Which Canadian bank is the best one?

[Thermostat]

Hi everyone!


I'm new to the banking thing (hiding your money beneath your mattress is only fun for so long...). I really don't have a lot of experience with banks, but I'd like to know who the best institution is. I'm looking for cheap, accessible, and affordable service. I'm looking to open up a chequing account and a savings account! I'd like to hear your stories about any experiences you've had with:

RBC
Scotiabank
TD
CIBC
PC Financial
BMO


... as well as what kind of account you think I should get. I want to save as much money as possible on things like fees. I've researched all I can, but I'm starting to feel like all of these banks are hiding details they won't put on their websites. For example, I've heard that PC Financial will lock up your account for over 3 months if it's compromised (apparently that's not the case with the other banks... not sure if it's true, though)- SCARY!>:(

So who should I go with?

[tng11]

If you want to save on fees, PC Financial's a no-brainer. No fees at all, even for cheques which would cost $20 from the Big 5. Their savings account easily tops all the big banks and there's no fees as well. Only problem is their customer service sucks and some of their hold policies are frustrating. Other banks you'll be nickeled and dimed for everything unless you keep a minimum balance (which results in a loss of interest) and they'll give you a "generous" 10 transactions a month for $1,000 or $4 fee.

I've never heard of anyone's account being locked at PC Financial for 3 months though. The one time my card got compromised, I went into a pavillion to get a new card and I was on my merry way in 10 minutes.

[Jucius Maximus]

I use PCF. But if I didn't use that, I would probably go to TD because you can eliminate fees if you keep a minimum balance.

And TD is reputed to have the best online banking interface, and also be the best in terms of sending out payments quickly.

BMO is the best in terms of acceptance of their debit cards at international locations.

CIBC as the most ATMs.

[alanbrenton]

Hi everyone!


I'm new to the banking thing (hiding your money beneath your mattress is only fun for so long...). I really don't have a lot of experience with banks, but I'd like to know who the best institution is. I'm looking for cheap, accessible, and affordable service. I'm looking to open up a chequing account and a savings account! I'd like to hear your stories about any experiences you've had with:

RBC
Scotiabank
TD
CIBC
PC Financial
BMO


... as well as what kind of account you think I should get. I want to save as much money as possible on things like fees. I've researched all I can, but I'm starting to feel like all of these banks are hiding details they won't put on their websites. For example, I've heard that PC Financial will lock up your account for over 3 months if it's compromised (apparently that's not the case with the other banks... not sure if it's true, though)- SCARY!>:(

So who should I go with?

Check out RBC's product bundles. If you sign up for a rewards visa card, the $4 monthly fee for the day to day banking package (15 debits) will be credited back to you.

[Thalo]

If not PCF, to save on fees and get better interest rates, the alternative is a no-brainer. Go with the bank with the longest hours (by far), that has won several different customer service awards for 3 years in a row: TD.

[dav1209]

HSBCdirect and PC.

i Will prefer HSBC cuz i can have my HSBCDirect with no fee and open a HSBC High save account so when i need to go to the bank
(HSBC can use both BMO HSBC and the exchange network)
PC we can only use CIBC bank machine.

[dealtacular]

Use the search function, and you will find tons of information on the different banks.

[exstasie]

Hi everyone!


I'm new to the banking thing (hiding your money beneath your mattress is only fun for so long...). I really don't have a lot of experience with banks, but I'd like to know who the best institution is. I'm looking for cheap, accessible, and affordable service. I'm looking to open up a chequing account and a savings account! I'd like to hear your stories about any experiences you've had with:

RBC
Scotiabank
TD
CIBC
PC Financial
BMO


... as well as what kind of account you think I should get. I want to save as much money as possible on things like fees. I've researched all I can, but I'm starting to feel like all of these banks are hiding details they won't put on their websites. For example, I've heard that PC Financial will lock up your account for over 3 months if it's compromised (apparently that's not the case with the other banks... not sure if it's true, though)- SCARY!>:(

So who should I go with?

PCF is the best from that list in terms of cheapness. You don't need a minimum balance to have your fees waived.

