The All-Inclusive Banking Plan minimum balance to waive fees goes up to $6000... those mfers.

 

Not really too impressed, but when I look at the other Big 5 banks, it looks like the fees and minimum balance waiver are all about the same, i.e. $6k minimum balance, or approx $30/month.

 

It depends on the package , whether one is a senior or not, and whether one is grandfathered in a legacy account or not. We have 2 bank accounts with BNS and spouse has one at RBC. We pay no fees after senior's discount, and only one BNS account has a minimum of $3k. Granted they are basic accounts with maximum of 12 free external withdrawals per month but we never remotely have that many external withdrawals per month anyway.

 

I thinking along the all-inclusive package (which I have). Oddly enough I couldn't find an RBC comparable because they seem to do things differently by bundling different accounts.

But comparables to the all-inclusive package seem to be:
Scotiabank: Ultimate: min $6k, $30.95/month (free safety deposit)
BMO: Premium Chequing: min $6k, $30.95/month (safety deposit discount)
CIBC: Smart Plus Account: min $6k, $29.95/month (no safety deposit box that I can find though)

All of them offer similar comparables, i.e. free premium card (waiving fee up to $150 or so), unlimited transactions.

Granted, if these are things you don't need, then there are other options. I do most banking through Simplii, but I find having a big 5 account can come in handy for certain things, or easier to at least transfer funds into an investment account.

On the cheap end you have:
TD: TD Everyday Chequing account: min $3k, $10.95/month
Scotiabank: Basic Plus Bank account: min $3k, $11.95/month
BMO: Plus Chequing: min $3k, $11.95/month
CIBC: Smart Account: min $4k, $16.95/month

 

Thanks for the heads-up Money172375. I'll have to make sure my account balance stays above the $6k level. I keep it around $8k, in case of an unusual payment, but I suppose I'll have to make that $9k now.
I will NEVER pay a fee to a bank for them to hold MY money!

 

You're still paying a "fee". An indirect one - lost opportunity cost or foregone interest.

 

With these minimums, still make sure you run a quick calculation of the interest that you could earn.

My TD Borderless (USD) account has a 3,000 minimum to waive the $4.95 monthly fee. In this case, I keep nothing in the account and put the 3,000 into a money market fund where it earns 4.25%.

The monthly interest is $10.62 or approx $7 to $7.50 after taxes. So I deliberately pay the $4.95 monthly fee, but am still better off keeping the 3K in a MMF.

 

Funnily enough that’s how I think about it. The $5k soon to be $6K is just part of my cash reserve. It’s costing me about $6 after tax a month in foregone interest income to get a few of their perks. [[$6,000x0.0225X0.5]/12]

 

[[$6,000x0.0225X0.5]/12]

Sounds like you might be using an ISA. You might want to look into the money market funds as they can yield 50 basis points more. Nothing groundbreaking I realize.

 

<<< YAWN >>>, nothing new.

I'm surprised the thread creator is calling TD a motherfvcker ... no problem with them investors collecting banks dividends? So what's new with them banks ... semi-annually updates - as usual?

 

<<< YAWN >>>, nothing new.

I'm surprised the thread creator is calling TD a motherfvcker ... no problem with them investors collecting banks dividends? So what's new with them banks ... semi-annually updates - as usual?

The thread creator is someone you probably blocked... I'm post #2.

 

We both have several grandfathered accounts at TD and pay no fees other than email transfer costs.

My wife has joint access to all our accounts, including our son and grandson so she is the family "banking hub".

 

We use CIBC as our current account. No fees since I turned 55 in 2007. No minimum balance. We gave up their premium Aeroplan cards years ago in favour of other offering. Do not subscribe to any of their products. Monies go into the account each month. Any excess get transferred to an online bank that offers much better interest rates. We have been CIBC customers since the early 80's so they have had their pound of flesh!

Without fail though, when ever we have a large deposit in our current account, or a large amount that sits in our so called high interest internet account for more than 10 days or so we do get a memo from their investment advisory folks suggesting we meet with them to discuss our investments (that ship sailed years ago). So...there must be some sort electronic monitoring of accounts that sets off this marketing message.

All other monies, HISA, TDs,etc. are with EQ bank. Very happy with EQ products and their services.

Every month for years it has been the same with CIBC. A $4 fee debit with an offsetting $4. credit for the plus 55 account.

 

We use CIBC as our current account. No fees since I turned 55 in 2007. No minimum balance. We gave up their premium Aeroplan cards years ago in favour of other offering. Do not subscribe to any of their products. Monies go into the account each month. Any excess get transferred to an online bank that offers much better interest rates. We have been CIBC customers since the early 80's so they have had their pound of flesh!

