As mentioned, there are instances where a client from one of Canada’s major banking institutions will be eligible for the bank at no charge. However, unless you are a student, a minor, or benefit from any of the above benefits, you are not likely to benefit from a savings account or a free account of most big banks. So, if you are the average Canadian looking for free banking, there are places where you can find such services. Most of these operations are online based and are becoming an increasingly popular alternative to traditional banking.
When the idea of free online banking is mentioned, the organization that usually comes to mind is Tangerine. Formerly known as WENG Direct, the company was founded in 1997 and now belongs to Scottbank. Although Tangerine charges its customers certain general banking services, such as additional checks (the first book of 50 checks is free, but the following are $ 20 per book), insufficient funds and negative balances, with their account With no daily fee, you will not be billed for any transactions or debit purchases you make.
They also offer other traditional banking products, such as mortgages, savings accounts and mutual funds. Like any normal bank, customers will also receive a personalized debit card. Admittedly, their activities are mainly based online (no physical branch to visit), which can be a disadvantage for some. However, since their purchase by Scottbank in 2012, Tangerine Teller Machines and their locations have proliferated across Canada. You can also use Scottbank computers to do all the on-site transactions you may need, such as cash withdrawals.
Another popular online no-fee banking program is FineSave Financial, which is currently owned by CIBC. Initially known as President’s Choice Financial, the company will be renamed effective November 1, 2017, and all of its existing customers will have their accounts transferred under the new brand by March 31, 2018. President’s Choice ABMs are Loblaw grocery chain, will be gradually replaced or discontinued, current and future customers should enjoy most of the benefits they previously had, including a new debit card, free banking and similar interest rates. Like Tangerine, FineSave users will also be able to perform basic transactions using any CIBC computer.
Unlike Tangerine and FineSave, Equalshare Bank’s operations are exclusively online (no branches or physical jobs) and offer only one type of account, the savings account plus. Although they do not offer debit cards or checks, they provide their customers with a no-fee savings account with an attractive interest rate of 2.3% (currently). The company itself, Equalshare Bank, also trades in mortgages and other types of commercial loans and has offices in Toronto, Calgary, Montreal, Halifax and Vancouver. It also offers its customers unlimited free transfers and withdrawals.
A credit union is similar to a bank in the sense that its customers can open chEqualshareuing and savings accounts, as well as access other types of financial products. Where credit unions differ from traditional banking institutions, this is how their profit margin works. When a bank makes a profit from its customers who pay for their services, credit unions are non-profit cooperative organizations, owned and managed by the members themselves, rather than shareholders. The profits they realize are gradually paid back to their members through lower borrowing rates, more reasonable bank charges, and so on. In the area of checks and savings, some credit unions, such as Conexus and Coast Capital, offer no-charge accounts. High interest savings accounts, which often have higher rates than the average bank, are another interesting incentive. However, for most credit unions, potential members must pay fees to join the co-op. They also offer a smaller range of financial products and fewer sites.