They are no fee accounts with very competitive interest rates on savings accounts (usually higher then the other banks because their costs are a lot lower).
The only drawback for me is that it takes 1 business day to transfer funds from Savings to Chequing with PCF. If I transfer money today from savings to chequing (frday) it won't be in my account until Monday.

Other than that, cheque the other banks and see what their minimum balance is before all of your monthly fees are waived.

I use to be with BNS and if I had a minimum balance of $1,000 in my chequing account, there would be no fees at all.

[DanielCarrera]

First of all, the "best" bank will be different for each person. Some people are very comfortable with on-line and telephone banking, they never visit the branch, and they are most interested in low fees. For these people, PC Financial is probably the best choice. But for some people, going to the bank branch is important, so they want a lot of branches with long opening hours and efficient service. For someone like this, TD might be the better choice (note, I don't have direct experience with TD).

I can only really speak of my personal experience. I used to be at Royal but I switched to PCF because I hate fees. I used to have a no-monthly-fee checking account with RBC and instead it had a $0.50 transaction fee. This worked fine for me because I made very few transactions. But last year I got a letter saying that "in order to serve me better" the bank was going to discontinue the no-monthly-fee account and I would have to pick an account with a monthly fee (min $4). I got very mad, so I switched to PC Financial. I do all my banking online, I never visit a branch, so for me PCF was a good choice.

I never had problems with customer service from either RBC or PCF. So for me the choice lies entirely on (1) low fees and (2) a good online-banking service.

[angel_wing0]

i agree with ^.

For me the best banks would be PCF, HSBC and then citizens bank. Thou i also have to admit that td is good if not for fees and the minimum balance requirement.

[budfrogs]

I use PCF. But if I didn't use that, I would probably go to TD because you can eliminate fees if you keep a minimum balance.

And TD is reputed to have the best online banking interface, and also be the best in terms of sending out payments quickly.

BMO is the best in terms of acceptance of their debit cards at international locations.

CIBC as the most ATMs.

I much prefer PCF's online banking interface. I find TD doesn't let you set up things to happen in the future. (Like a transfer.) PCF all transfers/bill payments etc have a date option to do it at a later date.

I have both PCF and TD. I don't use the TD too much. Mostly when I need to talk to someone/deposit change/US $$ exchange.

You do not need to use the same bank for both chequing and saving.

[alkaseltzer01]

The question should be reworded... "which bank would screw you the least?"

[myapple]

I personally had many problems with PCF's online banking (payments don't go through, can't update phone numbers properly, locked me out a few times for no reason, the list goes on...). Also, PCF customers have no access to send/receive email money tranfers...need to use a big5 bank for this feature.

In general, bad customer service. But hey, you get free cheques.

[srg83]

I much prefer PCF's online banking interface. I find TD doesn't let you set up things to happen in the future. (Like a transfer.) PCF all transfers/bill payments etc have a date option to do it at a later date.

TD lets you do this. I have no problems setting up transfers for a later date.

[tweetie]

I use TD and have for years. Their fees are high, but if you can maintain the minimum balance, it's worth it. Their CS has been good for me generally.

Their website is incredibly easy to use. It's convenient for me to have both my business and personal banking with a single bank, especially with their extended hours. That's one of their biggest selling points compared to the other big 5.

What is "best" depends on what's important to you.

[CeoOfKFC]

If you work in the US or travel to the US alot then you would have to go with Scotiabank since they are a member of the Global ATM Alliance.

Since Bank of America ATM's are pretty much all over the US then there would be no charges to use it. It would be the same vice versa.

Since I make USD I take advantage of the exchange rate by withdrawing CDN from the Scotiabank ATM using my Bank of America check card. I get NO fees and the difference is reflected on my US statement.

If anyone else is in this situation then it is the best to work with at this time.

[DanielCarrera]

I use TD and have for years. Their fees are high, but if you can maintain the minimum balance, it's worth it. Their CS has been good for me generally.

Their website is incredibly easy to use. It's convenient for me to have both my business and personal banking with a single bank, especially with their extended hours. That's one of their biggest selling points compared to the other big 5.

