Thrifty shoppers came out in droves to save money on things they don’t need on Black Friday this year – as they tend to do every year. They did the same on Cyber Monday. Maybe you were one of them.
Now, while buyer’s remorse may or may not be setting in, why not make up for it by making better financial decisions that will save you money?
One place to start is to consider updating your chequing account.
As we’ve written about extensively before, if your savings account is the same one you’ve had since you were a kid, you might want to consider getting a new one. And there are quite a few Canadians who fall into that category: Ratehub.ca’s 2017 Digital Money Trends Report found a large portion of Canadians have held the same bank account for about half their life. That includes 56% of Boomers who have had the same primary bank account for 21 years or longer and 28% of Gen Xers.
If this sounds like you, you could be leaving money on the table by not searching for the best bank account. After all, many no-limit chequing accounts can cost up to $16 per month – that’s nearly $200 per year.
There are cheaper options available; and, with a few good sign-up offers currently being offered, now may be the time to finally update your primary chequing account.
The following bank accounts can all be opened online.
Best chequing account sign-up offers
Tangerine No Fee Daily Chequing Account
Tangerine’s unlimited chequing account is popular among Ratehub.ca readers. It offers unlimited monthly transactions, competitive e-transfer rates, and ATM access through Scotiabank’s ABM network.
It also costs $0 per month.
Right now, you can earn a $200 bonus if you open an account by January 31, 2019. You’ll need to deposit at least $100 into your account and continue payroll direct deposits for two pre-authorized payment for three consecutive months.
So, instead of your account costing you $200 per year, it can help you earn an additional $200.
Simplii Financial No Fee Chequing Account
Like Tangerine, Simplii is a discount bank that foregoes the traditional brick-and-mortar branch experience in favour of cheaper, online banking. The savings are passed onto its users, which results in more affordable banking options.
And, right now, you can earn up to $200 by opening an account. There are a few steps you have to take to qualify, though.
Get a $100 when you set up your account and receive two eligible payroll or pension direct deposits to your No Fee Chequing Account; get $25 more when you set up and complete a recurring eligible pre-authorized bill payment to a qualifying payee; get $25 more when you add your Simplii debit card to Apple Pay, Samsung Pay, or Google Pay; and get $25 if you register for Interac e-Transfer Auto-deposit
Scotiabank Scotia One Chequing Account
If you’re a traditionalist, you may want to stick with one of Canada’s big six banks. Scotiabank offers its Scotia One account for $13.95 per month.
It comes with unlimited transactions, two free Interac e-transfers, and, unlike the other two options, access to bank branches and tellers.
Right now, new account holders can qualify for up to 10,000 SCENE points (which are good for 10 free movies or $100 in free meals) or 10,000 Scotia Rewards points ($100 in travel dollars).
To qualify, you must:
Open a Scotiabank Scotia One Account with a SCENE ScotiaCard or Passport ScotiaCard; set up your payroll so that it is deposited into the Scotia One Account, or set up a minimum of 2 pre-authorized transactions; the payroll deposit or pre-authorized transactions must clear the Scotia One Account for the first time within 60 days of account opening; if the Scotia One account is opened with a SCENE ScotiaCard, the 10,000 SCENE points will be deposited to your SCENE membership account within 3 statement cycles; if the Scotia One account is opened with a Passport ScotiaCard, the 10,000 Scotia Reward points will be deposited to your Scotia Rewards account within 3 statement cycles.