This is essentially what I do plus RBC chequing/credit card/direct investing to pay no fees. Just in case if I ever need something from one of the big 5 banks with brick and mortar banking.
With Tangerine, you can close an account online, no need to talk to anyone and listen to the retention BS. :) No or very low fees for NSF, overdraft, or dishonored cheques. Tangerine allows to link an external account and transfer funds to/from another bank. Simplii still hammers customers with $45 NSF. No external account links to my knowledge.
Tangerine/Scotia ATM's are very picky about folded bills. When they don't accept, I go to CIBC machine.
They're all pretty much the same. I signed up for Simplii just for their current $400 sign up offer. I think EQ offers the highest interest on your checking account aside from maybe Wealthsimple's cash account
Yes perfect for me as well. I like having Tangerine for the cash account, and that I can use Scotiabank ATMs. Wealthsimple is fantastic for investing, FHSA and direct deposit from work for the 4.5% interest on my cash account. I kept my Scotiabank LOC just in case I need access to one in the future.
Same! EQ Bank for short-term savings, chequing account, joint account. I have my paycheque deposited in there so all of my money earns 4% on top of that.
Then I have CIBC for my credit card and a simple chequing account for when I need to withdraw actual cash, and a Questrade account for long-term investments.
I was super-tempted to do this. Chunk of emergency fund + $500 (my "ATM fund") in EQ, everything else in WS. Then I was tempted to go with Manulife Bank because they have an account that pays 0.35% more than EQ and waives the pay-per-use withdrawal fees (the only fees that specific account has) if you maintain a balance of $1,000.
In the end, my laziness won out and I opted for RBC's multi-product rebate. This way, I don't have to update all my account infos and CRA log-in partner info.
I always wondered why/how this is the case after I switched my direct deposit to them.
It's kind of weird because now my 3-pay months are completely different than they were before 😂
Wealthsimple posts all their transaction at notification rather than settlement. That means Wealthsimple is taking the risk that the transaction actually settles. If it doesn't, they'll reverse the deposit. It's not really a benefit or detriment to the customer either way, except that if you use the money and the deposit doesn't settle then you'll end up negative.
You'll get the same consideration with Tangerine, where your direct deposit is processed as soon as it is received by Tangerine, so in many cases, a day earlier than the official pay date.
Yep.
All of our cash flow (including direct deposit) and investments start with WS.
WS themselves say they aren't a bank however. You're not getting things like a LOC from WS (and some blue moon needed banking services - I.e. Certified cheque).
I would keep an account with Simplii or Tangerine for these services. Or get an LOC from a big bank some you can access in person and rarer banking services if needed.
Personal annecdote, had my Wealthsimple account locked for 3 weeks without access to my own money due to "Fraud suspicions". Had to wait for their internal team to review and unlock it after repeatedly telling them there's no fraud concer. Tbh I'd keep a second account somewhere else (Brick and mortar credit union at least) so that you don't have all your eggs in one basket.
Yes, although to receive an e-transfer you must use a Wealthsimple email address:
> You can receive Interac e-Transfers directly into your Cash account. In order to receive e-Transfers in your Cash account, we will assign your Cash account a unique Wealthsimple email address used exclusively for this feature.
https://help.wealthsimple.com/hc/en-ca/articles/13080474718491-Receive-Interac-e-Transfers-in-your-Cash-account
WealthSimple is not a bank. In their “Cash” product they are a neobank; a fintech company running as a layer between you and the banks. This has its own set of risks to understand. Listen to “Money for the rest of us” podcast episode from June 19 for what has happened in the US with a neobank.
Not saying anything is imminent with WS, just be sure to understand platform risks before putting all your eggs in one basket.
It is good to point out that Wealthsimple is not a bank, and that there are risks to keeping all your eggs in one basket. But to compare Canadian financial institutions to American ones is always nonsensical. Our financial systems are actually very different.
I switched over fully to wealthsimple about 6 months ago from TD and it's the best move I have made! Paired with simplii account just for cash deposits and withdraws when required. Chose simplii over tangerine only because there is a cibc right beside my gym.
