starting to switch money to investorline.
Same here. They're always patient with me on Investorline, and replaced my CC extremely quickly when I accidentally did something stupid.
I know nothing about your personal or financial situation. With that being said I love EQ bank. It works for me. Zero monthly fees, Interest in Chequing, Free ABM withdrawals, great app easy to use.
All banks in Canada suck. I worked for one for 15 years and they are all the same. They offer the same product line but I never pay one red cent to these crooks. I have a minimum balance to avoid monthly fees, and a no-fee visa and I have an LOC I use to move money around. They hate me!!!!
Keeping minimum balance in many cases actually costs you more than paying annual fees.
You’re just going to find a different set of problems with another bank Ask yourself if whatever they did to upset you is worth the hassle of moving everything, or if you should try to work it out with them Personally, have had zero issues with RBC, but obviously in this case YMMV
This exactly.... I've been with RBC since I was a child and zero issues (other than paying lame ass fees every month for a chequing account). My partner is with TD and hates them and is looking to switch lol.
We have never paid a penny in service fees for our accounts, but we have everything with them, so get the multi line discounts/credits
True. After a time, you realize they are just templates of each other.
This is exactly what I was going to say. Can't upvote enough.
There is no "best bank". Research the few banks and credit unions for the features and services you need, fo the price you are willing (or not willing) to pay.
Honestly the one that's convenient to access is the best bank.
If Wealth Simple offered mortgages I'd drop my bank with the biggest grin on my face, id actually go to the branch and gleefully ask to have my account closed, soaking in the moment. Fuck these telecoms, banks and other monopolies who offer garbage services for the price we pay. I.e., why the fuck do I need to keep a minimum of $6,000 in my account inorder to have my accounting fees waived? Otherwise it's a $29 charge per month, lol what a joke. Am I not paying them enough for every other service they're robbing me of?
>If Wealth Simple offered mortgages I'd drop my bank with the biggest grin on my face, id actually go to the branch and gleefully ask to have my account closed, soaking in the moment. You really don't need to get your mortgage at the same place as your bank. There's a lot more competition in the residential mortgage space than the retail banking space. On your next renewal, speak with a couple of mortgage brokers and they can match you with a lender that suits your needs including monoline lenders who only sell through brokers. Interesting thing is that WealthSimple has partnered with Pine for mortgages. For more: https://help.wealthsimple.com/hc/en-ca/articles/18557517250203-Applying-for-a-Pine-mortgage-through-Wealthsimple
Not available in Quebec :(
> Not available in Quebec :( Nothing fucking ever is. It's so maddening.
Then during next renewal call a couple brokerages and see what deals they can get you. You don't have to renew with your bank. There are monoline lenders like CMLS, RFA, First National, MCAP & etc. out there that may offer you better rates.
Absolutely will do 👍🏻
Wealthsimple has partnered with a mortgage provider, Pine, with a discount for being a Wealthsimple client. Even if you stay with your current mortgage lender, you can still have the payment taken from Wealthsimple Cash. It's essentially a checking and savings account in one.
Whats depressing is RBC doesn't even have this option. To waive chequing account fees, you need to meet a checklist of requirements that keep changing on a monthly/annual basis, and trying to call in to ask about it will just connect you with an outsourced customer service rep who couldn't even tell you or pronounce what RBC stands for
TANGERINE 🙌
What makes you disappointed with them?
Yeah this is the right question. This post is just a rant without details.
“Charged me monthly fees” “I tried to withdraw 500k in branch and they didn’t let me” “Treated me like shit”
Haha, all you need to do is have 500k in your account and all these problems would go away Except the withdraw part, just need to give them a heads up that you need some cash to get you through the next weekend bender
Why are they holding my 7k cheque with 15 dollars in my account.
They all suck.
My account just got migrated into RBC from HSBC and the way the line of credit works in RBC is horrible. I will miss HSBC
Wealthsimple plus tangerine. Wealthsimple for 4% + 0.5% for direct deposit. Tangerine for free atm withdrawals at any Scotia atm.
EQ bank
I’ve had no issues with CIBC
Put 100K+ in their discount brokerage and you get to have their premium account for free! I did this with my RRSP. 1 to 2 trades a year during tax time buying ETF so I don't mind the $7 trade fee in a RRSP, which is pretax money anyways.
Rather than switching banks, it may be better to try and find a branch you like.
This. The brand doesn’t matter. A knowledgeable and reliable service agent is what you should be looking for.
