It's been a long time since I paid for daily banking. I've been with President's Choice Financial for over 8 years now. Check them out.
Do you have to stay with TD? There are other banks that offer lower minimum balances or free chequing as mentioned.I am currently reexamining DH and my account structure (spin off of previous thread). Currently we have the Infinity Account with TD w OD protection. However, our money management style changed drastically 6 months ago.
Previously we did not have a real budget and used our interact cards for EVERYTHING, so it made sense for us to have an account with unlimited transactions. Now, however, we live on cash and take our money out once a week. We have not used our OD in the last 6 months.
I am considering changing from the infinity account ($12.95/ mth) to the value plus account ($8.95). The two accounts are the same except for the following:
infinity has unlimited transactions / value plus has 25 transactions/mth
infinity has a min balance of $3000 for no fees / value plus has min $2000
By transferring money from our TFSA we could potentially keep a balance of over $2000 in our chq account. W/o taking money from other places, we are not quite in a position to hit the $3000 min required for the infinity. My question comes when I look at my monthly banking records to try and figure out how many transactions we make a month. There are more than 25 lines, but I'm not sure if everything counts as a transaction.
Are paychecks automatically deposited to an account transactions?
Are bank fees transactions?
Are automated transfers to RRSPs considered transactions?
Are automated transfers to ING accounts transactions?
Any advice or insight? I guess I could wait until I had a $3000 min to hold and then we would not pay any fees and could still have unlimited transactions. Am I right in thinking we are better to keep the min and save banking fees (this would also allow me to cancel my $3/mth OD protection) than to have that money earning low interest in a TFSA?
I agree if you dnt have to stay with TD there are more alternatives.Do you have to stay with TD? There are other banks that offer lower minimum balances or free chequing as mentioned.