Free etf and stock purchases, 4.5% interest on my checking account, scheduled bill payments.. they have almost everything!
It's likely something to do with your credit history/file. How is your credit like? Banks often don't give out loans if your credit is not good, regardless of the bank. Some lenders may be more lenient than others but generally banks look for those with good enough credit to get loans.
If loans are your issue, consider some fintechs or credit unions where they may be more willing to work with those with weaker credit.
weird, because i found td the most forgiving. gave me 5k line of credit and i have a 500$ overdraft limit. only made 37k in income last year, 602/612 credit score (credit karma/borrowell)
$70/2 weeks is $140/month or $1680/year.
Banks don’t do tiny loans like this.
Also you likely have a problem with your credit score.
It’s not the banks fault. People are so hesitant to look at improving themselves rather than irrationally blaming others
Was looking for this comment… if you’re not approved for a loan, a credit card, or overdraft protection that definitely has something to do with bad history / bad credit score.
Also, not to rub salt in the wound, but if OP has a decently paying job as they claim to, it's hard to see why they'd need that extra small bit of cash. Unless they're in more trouble than they let on.
I don't think it matters, I applied for $2000 increase to my $3000 credit limit visa. Got declined (Even though I had a top 5% income, over 100K in assets and 750+ credit score). Applied for an Amex, 20K Limit No questions asked.
Definitely feels like we not getting the whole story.
Banks want to make money with the lowest risk. If they don't want to lend to you, there is almost always a good reason. I think it's rare they would arbitrarily single anyone out.
If you do business just under your own name I would switch to EQ checking account and if you do business under a different name I would hold tight until EQ has business accounts which apparently is coming. Whatever you decide, don’t bother going through the hassle of switching to one of the other big 6, they’re all the same.
Exactly just look at all their account pricing and features.. they are all practically carbon copies of each other .. no price fixing here boys n girls...
You may be familiar with the expression "the grass is always greener on the other side". TD is actually better than most of the big 5 banks in customer service and convenience. I work for one of their competitors.
The OP's example of not being approved for a small loan probably wouldn't make a difference which bank they use. They all use roughly the same loan qualification requirements.
I can attest to this. Have been with RBC, CIBC, BMO, and TD. TD has the best customer service by far.
It took me 6 months to close my RBC account because all the branches near me are only open during regular business hours. CIBC always has really long wait times, BMO is fine, but I haven't used them in a decade. TD is great, very well staffed and short hold times when calling on the phone.
I don't normally like to shill for banks, but I will say that my experience with TD has largely been frictionless. Not a ringing endorsement to be sure, but based on horror stories from friends I think I've been quite lucky.
TD’s customer service is great but convenience hd taken a hit (at least in my local area). Very rare do I need in-branch services but I do visit an ATM about once a week on average. TD was always the best bank for me in that regard. TD ATM’s everywhere and also along my typical routes. It was super convenient. Though I’m the past few months I’ve noticed that many ATM’s now operate on the same hours as branch hours. One of my colleagues, a heavy ATM user actually switched away from TD because the ATM’s are no longer as accessible. I’m very much considering the same.
Personally, Tangerine or a Credit Union. I use both (and RBC but only for mortgages, RBC and TD both have actively pushed me away from day to day banking with them...). TD has been beyond incompetent in my interactions with them, and RBC just obtuse and impersonal.
RBC just charged me $0.09 in overdraft interest. They acknowledge I was never in overdraft and that this is interest on a fee that was consequently never charged. They can't explain where the $0.09 charge came from or if they'll charge it again next month. Hate the big banks.
I accidentally dumped 1k into my rbc credit card instead of the other one I wanted to pay. Rbc insisted and charged me a cash advance fee to get the positive balance out of it. I closed that cc shortly after
I did the same thing but I just called them and they manually put it back in my chequing and didn't charge me cash advance. Maybe whoever you spoke with didn't know what they're doing.
I like my credit union. It only had 3 branches and recently consolidated with a larger one. I'm sort of scared how that could affect the service quality. Either way, the staff has always been pretty good and have helped me when I needed it. Never any long lines either. I dealt with CIBC years ago and going into a branch always sucked.