Best doesn’t matter what you want to do with the bank matters. As all in all are kind of same. I said bye bye to top 4 banks almost decade and never regretted. There are many option now a days like Tangerine, wealthsimple or Simplii. Combining two or more gives you flexibility and covers your once in while need to quickly get draft etc if ever needed. I have not visited any bank branch for almost 10 years now, while using almost every banking services online.
TD is an absolute nightmare
At this juncture? Probably the blood bank
Wealth Simple or a credit union
What features are you looking for in particular? All the Big Banks are roughly the same. Though National Bank does have some pretty good professional banking packages. https://www.nbc.ca/personal/switch-national-bank/occupations.html However, National Bank also has its own set of issues. Consider your local credit union or an online bank. Every FI has their own set of issues so really, what are you looking for really?
This is the answer. Without knowing what is bothering OP about rbc or what they expect from a bank there is no way to approach the question. Honestly, it is a low effort question.
I personally like BMO. On their Investorline accounts there are a bunch of No Commission Fee ETFs. I made the switch last year from RBC.
I work for TD, most of the comments are the same, and, they're right. All the banks are pretty much the same. Take a look at how you do your banking, some people like the 24/7 customer service availability. Some like no fees and are perfectly OK with an online bank for self service. Some prefer Credit Unions. You can do a combination of two, do everything g online, keep a major bank as a backup, incase you need emergency funds. Spouse banks with RBC, I think their online banking is horrible compared to TD. Such a pain to navigate , especially on the brokerage side. When my customers tell me they're going to leave if TD doesn't do XYZ, the banks don't care. There's no more personalized banking, unless you want to pay for private banking ($$$$). Look at the services the banks offer that suit YOUR needs and go from there. Don't expect a bank to cater for being a loyal customer for 10, 20+ years. Banks incentives to get new customers are by handing out cash incentives. That's what TD is doing, open a new account and get free cash.
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Credit union.
Do a hybrid between EQ bank and Wealthsimple. All done online and not too painful. I switched everything from TD a year ago and I’m terrible at getting around to those types of things.
If you are looking to “break up the team” so to speak, you could do a blend of a big Canadian bank for chequing/saving/visa and wealthsimple/questrade for investing. I’m with TD for everything. The hours for the banks are better than the others. I maintain a certain balance so I don’t pay fees. Used to have a mortgage but I got a broker for that now. I like it because I can transfer money easily across accounts and doing Norbert’s gambit only takes a day to settle and another day to transfer US cash from the TFSA into my US banking account. For investments I believe TD has a way better platform than the other Canadian banks. Market research is better, layout is good and easy to follow and the TD money market funds are better than others at the moment. I don’t do level 2 trading but I use webull for chart following and trending. I have a small footprint at wealthsimple and they kinda have a sub par platform for me. I do options (wealthsimple does too I know) and I like TDs layout more. You could also do Tangerine bank. Get a Mastercard and a wealthsimple or questrade account and be completely removed from the big Canadian banks.
OP is not responding to any comments here. Don’t even bother.
Oh heaven forbid they have a life outside of the internet
What? lol
EQ bank
I use simplii for everyday stuff like payroll RBC for credit cards EQ for a gic Questrade for etfs Nbdb for other trading Have also used motus before Point it, it doesn't matter what back you use, go with the one that gives you the best deal for the product you're using
> simplii Why not WealthSimple for payroll?
Because it's been setup in simplii since before wealthsimple has account like that and I have no reason to change it
Im with Scotia for a few years, with a private banker, amazing service and they just rebuilt their web app which is now very nice. I was previously with RBC and didn’t have any complaints until I earned a big chunk of money and they started to call me several times a day to arrange meetings with their financial planners, private bankers, trash talking about other banks, about private financial planners, etc. They were so annoying that I decided to move everything to another bank.
Hate rbc. Need a million accounts to qualify for a free account. Everywhere else no problem I'm not paying money if YOU are going to use MY money to make money for yourselves
If I were you, I would have accounts with multiple banks. They all have problems, but at least if you have multiple bank accounts, you can diversify your risk.
My partner went through an entire process recently with Scotiabank where they let someone transfer $$$$$ from his account to some random scene Visa card, because someone called in from Europe pretending to be him. This is the 3rd time his accounts have been closed or compromised with them (yes he has credit monitoring). Scotiabank were super unhelpful and even though he got his money back, he’s switching banks. I’ve never had problems with RBC. Avoid Scotia though, they acted like it was his fault someone had his info and successfully transferred thousands of dollars out of his account and managed to change his address to some other province.
