Slash Your Banking Fees!

What if I told you that I haven't paid a single banking related fee for the past 28 years? Not one dime for monthly fees, ATM fees, Interac fees. Not to mention, I even order cheques for FREE and use them without incurring any fees!

How do you slash your bank fees?

In 1996, I signed up for President's Choice Financial ( a partnership between Loblaws and CIBC) - which later became known for offering "no-fee banking accounts". I remember distinctly being in a Loblaws store and being approached to sign up for a bank account with no fees. My first question was, "What's the catch?". The representative said there wasn't one and to this day, I've been nothing but happy with my no-fee banking.

All PC Financial mortgages, loans, investments, and bank accounts were transferred to CIBC's new direct banking brand Simplii Financial in 2017.

So I'm with Simplii now and I find it's even better because I get offers all the time like +5% interest on any money in my Savings account. And these offers often last for several months, with no minimum account balance.

That sure beats what many consider to be the safest investment vehicle - GIC's. Some of the best GIC rates as of this post are:

Would a digital-only banking platform work for you?

If mobile and online banking fit your lifestyle - absolutely. With digital banking, you manage your accounts and apply for products online.

If many of your transactions require a teller or other in-person meetings, traditional banking may still be best for you.

Net, if you're never in the bank and can pay all your bills online, a digital-only bank is perfect for saving you hundreds of dollars a year.

So what are your online banking options?

Simplii Financial

• Affiliation: Division of CIBC, CDIC Member

• Recognition: Ranked among the world’s best banks by Forbes for 6 consecutive years

Account Types:

• No Fee Chequing Account

• High-Interest Savings Account

• USD Savings Account

• Student Banking Offer

• Foreign Currency Savings Account

Perks:

• No Monthly Fees or Minimum Balance

• Free access to 3,400+ CIBC ATMs in Canada

• Unlimited free daily banking (debit purchases, bill payments, withdrawals)

• Free Interac e-Transfers®

• Easy setup for automatic deposits

Other Services:

• No Annual Fee Cash Back Visa

• Mortgage (up to $4,500 cash back offer)

• Personal & Secured Lines of Credit

• Personal Loans

• RRSP Savings Account

• Guaranteed Investment Certificates

• Tax-Free Savings Account

Drawbacks:

• Simplii customers can use CIBC ATM's for free, but out-of-network ATM withdrawals incur fees.

Tangerine Bank

• Affiliation: Division of Scotiabank, CDIC Member

• Recognition: Highest Ranking in Client Satisfaction among Midsize Personal Banks, for the 13th consecutive year by J.D. Power, 2024

Account Types:

• No Fee Chequing Account

• High-Interest Savings Account (multiple currencies available)

• Business Savings Account

• RSP Savings Account

• US Dollar Savings Account

Perks:

• No Monthly Fees or Minimum Balance

• Earn interest on chequing and savings accounts

• Access to Scotiabank’s global ATM network (44,000+ ATMs worldwide)

• Free Interac e-Transfers®

• Budgeting and financial goal tracking tools

Other Services:

• Cash Back and Money-Back Credit Cards

• Investment Funds (Mutual Funds, TFSAs, RSPs)

• Mortgages with competitive rates

• Personal Loans

• Guaranteed Investment Certificates (GICs)

Drawbacks:

• Tangerine customers can use Scotiabank ATM's for free, but out-of-network ATM withdrawals incur fees.

EQ Bank

• Affiliation: Operated by Equitable Bank, CDIC Member

• Recognition: Canada's 7th Largest Schedule I Bank

Account Types:

• Personal Account

• Notice Savings Account

• Joint Account

• US Dollar Account

• GICs (Guaranteed Investment Certificates)

Perks:

• High-interest rates on chequing and savings accounts

• No Monthly Fees or Minimum Balance

• Free unlimited Interac e-Transfers®

• No FX fees on international money transfers (via Wise)

• Pay bills, transfer funds, and save—all in one account

• Access to competitive GIC rates

• Free withdrawals from any ATM in Canada

Other Services:

• International Money Transfers at low fees

• TFSA and RSP Savings Accounts

• Mortgage Options (partnered through Equitable Bank)

Drawbacks:

• Personal Account: no cheques, bank drafts or cash deposits

• Notice Savings Account: withdrawals require 10 to 30 days notice

Final Word

These are your top options for digital, no fee versions of the traditional bank.

Check them out, select one and stop paying those unnecessary banking fees today!!