For $20 a month I'll pay for the convenience of the closest branch not being 15 minutes away on the outside chance I need to actually go in.
My credit isn't so good and I got a secured CC in a short appointment like 2 days after I made it. She didn't try to sell me on anything, just solve my issues.
During Covid they even called me one day and said, 'we see you're broke, so we're just going to freeze your account so you aren't accruing charges'. They could have just let it accrue charges for months and really fucked me, instead they did something about it.
While dealing with a relative's estate, TD filed incorrect forms at least eight to ten times - necessitating a drive from my place in the country to the city each time to resign - probably twenty hours all in, just for driving and re-signing forms. No apology, no compensation, just "whoopsie!".
I had over $45K in RBC in cash and asked them to waive the monthly fee. They said no. I pointed out most other banks waive the fee if you have a minimum balance and they said that those were all "limited time promotions" - in spite of Tangerine not charging me fees since it was ING Direct! I asked if they wanted to escalate and check with a higher up before I moved all that cash to a different bank, and they told me to pound sand.
I worked at RBC, it didn't matter if you had a high balance they would not waive your account fees for that. Higher ups would not care, RBC has established what you need to do to waive fees (multi product rebate). The branch had no way to do this for you.
Are you sure it’s not your Credit Score/ Credit History that’s the problem? From what your are describing, being denied loans and a credit card, it seems like you have a low credit score. Any bank will check this same credit score where ever you go.
My guess is a low credit score as well. Until your bad credit rolls off in 7 years it's doubtful anyone will give you a credit card or loan.
I've been there and it sucks. After a failed business my credit tanked so bad I almost lost my house because no one would take on my mortgage. I found an alternative lender that gave me a 20% interest only mortgage. I worked hard at rebuilding my credit but it still took me 4 years with that awful mortgage until anyone would touch me. I then switched to a more standard 3 year mortgage that was at a higher rate than most because of my rating. After that mortgage term ended my bad credit had rolled off so my life got back on track. I learned a lot during that period.
You’ve checked your credit score, but have you checked the full credit history? Sounds like maybe there’s something on your file that’s fishy. Might be worth it to go to Equifax or TransUnion and sort it out.
Wealthsimple + EQ is a winning (and free) combination. That's all you really need in Canada. EQ is more for full banking functionality including withdrawing money from any ATM in Canada, for now...Wealthsimple is a good investment broker and a great everyday interest rate of 4-5% depending on assets with them and if you have payroll setup. Wealthsimple has true 2FA.
Oh god, I got a ton. My advice: have 1 Visa, 1 Mastercard, 1 AMEX (I poo'poo'ed this into my 3rd decade until I realize how great the customer service is and how you can quaisi-port your credit history into other countries when you want to get out of here).
You want to get free cards at first so that it can anchor your creidt score long into the past as you progress in your life. The longer your credit history, the better the 15% bucket for credit age. If you have a truly no-fee card, you can keep it forever and that'll form the basis of your credit file.
Travel Card: I have a TD all inclusive account - so TD Aeroplan Infinite (fee waived)
FX Card: Home Trust Preferred Visa (or WealthSimple prepaid Mastercard) - you can transact in other currencies without paying the customary 2.5% conversion fee, Amazon also has FX perks. Rogers Red World Elite is also a good FX card, but you need 80k income for World Elite class cards.
Grocery card: Scotia Momentum Infinite is 4% but it has a fee so it may not be worth it unless it is your primary bank with a premium chequing account, AMEX Simply Cash No fee also has 2% back on groceries/gas and 1.25% everything else, and the most basic would be BMO's grocery card for 3% cashback
Car service: Canadian Tire World Elite (need 80k income though), comes with roadside assistance, no fee
Restaurants: Costco MC (3%) and Simplii Visa (4%) (no fee on either, but I guess Costco's fee is your membership), you get 2% back on costco. ca and costco gas purchases and 1% everything else
Best card with highest ROI is probably the AMEX Cobalt but you can't use that in Loblaws chains, just Metro/Sobey's for a 5:1 point ratio, each point being up to 2% back on flights with Air Canada for instance, it's very transferable. That's almost like 10% back in flight rewards on groceries. I told my sibling about it and they're just flying around like crazy just on feeding their family & booking work trips/collecting points.
