Bank Accounts

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Things to Consider

When choosing a bank account there are a few key things to consider.

  • Are there monthly fees?

  • Are there fees for transactions?

  • Is your money easily accessible?

Traditional banks generally have monthly fees but make it easier to access your money. Online banks usually don’t have any fees but could require more steps to withdrawal your money.

In my opinion, high-interest savings accounts are not worth the hassle. You can either just keep your emergency fund in your checking account or if you don’t need it for a while invest it into a low-risk TFSA and earn some real money. I see very little reason to make your money harder to use just so it can earn 0.010% to 2% interest per year in a high-interest savings account.

Banks I Like

TD

TD Bank is a good all-around bang for your buck. The TD all-inclusive chequing account has a monthly fee of $29.95. For that price, you get unlimited transactions and a credit card of your choice up to a value of $139. I like the TD first class travel visa infinite. Even better is if you keep a balance of $5000 you won’t get charged the $29.95 per month. Pretty good for one of the big banks. The nice thing about one of the big banks is that you can conveniently do your banking in person and do things such as to get certified checks because they have long operating hours.

Simplii Financial

Simplii financial is a great bank for all your basic banking needs. With simplii financial, you get unlimited transactions and the best part is you don’t even need a minimum balance! You can easily e-transfer money between other banks. One downside is it may be hard to make larger withdrawals because there aren’t physical locations. If you need to take out small cash amounts you can use CIBC ATMs. Use my referral link to get $50 free when you deposit $100.