Articles
No Fee Chequing Accounts Comparison
First Posted: September 26, 2007
Last Updated: January 2, 2008
By Denis Agar
A note about the big banks
I looked high and low for some sort of good deal at a Big 5 bank. I couldn't find one. As you'll see at the bottom end of the table, big banks' best offerings don't even come close to PC or Ubiquity. BMO is generally the cheapest of the lot, but you shouldn't have to resort to that.
Comparison Table
| Name |
Monthly Fee/ Min. balance to avoid fees |
Interest Rate |
Access Methods |
ATM Network |
Extras |
| Cheques |
Bill Payments |
ATM withdrawals |
Interac Direct Payment |
| Citizens Bank Chequing/Savings |
$8 / $1000 |
negligible |
Unlimited |
The Exchange |
Free Cheques |
| Citizens Bank Investment Account |
None |
2.40% |
Unlimited |
4 Free, then $1.50 |
The Exchange |
Free Cheques |
| President's Choice Financial No-fee bank account |
None |
negligible |
Unlimited |
PC Financial and CIBC |
Free Cheques, can earn PC Points outside QC |
Ubiquity Bank Personal Client Account
Bank West Demand Deposit Account |
$7.50 / $1000 |
3.50% |
35 included |
The Exchange |
Free Cheques |
| The following are only available in British Columbia |
|---|
| Coast Capital Savings Free Chequing, Free Debit and More Account |
None |
negligible |
Unlimited |
The Exchange |
None |
| Vancity Shared Growth Chequing Account |
$7.00 / $1000 |
0% |
Unlimited |
The Exchange |
One free in-branch transaction, money is pooled for use in projects that return "meaningful social, environmental and economic benefits to community" |
| For comparison purposes, some offerings from the big banks |
| Bank of Montreal Plus Plan |
$8.50 / $1500 |
negligible |
30 included, $0.60 after |
Bank of Montreal |
One free E-mail Money Transfer per month, earn Air Miles on debit purchases. |
| CIBC Everyday Chequing Account |
$3.90 / $1000 |
negligible |
10 included, then $0.60 each |
CIBC |
None |
| Royal Bank |
Not a single chequing account with a waivable monthly fee |
| Scotiabank Powerchequing Account |
$3.95 / $2000 |
negligible |
When paying monthly fee, 15 are included. Otherwise, you are allowed unlimited transactions. |
Scotiabank |
Free usage of Scotiabank's Global ATM Alliance |
| TD Canada Trust Value Plus Account |
$8.95 / $2000 |
negligible |
25 included, then $0.65 each |
TD Canada Trust |
None |
|