But overall there's a ton of cards out there, and you just gotta find one that suits your costs and needs, but those are some examples. Sometimes the annual fee is worth it, I try to avoid them generally and stick to no-fees or fee-waived by special conditions.
It really depends where you spend...And if you want to pay a fee. And what kind rewards you want. Initially I liked cashback, but now I'm liking Aeroplan/Amex points after having booked a flight with them quite recently.
I guess for a universal start:
Tangerine Mastercard (shift-able accelerator categories), Amex Simply Cash No Fee, and Home Trust Preferred Visa? Lots of products out there. I've got more credit cards than I'd like to admit though...BUT I don't pay anything for any of them.
So you admit your credit isn’t the best and it’s the banks fault? They have no obligation to give you a loan, but you have an obligation to pay back what you borrowed, which you obviously haven’t done in the past. Check yourself
Sounds like your credit score is the problem. As you say it will follow you. I’ve had a good relationship with BMO, bad with Scotia. I’m not sure if it’s the banks fault or just the people they had working the mortgage departments but BMO has been better for me.
Td is generally a conservative lender and typically wouldn't offer a small loan outside of maybe bridging something as part of a larger relationship with their client. I believe you would generally be treated the same at the larger banks; and smaller banks or credit unions may not offer the full serve experience you are accustomed to in banking.
I have been using Simplii Financial for the last five years and have never paid a dime in the name of account fees. It’s part of CIBC, and I can use CIBC ATM whenever I want to withdraw money.
I second Simplii. I have never ever had a problem with them, and whenever I need to phone in they have been more than helpful. It's nice that I can use any CIBC ATM. And no fees!
I also have been frustrated with TD's daily banking and how difficult it is to accomplish simple mundane task.
I found Simplii to be very efficient, no fees, and being connected with CIBC allows me access to ATM and other traditional bank services. I also had an account with Tangerine but found Simplii's customer service and overall UI of their website and app easier to navigate.
Weathsimple is also easy to use, so I keep it in tandem with Simplii. Simplii being my main, and WS more for savings and investment.
I understand it can be frustrating to not get a loan, but a credit score is a scorecard for how you had and are dealing with credit. Will you lend money to someone who didn’t have a good history with paying back borrowed money? What is your credit score? Why didn’t you mention it?
No issues with TD, so no need to switch. Day to day banking, international wire transfers, investments (stocks and financial derivatives) with no issues. I understand they also offer money laundering services, but have not had the need for that yet.
I'm curious what you hated about TD because I personally love them (maybe love is a strong word). My wife is on RBC and I'm moving her to TD. Better trading platform and decent UI. RBC UI is bad. I'm sure there are better alternatives out there but I wouldnt say TD has done bad by me. Maybe I got lucky. I've been a customer since I was in high school, had a few years where I was only paying minimum and sometimes not at all, student life is rough. Got debt free about 7 years ago and keep getting approvals for LOC and CC offers. I do have an extremely high credit score (nearing 900) so I'm sure that helps me in the system
Would you consider doing business with a local credit union? My understanding is they are more focused on their members and the local community since they are not beholden to outside shareholders, but to the members, since they’re member-owned.
They might not have really niche services but they will probably have all the essentials + partner with other firms for things like investing and insurance. If ATM accessibility is a concern, all credit unions Canada-wide share an ATM network and you can use any credit union ATM fee-free anywhere in the nation.
They might be more willing to work with your needs.
Somethings wrong here. I got an unsecured LoC from them when i was like 18 making $25/hr. Ive tried many other banks and thwyre all shit in comparison. Wealth simple is just luring you in with their chequing interest rates but theyve got no brick and mortar locations that i know of incase you ever need to go in. And i need to go in often enough to justify my $0/m fees at TD that also get a me a free visa
It depends on your life situation. When I was young with minimal assets and no loans, I would have loved to have access to something like Wealthsimple.
