I'm planning to open a new chequing account in the near future, and I'm contemplating bailing on RBC. I've been with them for a very long time, and one possible outcome is that I'll just open a new RBC account and be done with it. That'd be... fine.
But for a variety of reasons (including my satisfaction with RBC trending steadily downward), I'm thinking about opening this new account elsewhere. I don't have a ton of hard requirements, and I'm not really sure what to look for in a bank, but the following would be nice:
- Good online banking experience, particularly desktop (RBC is shockingly bad at this)
- Good credit card; easy to make payments from the new account
- Minimal fees
- Easy e-transfers
- Real security (another thing RBC is terrible at)
- Neat rewards would be cool
- Low-fee, low-friction investing would also be cool-- I don't really do much investing, but I'd like to be able to
Any suggestions would be great, including anti-suggestions if you happen to know of a bank that I should avoid.
I can provide some info about TD, Simplii, Tangerine, EQ, and Wealthsimple (more of an investing service than a bank):
Online Banking Experience:
Credit Cards (Ease of Use):
Fees:
Etransfers:
Security:
Rewards:
Investing:
Misc:
What I do: I have my everyday banking with TD, savings with EQ, and investing with Wealthsimple. When Tangerine gives a promo, I move my savings there until the promo expires, then I move it back to EQ. I have credit cards with a bunch, but the one I'm considering ditching is the Tangerine one since payments cannot be automated through another institution.
Wealthsimple Cash covers most of what one might be looking for in a chequing account.
The Cash card also has 0.5% cash back on purchases IIRC and is essentially a prepaid credit card / debit card. I love WS Cash, the only reason I don’t use it more often is that I have an Amex.
4% before any direct deposit bonuses.
It’s pretty decent for a cash / emergency / short term savings account.
It lacks features though (recurring transfers in/out from other institutions is the main one for me).
That's a pretty good deal actually. I wouldn't have thought to look there, but now I'm going to.
Wow, this is stunningly thorough, thank you! I will be looking into each of these. If you were going to pick just one institution to work with, would you steer away from any of the options you mentioned? I would consider working with multiple, but the short-term move will just be a new account for my paycheque direct deposit and general daily banking.
I'm also curious about moving money between Tangerine and EQ: Is that like based on interest rates?
Happy to help! If I had to pick just one it would probably be TD or Wealthsimple (with Tangerine as the runner up). TD because of the All Inclusive account that has no fees with a minimum balance of $5000 and a bunch of extra perks like a pretty great premium credit card. Wealthsimple because it's the hands down best investing option (highly recommend visiting this website for guidance). Tangerine is close but I just can't fully stomach their security and how they don't implement some ease or use features (most other banks I've experienced have them all so they have no excuse).
Moving money between EQ and Tangerine really only nets an extra few hundred per year at most, so it's not super worth it honestly. I do it because I like the little bit extra. You're correct there, I move it only when Tangerine offers a promotional interest rate for their HISA that is higher than the HISA at EQ.