You can get the fees waved if you have a minimum balance, right? How much do you need?

[angel_wing0]

You can get the fees waved if you have a minimum balance, right? How much do you need?

Yes, and it depends on the type of account. Lowest i think is $1000, and highest is $5000.

[AllWheelDrift]

OP, maybe you should at Citizens Bank to your list? They are a virtual bank with no fees just like PCF and they're giving people $50 for opening an account. I believe they are run by VanCity and perhaps their service/reputation is better than PCF?

[squid]

I have accounts at TD, BMO, RB, CIBC, HSBC, PCF, and now at Citizens.

If Citizens has a ABM close to you, I would highly recommend them. I have received plenty of helpful and friendly service from them, and they have generous hold/access rules compared to the other free banks.

Of the big 5, I like the service I get from BMO the best.

[angel_wing0]

I have accounts at TD, BMO, RB, CIBC, HSBC, PCF, and now at Citizens.

If Citizens has a ABM close to you, I would highly recommend them. I have received plenty of helpful and friendly service from them, and they have generous hold/access rules compared to the other free banks.

thats ALOT of bank accounts...u must have lots of money :D

u should say if there is credit union/hsbc atm near the user, then it would be great. OP is in toronto...i dont know if there is a citizens atm in citizens toronto office. :D

[tng11]

thats ALOT of bank accounts...u must have lots of money :D

u should say if there is credit union/hsbc atm near the user, then it would be great. OP is in toronto...i dont know if there is a citizens atm in citizens toronto office. :D

A lot of bank accounts doesn't mean you have money. I closed 6 accounts that had less than $1 in them recently.

As for Citizens, as long as you can live with being restricted to HSBC and Credit Union ATMs you're fine- I've never seen a Citizen's ATM in the GTA.

As for service, I like TD the most as well even though I'm no longer with them. CIBC and RBC have bungled up a few times on me but made everything right in the end.

[angel_wing0]

A lot of bank accounts doesn't mean you have money. I closed 6 accounts that had less than $1 in them recently.


whats the pt then if u have so little money in the account?! You will get service charged like crazy. And i believe some accounts charge you for inactivity.

[tng11]

whats the pt then if u have so little money in the account?! You will get service charged like crazy. And i believe some accounts charge you for inactivity.

1. I'm a student.
2. Most of the accounts had no fees to begin with i.e: ING, CTFS, Manulife, Citizen's. I opened them to take advantage of some savings promotion.

[angel_wing0]

1. I'm a student.
2. Most of the accounts had no fees to begin with i.e: ING, CTFS, Manulife, Citizen's. I opened them to take advantage of some savings promotion.

argh the good times of being a student. I sure miss it...

[DanielCarrera]

whats the pt then if u have so little money in the account?! You will get service charged like crazy. And i believe some accounts charge you for inactivity.

You can be smart and only choose bank accounts that don't rip you off by charging you monthly fees or inactivity fees. I deeply loath bank accounts that charge monthly fees. I am giving my money to the bank; they are using it to make money for themselves, and I am supposed to pay for that "priviledge"? I find that offensive, so I don't have any accounts like that.

I have 7 bank accounts, spread over 3 countries, and not one of them charges me monthly or inactivity fees. The accounts in Canada are with PCF and ING. I was with RBC but when they told me that they wanted to start charging me monthly fees I left.

[DanielCarrera]

argh the good times of being a student. I sure miss it...

I am not a student and I don't pay fees for any of my bank accounts. I simply refuse to pay a bank money for the "priviledge" of giving them a near-zero interest loan which they in turn use to make more money. I am lending money to the bank; they are getting rich with my money; I am the one who should be getting money from them, and indeed, that's the way banking used to be. You give money to the bank, and the bank pays you interest.

[angel_wing0]

I am not a student and I don't pay fees for any of my bank accounts. I simply refuse to pay a bank money for the "priviledge" of giving them a near-zero interest loan which they in turn use to make more money. I am lending money to the bank; they are getting rich with my money; I am the one who should be getting money from them, and indeed, that's the way banking used to be. You give money to the bank, and the bank pays you interest.

well i choose banks that dont charge service fees as well (pc/citizens/hsbc). I am just saying its good that u almost get every bank account free when u are a student.