Without fail though, when ever we have a large deposit in our current account, or a large amount that sits in our so called high interest internet account for more than 10 days or so we do get a memo from their investment advisory folks suggesting we meet with them to discuss our investments (that ship sailed years ago). So...there must be some sort electronic monitoring of accounts that sets off this marketing message.

All other monies, HISA, TD,etc. are with EQ bank. Very happy with EQ products and their services.

Every month for years it has been the same with CIBC. A $4 fee debit with an offsetting $4. credit for the plus 55 account.

Ask for a “do not solicit” message to be added to your profile.

 

We use CIBC as our current account. No fees since I turned 55 in 2007. No minimum balance. We gave up their premium Aeroplan cards years ago in favour of other offering. Do not subscribe to any of their products. Monies go into the account each month. Any excess get transferred to an online bank that offers much better interest rates. We have been CIBC customers since the early 80's so they have had their pound of flesh!

Lucky you, I suspect that was grandfathered, or that now you are older than 65, they give the discount. I remember being a customer in the 80s or so, starting with the Smart Start account for youths and then it graduated to a Menu account which needed $1k or $2k minimum. I was able to keep it for a while and I was grandfathered until 2017 or so. Then they sent a notification that the account would no longer exist and would need a $5k minimum. So I withdrew everything, including my Investor's Edge account and closed everything other than my credit card, which I use with low limit, mainly for small internet purchases.

Without fail though, when ever we have a large deposit in our current account, or a large amount that sits in our so called high interest internet account for more than 10 days or so we do get a memo from their investment advisory folks suggesting we meet with them to discuss our investments (that ship sailed years ago). So...there must be some sort electronic monitoring of accounts that sets off this marketing message.

I remember this being the case as well. I would just point out I had an investment account, but they would keep calling.

 

I've been watching my statements expecting to see the "rebate balance" change from $5000 to $6000 but it has not changed. This is for our Preferred Chequing Account. It's still at $5000 as of July.
Now I'm not sure if the statement is wrong, or if I am still at the $5000 minimum.
Can anyone else confirm? Thanks.

Sorry, my mistake. I re-read the original document. The change does not happen until September.

 

I believe the overdraft changes are set for Sept, but the account plans change this month.

 

Ah, yes. Thanks for pointing that out. I missed that, and it's good to see. Now I can go back to keeping ≈ $8000 balance as I have been doing.

 

Always keep in mind that keeping a $8,000 cash balance at today's MM rates has an opportunity cost of $18.

Not adjusting for taxes, keeping $8,000 cash without interest is equivalent to paying an $18 monthly fee.

 

James: All my bills are on Auto-pay with unpredictable payouts and my MasterCard payment can vary by a large amount. This month I'm replacing two windows for $1,500 for example. I can't be bothered to try to keep the balance close to the minimum. Not worth it to try, and probably fail at some time and thereby incur a penalty. There always has to be a float, so it's not reasonable to calculate my "opportunity cost" using $5,000 as the base number. For me a float of $3,000 over $5,000 is the minimum I would like to keep.

 

Hi James, what bank is your money market with? I am new to Canada and am looking for a similar account with similar interest. Thanks!

 

Money market mutual funds (MMFs) are purchased via investment advisors (bank based or other full service organizations) or through DIY discount brokerages. They are not bank products.

 

If you can manage to have 100K of investments at CIBC Investor's Edge they waive the $30/month fee on the premium chequing account. It's a lot of money but if you invest with IE it may work for some on this forum.

 

As I said. 'bank based financial advisors or full service organizations'. It does require having an investment account as compared to a bank account.

I doubt one could bank at TD and buy BMO95142 in one of their brick and mortar branches, but I do not know that for sure. I don't spend time looking at bank investment products or entering bank branches.

 

Yes and no. This is why it can be confusing for anyone, let alone new Canadians not familiar with our structure.

There are branch advisors who mostly hold a mutual fund representative license. They can only sell the proprietary products.

however, many branches will have a full time Financial Planner on site. While technically not a staff member of the branch……….. from the customers standpoint they have an office there and work 40 hours a week from that location. So the customer doesn’t really distinguish between them. These Planners can sell 3rd party MFs.

less common is having a full blown Investment Advisor on site. These folks generally will spend 1/2 or 1 full day a week at the branch. These are the full service advisors…. sometimes even offering discretionary trading.