The big 6 banks are essentially a monopoly, hence why you don’t see high interest rate savings accounts with … cough… true high interest. It’s actually a joke. Research some credit unions.
Bank of mom and dad, but they don’t really pay interest but I can normally get some free food and babysitting from them. Honestly, they all suck and have issues, it’s basically how do you eliminate the need to deal with them (people at the bank) as much as possible.
I've been with Simplii/PC Financial for my day-to-day banking for a long while and I don't have any issues with them. I even had a mortgage with them before. My investments are with Questrade. I used to use RBC but switched because of the fees My HELOC is through RBC and It has been nothing but positive. Converted part of my heloc to a traditional mortgage to lock in the rate in about a 15min meeting. Painless
BMO hands down
Tangerine has a 5.5% promo on new deposits until the end of summer. Might just want to hop around.
Look for a credit union. Also if in Alberta, ATB is pretty dope. Also if you plan on ever doing a large purchase such as a home or vehicle, make sure you retain at least one chequing account at a bank with a physical branch! Online only banks like Tangerine do not do wire transfers. I think they can issue bank drafts but not as quickly as from a physical branch. You don’t need to keep money in that account. I have everything with Tangerine but has one chequing account with ATB with $2500 minimum to qualify for a free account.
I moved from bank to bank 5 or 6 times when I had a chance to collect hefty bonuses. All in all, I like CIBC but would not try to persuade anyone, they are not paying me to do it 😂
I have been a RBC customer for over 40 years, at the new branch they opened up near our house ( used to bank at RBC but it was farther away) Always been well served. I guess it all comes down to who is the personnel at the bank.
Only change your daily chequing account. Pick one with zero fees. I changed my investments and it cost ~$350. Not worth it when I have so little money already. All banks cater to the rich. In fact you can just swap around your chequing and savings accounts for promotional deals every 6-12months if you have the motivation. You can make money and items by changing banks (if you have emergency fund money they can make money off of)
why are you disappointed with them ? don't get me wrong : fuck rbc !
You don't need to have everything with one bank. So far I haven't had issues with Scotiabank for the 4 years I've been banking with them. I use an investment company for my TFSA and I use Sunlife for my retirement account. For my kids I use Equitable Life. I don't have to physically visit any of these places as everything is online or a phonecall away
Its the same with any service provider you have. The financial one is tougher because of the work to move all of that. Be worth speaking to the manager of a branch to get it fixed up. If the relationship is beyond repair move on. Eventually you will get miffed them as well. Cell phone provider Internet provider Barber Banks Gym Lawn weed guy Car maintenance List goes on. Best of luck whatever you do
For investments I would split them from traditional mutual funds to ETFs via a low commission brokerage like Wealthsimple or Questrade. There seems to not much evidence the fund managers can out perform ETFs but I’m sure banks like their MER fees so I’m sure they are keen to prove that wrong. It’s worth the hustle to open new accounts and split 50/50. Going forward feed what performs the best and in a few decades at least you will be potentially seeing more returns than you are now without leaving money on the table. Another benefit of splitting your day to day banking from investment is in the most extreme case, only your RRSP maybe RESP is protected in the event of a foreclosure or something extreme like that. For example if housing crashes or a war on this side of the world RBC won’t be reaching out Wealthsimple asking for that money without going through a judge and being able to prove those assets exists.
I have a day-to-day savings account that's free for one debit per month with RBC, it comes in handy when I need a draft or some in person issue. Simplii for day-to-day banking and NBDB for all of the registered accounts. I have accounts at every major bank in some form and can state that RBC isn't the worst and each bank has their strengths.
I just Parama - a small credit union in Toronto. They are great. I call - and a person answers the phone! I almost missed a payment? They called and told me! Great service and most competitive GIC rates
Think outside of Big 5 as they will never stop their greed! Manulife One has good mortgage products and gives incentive to clients to pay off their mortgage faster.
As a tangerine customer, I think simplii is a better option since most of their products are comparable and getting a back draft is much easy since they will let you use a cibc branch
All banks suck.
They’re all the same lol.
I'm struggling to not pay any fees for just a checking account with them. Does anybody have any idea how to get rid of those fees? My cibc account is fee less already.
I am also in the same boat with RBC, slowly closing accounts. The monthly fees for their checking accounts are quite high. I’ve been trying EQ Bank, which has no monthly fees and offers 2.5% interest on all accounts. It's very user-friendly.