[tasamy]

RBC + PCF

I am with RBC from 7 years for payroll, small payments, branch transactions..etc. ($4/month - rebate = $0/month) and my investing money is in PCF. I made a fault going to HSBC but now I returned back to my old strategy.:lol:

[pshch]

I much prefer PCF's online banking interface. I find TD doesn't let you set up things to happen in the future. (Like a transfer.) PCF all transfers/bill payments etc have a date option to do it at a later date.


This is not true. You can set up bill payment date in future. But not a transfer. Also you cannot set up recurring payment (not sure can you do it with PCF).

[angel_wing0]

i also have to say that pcf's ui is the best for me...i have used rbc/hsbc/citizens/icici/ctfs...

[shoppingmama]

We've been with PCF for 9 years now, even had their Visa card before they switched to MC. we've had a few problems over the years but nothing too serious, and the fact that I don't pay a dime to them it's great!

[Newbieinvestor]

Which bank is best for:

CRITERIA

You bank with them, build a relationship, and they offer their credit card without a credit check?

[angel_wing0]

u must go thru a credit check for a credit card, doesnt matter how good of a relationship u have with the bank.

[Newbieinvestor]

u must go thru a credit check for a credit card, doesnt matter how good of a relationship u have with the bank.
You mean the big bank that keeps calling me offering me a CC without a credit check because I'm "an important customer" did the credit check when I first opened the account?

They are swearing to high heaven that they won't check my credit, I even told them that since they were recording this conversation if I found my credit was checked for the CC I'd take action against the marketing agent. Got all their info. on record.

[iliveinmycantina]

I've had a bank account with most of the Big Six (except for RBC). The best one i've ever gotten service from is from National. Sure there aren't a lot of locations within the GTA but they are part of the Exchange network as well. The reason I like them the best is that they're never any line ups at their branches (prob b/c nobody banks with them haha). They also get to know you on a personal level and waive the fees on your accounts if you have other stuff with them. I currently have a Altamira high interest savings account, MasterCard and GIC with them and they waived my service charges on my unlimited bank account.

[Jacklad]

u must go thru a credit check for a credit card, doesnt matter how good of a relationship u have with the bank.

Well - yes and no.

If you already have an account with them, they may simply do a soft check, which does not impact your score at all. They already have access to your information, so there's no real need to do a hard check.

When RBC "pre-approved" us for a Visa each, they didn't bother to do a hard check - but we already had two mortgages and a LOC with them and there are regular soft checks from them that show up.

Recently had the same experience with PCF - while I already had a PC MC, my better half didn't. Again, we have multiple products with them, and the card was issued without a hard check (according to our latest credit reports; I check twice a year and this was a month after the card had been issued).

In both instances, the cards were offered by the issuer, not applied for by us.

[angel_wing0]

Well - yes and no.

If you already have an account with them, they may simply do a soft check, which does not impact your score at all. They already have access to your information, so there's no real need to do a hard check.

When RBC "pre-approved" us for a Visa each, they didn't bother to do a hard check - but we already had two mortgages and a LOC with them and there are regular soft checks from them that show up.

Recently had the same experience with PCF - while I already had a PC MC, my better half didn't. Again, we have multiple products with them, and the card was issued without a hard check (according to our latest credit reports; I check twice a year and this was a month after the card had been issued).

In both instances, the cards were offered by the issuer, not applied for by us.

i stand corrected.

[Newbieinvestor]

Well - yes and no.

If you already have an account with them, they may simply do a soft check, which does not impact your score at all. They already have access to your information, so there's no real need to do a hard check.

When RBC "pre-approved" us for a Visa each, they didn't bother to do a hard check - but we already had two mortgages and a LOC with them and there are regular soft checks from them that show up.

Recently had the same experience with PCF - while I already had a PC MC, my better half didn't. Again, we have multiple products with them, and the card was issued without a hard check (according to our latest credit reports; I check twice a year and this was a month after the card had been issued).

In both instances, the cards were offered by the issuer, not applied for by us.
Thought so.

