Canadian No-Fee, No-Minimum Bank Account Comparison

March 10th, 2012 Leave a comment Go to comments

If you like to do most of your banking online, there's no reason to pay fees for everyday banking, maintain minimum balances, or be limited to a certain number of transactions per month.  Here's a comparison of three selected Canadian financial institutions offering bank accounts with no monthly fee and no fee for typical banking transactions, and requiring no minimum balance:

ING DirectBMO IGA/SobeysPC Financial
ChequesFirst book of 50 free, then $0.25 each.First book of 25 free, then $0.20 each.Free
Canadian ATMs>2300>2500>3400
Savings AccountYesNoNo
Chequing account pays interestYesNoYes
BranchesFive cafés across Canada, no teller-assisted transactions.Teller-assisted deposits at over 900 branches free; other transactions $1.00 each.>200 Pavilions across Canada, no teller-assisted transactions.
Free email money transferYesNoNo
Link your other bank accounts and transfer funds back and forthYesNoYes
OverdraftsFree, up to $250 for 30 days.$2.50 per month plus interest or minimum $5 per transaction for a transfer from another account.$4.97 per month in which it is used, plus interest.
J.D. Power ratingFive starsThree starsFour stars

Notes:

  • BMO IGA/Sobeys does offer a savings account.  However, a fee is charged for withdrawls and the minimum balance is $5000.  Since this is the No-Fee, No-Minimum Bank Account Comparison, it is not considered in the above table.
  • PC Financial offers a savings account; a minimum balance of $1000 is required to earn interest.
  • In the event of a discrepancy between this comparison and the official terms of service of the financial institution in question, the later shall prevail.  (Please notify us if this is the case!)

 

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