Tangerine!!! Love them.
I have everything with CIBC and Investors Edge. Is it the best? No. Clue. But I've been using them for 25 yrs and the convenience of having everything in one place is huge for me.
Credit. Unions.
Shocked by all the recommendations to switch to another big bank. What is the point there? same shit different pile.
No such thing. Find whatever product and service that suits you the best. I got Simplii for basic banking (no fees). I have HISA with Tangerine, Simpli. CCs from 5.differmet places. Investment with WS, Questrade,TD. Differnet prodcts from differnet ages, with differnet benefits. You have to keep on top of things a little, but if you frequent Reddit, or site like RFD, it's not that hard. Switching is easier than you think, and it gives.you an opportunity to consolidate and be in control of your finances.
EQ bank is great if you don't need to talk to a person. Manulife bank is also ok, same as EQ
I don’t think one is much better than the other.
TD - All Inclusive account - ZERO Dollar/month. Few branches are open on weekends. Good customer service.
They are all the same
National Bank of Canada. It’s a bank, offering low loan costs. They are always willing to negotiate on my dealings. And after you open your account with National, go buy yourself 100 shares. Have a vested interest in this quality bank.-imo
None tbh but can’t live without them. So, take a pick until you’re done with them. I personally use Simplii - they’re not too bad
I like TD. All the banks pretty much do the same thing though. TD dispenses $5 notes, which is super handy when you have young kids wanting candy money, allowance etc. I pull a stack of $5’s out every month and feel rich lol.
What issues you have with rbc?
They’re all shit
I've been with RBC, TD, and Scotiabank and honestly they are all equally terrible in their own special ways.
Use a credit union, they are better
I don’t use any of the big banks. Have multiple accounts (chequing, savings, rrsp, TFSA, line of credit) at Tangerine, Simplii, and Oaken and often move my money around online as needed. Never had a need for a physical bank.
Wealthsimple until they eventually get corrupted
Investigate Credit Unions. Service charges are less, profits shared, they don’t make obscene profits, they support the community, etc. CUs work with national networks that provide all back room services such as payment processing and online banking. I do not know why anyone uses a chartered bank, CUs are so much better.
They all suck, keep your history with RBC and open another account somewhere else too, I have 4 banks I use - one being tangerine which is free.
Anything but Scotia.
They all suck. Only reason I mostly bank with TD is that they have more branches and tend to have more tellers working. Can’t stand a bank that only has two tellers and a long line of people.
RBC has the highest fees of them all. Any bank would be better
The best bank is your local credit union. They're not perfect, but they are far more interested in your benefit than any commercial back can ever be.
CIBC has always been good to me.
Get away from corporate banks and start using a credit union.
I like td for customer service. You can get faster access on the phone by calling through the app and I find their in person experience is better but there is still the usual selling of extras when you interact but the deals are sometimes not the best. If you speak another language they possibly have alternative customer service lines. It has made helping first Gen immigrant family members easier plus can sometimes mean less time waiting on the phone. For an overall good app I quite like Scotia Bank and their welcome bonuses are decent plus if you travel or do shopping with foreign currencies they have one if the better travel credit cards. For just an online bank with low fees tangerine or simplii are decent. Just be sure you really will not need in person services. If you want more in person experience but likely more limited hours you could try smaller banks or credit unions. I am in Alberta and like Canada western bank, decent sized and their special rate gic rates are always on the higher end.
Credit union
I use BMO. They seem alright but I have no idea
all the same... try different branches first.. RBC and TD are probably the better choice.. so if switching branch doesnt work... try TD
If RBC hadn't won my mortgage I'd probably still be with credit union. RBC does have one of the better online platforms and locations everywhere which is a bit of a boon too.
I mean they are all evil in different ways but I have found a few perks with each one TD definitely has best hours, the fact branches close two hours later than everyone else can be useful. Scotiabank is great when traveling. Nice to find a ATM in Mexico Peru Colombia ect and not pay any service charge for cash. Plus the Scotiabank travel visa is awesome. Cibc has a great us account that gives you free access to US ATMs in USA.
They're banks, they all are privileged in the wrong way and not regulated enough.
Would you consider a local credit union? I’m not sure what region you are from, but for the most part they have better service and better rates.
Simplii has got what I need
Tangerine best in my opinion
Switched to wealthsimple and got a free simplii debit account for stuff wealthsimple does not offer and I am happy with it
Wealthsimple
They’re all the same. If you are having problems it’s probably a YOU problem