The question now is: which bank offers the biggest and best perks when in a relationship?

[dash riprock]

The question should be reworded... "which bank would screw you the least?"

might as well ask "which dotor gives the best rectal exam". differing degrees of discomfort

[ramaslamma]

Well, they are all good/bad with respect to the services they offer.

But in my past experience, in dealing with BMO, TD Canada Trust and RBC.

TD tops the chart, RBC and BMO both lose.

That's my bias.

[tng11]

Thought so.

The question now is: which bank offers the biggest and best perks when in a relationship?

This is too subjective- a relationship with a bank depends on what you get out of it and how nice your account manager/FA is to you.

I have a wonderful relationship with both RBC and CIBC and get lots of perks here and there. RBC waived all my account fees including stuff like money orders, cheque, int'l withdrawals and a "premium" Visa. Basically they gave me the "VIP" package for free indefinitely.

CIBC waived all my account fees, gave me some of the free services on the side, an offer of a free Aerogold (not taken), bonus rates on GICs. I don't have a lot of money at either of these banks either, but I've been with the former for 16 years and the latter for 10 years.

[user01]

Quick question, where can I open a PCF account???? :D:D:D

[angel_wing0]

Quick question, where can I open a PCF account???? :D:D:D

http://www.banking.pcfinancial.ca/a/products/productsAndServices.page?refId=topnav

[watching]

Thought so.

The question now is: which bank offers the biggest and best perks when in a relationship?

Agreed. Cyber banks aren't for everyone. Personally, I like b&m banks, where I can call my fa anytime. Also, b&m banks will offer unsolicited loc's to their preferred clients.

[angel_wing0]

well having a combination is good. ;)

[AllWheelDrift]

Quick question, where can I open a PCF account???? :D:D:D
Best is to go to a pavilion in a Real Canadian Superstore/Loblaws. I tried to do an application online and they rejected me for some unknown reason. I called them to ask why and they couldn't tell me but told me I should apply in person. When I applied in person everything went smoothly and got reasonable hold limits.

[espeed]

if I need to write cheques every week or biweekly to the secretary, which business account is best? TD, RBC or PCF?

thanks

[oliverstwist]

Tell me again, does RedFlagDeals not already have a section in Features comparing banks and their service charges for accounts with them?

[joyride999]

I thought I'd way in on this. If you're looking for a bank, I'm under the impression that they all are pretty bad. Show me a "good" one and I'll show you a miracle.

But I'll tell you one thing, if you live in Alberta, then never ever use Servus Credit Union, I think they are about the worst bank in Canada. Your money is not safe there, they don't easily give out loans on anything, and they don't give a care about you. The only thing that's good is the customer service, but what good is that if your money isn't even safe in your own bank. I'd rather have my money safe first and foremost, and have lousy customer service.

If it was up to me I'd definitely close them down for the fact that the customers money isn't safe there. Fraud seems to go undetected, and who knows what else. They suck.:mad:

[P1x44r]

No free checking accounts are available in the province of Quebec as far as I know. Neither PCF nor Citizens operate here. :(

[bubble.tea]

I have accounts at TD, BMO, RB, CIBC, HSBC, PCF, and now at Citizens.

If Citizens has a ABM close to you, I would highly recommend them. I have received plenty of helpful and friendly service from them, and they have generous hold/access rules compared to the other free banks.

Of the big 5, I like the service I get from BMO the best.

Can you please tell me if BMO, Scotia & TD allow you to change your display name when sending an EMT?

I know RBC does not. CIBC does.

I would also like to know if you can source an EMT from an LOC for the same three.

Thank you,

Oh and btw ^...I'm TOTALLY all over the LOC thingy :).

[P1x44r]

But you can get an LOC from CIBC or TD or any other bank except RBC!



(I give it about 13 hours before someone posts asking "How can I get free banking with an LOC?")
How can I get free banking with an LOC? :razz:

No, seriously, using a LOC as a checking account is not for me.

[angel_wing0]

How can I get free banking with an LOC? :razz:

No, seriously, using a LOC as a checking account is not for me.

there is a thread on it, do a search and u should be able to find it.

