If you held an account with one of the five big banks in Canada it’s more likely that you have to maintain a certain amount from $1,000 to $5,000 to avoid the monthly fee.
In an event that your balance dips down even just for a few dollars, as a result you will incur a fee. Furthermore, the balance of these accounts does not earn any interest or probably a very minuscule one.
According to CBC News, Canadians pay more than $200 in annual bank fees.
Thankfully in this information and digital age, we have lots of options. In fact, nowadays it is easy to find a No fee checking account.
What am I looking for a checking account?
- Zero monthly fees
- No minimum balance
- Unlimited free transactions which includes debits, transfers and bill payments
- Easy access to free ATM
- Excellent customer service either by phone, email and chat
- Mobile app and user-friendly website for online banking
- Free electronic statement
- Free checkbook
- Pays interest on account balance
My Personal Top 3 No Fee Checking Accounts
1) Tangerine (formerly known Ing Direct) I am familiar with this bank having live in UK and has been a client for over a decade. It is mainly an online bank now owned by Scotiabank. They offer a checking, savings, mortgage and investment funds.
Tangerine checking account offers:
- Zero minimum balance and No monthly fee
- Free unlimited transactions including debit purchases and pre-authorized bill payments
- Free unlimited email transfers
- Interac e- transfers $1.00
- First check book free (50 checks) additional $20 each
- User-friendly website and versatile app
- Free access to Tangerine and Scotia bank ATM and worldwide that is part of the Global ATM Alliance
2) Simplii Financial formerly known as President’s Choice Financial Bank is owned by CIBC. It offers checking, savings, mortgages, line of credit, loans and more.
Simplii Financial checking account offers:
- Zero minimum balance and No monthly fee
- Free unlimited transactions including unlimited debit purchases, pre-authorized bill payments and withdrawals
- Free Interac e-transfers
- Free checkbook
- User-friendly website and versatile app
- Free access to 3,400 + CIBC ATMs across Canada
3) Coast Capital Savings is Canada’s largest credit union by membership and serve members in Metro Vancouver, Fraser Valley, Vancouver Island and the Okanagan.
The bank also offers checking accounts, savings, mortgages, loans and investments. For customers who live in these areas who prefer face-to-face transaction therefore this the bank of choice for many residents.
Coast Capital Savings checking account offers:
- No monthly fee
- Unlimited daily transactions
- Members get free use of ATM on the EXCHANGE network Canada
- Free e- statements
- Free in-branch, phone and online bill payments
- Versatile mobile app and user-friendly website
My Final Thoughts
There are a lot of options to avoid paying monthly fees. Furthermore, there are other NO fee-checking account that I have not mentioned here. These are just my top 3 checking accounts that I currently use.
It’s a combination of online banks and one brick and mortar bank which I prefer face-to-face transactions.
I love free banking and who doesn’t? I can make those minimum balance to good use by either putting it in HISA or invest those funds.
Tangerine is my top No fee Checking Account. I find their website and mobile app very user-friendly. Most noteworthy, there are key few features that I like them such as push and pull transactions within there website. Topping up, is there No surcharge for withdrawals abroad using ABM that is part Global ATM Alliance.
I went with RBC to get their free iPad promotion and free 100-cheques cheque book.
Smart move my friend getting the freebie. Is this account free?