Best Daily Account

Hey.

Im under the Scotiabank savings program for those under 19 and I am about to be switched to a normal account after I turn 19. With this account I got 20 free transactions a month and that was perfect for me.

I was wondering what the best place to open an account with free or very cheap fees for widthdrawing money and using interac.
I am a University Student if that would help. The letter I got stated I would be switched and said somethin about $0.85 a transaction! I think thats pretty high for me.

PCfinancial's checking account is 100% free. No fees for interac. No fees for withdrawals from bank machines (CIBC machines and PC machines found in some PC grocery stores). Free cheques and no fees for writing them. And the online banking website is pretty good too.

For a student, it's a great deal. It's true that there is no physical bank branch where you can go to, but it doesn't sound like that would be a big consideration for you.

Originally Posted by Kevinck

PCfinancial's checking account is 100% free. No fees for interac. No fees for withdrawals from bank machines (CIBC machines and PC machines found in some PC grocery stores). Free cheques and no fees for writing them. And the online banking website is pretty good too.

For a student, it's a great deal. It's true that there is no physical bank branch where you can go to, but it doesn't sound like that would be a big consideration for you.

that sounds perfect.
Ill be sticking with Scotia still for major things, but for day to day PC sounds great.
I have Scotia setup Online, is it easy to transfer between different company accounts?

You can open the PC bank account without having to shut down or do anything with your Scotiabank one. If you can keep your scotiabank account around and not pay any fees on it (not sure if that's possible or if you'll be forced into one with a monthly fee) then keep it. Otherwise close it down so that you're not paying fees on an account you don't want to use.

Transferring money between banks has always been an issue. I wouldn't want it to be too easy, otherwise fraud would be far too simple. Usually it involves writing a cheque to yourself and depositing it in the other bank or just taking cash from one ATM to the other. Some banks have setup an email bank transfer system but i woudln't trust that myself. After doing it the hard way for years (I had no less than 5 different bank accounts in my university days) I would suggest consolidating. Do everything from the no-fee PC bank account. You can always reopen a scotiabank account at a later date if you really feel the need.

Originally Posted by Kevinck

You can open the PC bank account without having to shut down or do anything with your Scotiabank one. If you can keep your scotiabank account around and not pay any fees on it (not sure if that's possible or if you'll be forced into one with a monthly fee) then keep it. Otherwise close it down so that you're not paying fees on an account you don't want to use.

Transferring money between banks has always been an issue. I wouldn't want it to be too easy, otherwise fraud would be far too simple. Usually it involves writing a cheque to yourself and depositing it in the other bank or just taking cash from one ATM to the other. Some banks have setup an email bank transfer system but i woudln't trust that myself. After doing it the hard way for years (I had no less than 5 different bank accounts in my university days) I would suggest consolidating. Do everything from the no-fee PC bank account. You can always reopen a scotiabank account at a later date if you really feel the need.

sounds good.. thanks for all your help.

Originally Posted by Kevinck

Usually it involves writing a cheque to yourself and depositing it in the other bank

yes this is what I did with PCF and ING to link the accounts, then you can just transfer money online between the accounts

This is different with scotiabank. They do not have an easy way to do bank to bank transfers. What you have to do is


1. Set up a Money Master account (2% annual interest). The money master account has high fees for debets, but no fee for Transfers.
2. Set up a transfer link between the Scotia Money Master and your PC financial account.

Once you've done this, in order to transfer money(with out using Email transfers/ or physically walk the money over). You have to do the following path.

Scotia bank savings -> Scotia bank Money Masters -> PC financial.
or
PC financial ->Scotia bank Money Masters -> Scotia bank savings.

Same goes for CIBC..BOM...etc.

Originally Posted by canadiantofu

This is different with scotiabank. They do not have an easy way to do bank to bank transfers. What you have to do is


1. Set up a Money Master account (2% annual interest). The money master account has high fees for debets, but no fee for Transfers.
2. Set up a transfer link between the Scotia Money Master and your PC financial account.

Once you've done this, in order to transfer money(with out using Email transfers/ or physically walk the money over). You have to do the following path.

Scotia bank savings -> Scotia bank Money Masters -> PC financial.
or
PC financial ->Scotia bank Money Masters -> Scotia bank savings.

Same goes for CIBC..BOM...etc.

Thats excellent news! I have a moneymaster already and it would be truly perfect to link with my PC account and transfer there for free.

Thanks Everyone!