[bubble.tea]

there is a thread on it, do a search and u should be able to find it.

actually there isn't an 'official loc as chequing acct' thread., moreso than there are fragments of detailed discussions, people sharing information and suggestions of benefit thereof STREWN across about a half dozen threads about specific BANKS and having an loc as a chequing account with them per se. OUCH., my Engrish teacher would have a field day with this monstrosity of a failed sentence :LOLZ:.

*cough* perhaps you should prostitute yourself on yet another finance thread by grabbing the reigns and leading us in the right path. Seems few people bother, as nicely as you do, to update things and keep us properly briefed :).

[P1x44r]

there is a thread on it, do a search and u should be able to find it.

Oh, I was just kidding. I have already read about this. Thanks.

[ilusa]

Td Comes first

ING comes in second

[peter_ross]

Td Comes first

ING comes in second

+1

TD comes first. ICICI comes worst! ICICI has the best US dollar interest rate (well.... 1.25%), otherwise I'd have left them.

[cube11]

Can you please tell me if BMO, Scotia & TD allow you to change your display name when sending an EMT?

I know RBC does not. CIBC does.

I would also like to know if you can source an EMT from an LOC for the same three.

Thank you,

Oh and btw ^...I'm TOTALLY all over the LOC thingy :).

yes and yes with td

[bubble.tea]

yes and yes with td

No kidding? I asked a buddy who uses td and he said can't change the name. Would you mind taking a screen pic and emailing, or just linkin gup in here?

Is it a block right in the emt menu, or do you have to go to a profile change option elsewhere where you change your 'nickname' etc?

[tng11]

No kidding? I asked a buddy who uses td and he said can't change the name. Would you mind taking a screen pic and emailing, or just linkin gup in here?

Is it a block right in the emt menu, or do you have to go to a profile change option elsewhere where you change your 'nickname' etc?

You can change it in TD:

http://i97.photobucket.com/albums/l218/thomassiufaing/screen-capture-6.png

You get to this menu by clicking on "Update" beside where you select the Name/Email of your recipient on the EMT page, and here you can update the name you want.

Now the bigger question I have is- why are you so adamant about changing your name for an EMT? Is anonymity that important? The last time I sent an EMT was like 2 years ago because I refuse to pay $1.50 to do so (I think my RBC account has 2 free per month though)

[squid]

Can you please tell me if BMO, Scotia & TD allow you to change your display name when sending an EMT?

I know RBC does not. CIBC does.

I would also like to know if you can source an EMT from an LOC for the same three.

Thank you,

Oh and btw ^...I'm TOTALLY all over the LOC thingy :).

Sorry, I have never used the EMT option before at any bank.

[bubble.tea]

You can change it in TD:
....
Now the bigger question I have is-...

lol...having sent them from rbc for the past x years, I was blown away when (a few months ago) someone from RFD sent me one and it had their username instead of what I had grown accustomed to seeing was the actual name. All of a sudden I felt so cheated all these years :lol:. I could've been the coolest emt'er on the block. Hence if I'm setting up a new loc I may as well ensure I'm getting everything that rbc is NOT giving me :( currently. Stupid rbc.
1-charges for services
2-won't let me use a 'nickname'
3-it doesn't even display details for emts on your statement like I see other banks do.
4-won't let me put my loc in a positive balance.

It's all really disappointing.

[bambi27]

Hi Everyone! I am new to this and thankyou for this forum! After several months of delays and holding MY monies, and NOW loosing a transfer!! I have HAD IT! With the RBC! I want a bank that will give me FANTASTIC customer service! Knowledgeable, Quick, and get to the bottom of the situation and really know what they are talking about, and stand behind their word! I don't want a bank that charges me unreal amounts for using MY money! I want someone that will treat me as a valued customer not a number! EVERYTIME there is a "3 - 5 business day" transaction I will guarantee you it will be at least the 5 day and in my most recent case it is now 8 business days and still nothing! So if any of you can tell me where I can bank, and not end up crying on the phone from frustration! So PLEASE tell me where to go! Sincerely Bambi in Calgary

[angel_wing0]

try TD.