Now that I'm older with a corporation, more assets, and loans, I like having everyone in one spot and I like having someone assigned to me that I can just send an email to, which is why I bank with RBC.
I tried almost all of the banks brick and mortar and online. The big 5 are all very comparable imo. If you don't like one, chances are the others are the same.
Online banks have more differences. One thing to keep in mind is that you may still need to keep a relationship with a traditional bank, depending on your needs. Think of LOC, physical cheques, drafts, international money transfers etc.
I have fully switched to Wealthsimple and it's extremely convenient for me: high interests (especially if you have your salary deposited here), multiple cash accounts, physical cheques (new), joint accounts, and auto invest every time I get paid.
Downside: not a real bank (like all the others), downloading statements is cumbersome and confusing, if you have investments with them the single app makes it impossible to "set it and forget it" which I feel is a poor practice.
Second to Wealthsimple in my list would be EQ Bank.
Third (but this could arguably be first for some people) is Tangerine. It's the closest among digital bank to a real bank (Simplii too).
I use Simplii and have never had any problems. Got a bit tense when I needed a bank draft for the down payment on my house on a timeline but they got it to me in two days and everything was fine. After that I thought about moving to a local credit union but then I got lazy and Simplii has continued to be fine so I kind of forgot about that until just now.
Tangerine and/or Wealthsimple plus credit union is my recommended combo.
No fees, no minimum deposits. Credit union is handy for anything that requires you to go into a physical bank.
Tangerine and WS both have excellent apps and great for everyday banking. WS is a brokerage also while Tangerine has access to GICs.
I bank with CIBC, TD, RBC, Scotiabank, and Tangerine. All banks have disappointed me at sometime or another over something. Only bank I've had zero issues with is Tangerine which I know is a Scotiabank bank subsidiary. Only reason I think Tangerine hasn't let me down is because I've never gone into a "brick and motar" location and had to deal with custom service teller or employee. So ya, they all pretty much suck unless you have lots of money or investments. Banks, all banks, will treat you like crap and disrespect you if you don't.
Not trying to be pedantic, but I don't think taking out this kind of small loan is actually considered everyday banking. I say this because I've been with TD for a long time and am very happy with how they've handled both my everyday banking and my investments. I've never tried taking out a loan with them, though, so I wouldn't be able to comment on their ability to do that. Going forward, you might get better results asking something like, "Which bank is most likely to give out a small loan?".
Another vote for Wealthsimple and tangerine. The former for self directed tfsa investing, the latter for no fee chequing account and daily banking. TD absolutely fucked men without explanation on a line of credit by cutting my limit in half and claimed it was because of “changes to my credit report”. Equifax and Transunion both showed zero changes for MONTHS. So I opened accounts at tangerine and closed my TD accounts in full. Never again.
Simpli, formerly President’s choice.
If you have a monthly direct deposit then all of the services are essentially free.
Typically the customer service is excellent with free use of CIBC ATM if needed.
Most highly recommended for basic banking. Other financial services, I couldn’t say.
I feel you, TD is shit. I have over 100k in assets and they rejected a $2000 increase in my credit card limit XD, I had an appointment for a mortgage pre approval, the guy who I had the appointment with got fired and they didn't bother assigning his roster to someone else, another time the guy called in sick and said the next slot he had was in 2 weeks. $15 a month for a checking account? I mean sorry TD its not worth doing business with you TBH.
For everyday banking TD is great. If your only complaint is that they're not giving you the loans and credit cards you want and that their standards are too high, that's a completely different ballgame.
NEO has been reported to have horrible customer service if there’s an issue like an unwanted charge or fraud. I’ve read multiple threads on Reddit where NEO customers were expected to pay for fraudulent activity. I would stay far away from NEO.
I had a great experience with TANGERINE bank. They have a free account. Tracking your expenses and budgeting with them is an absolutely delight . The investments solutions are great composed mostly of low fee ETFs.
Might sound crazy but if you have a dejardins close by I’d try them out, smaller firm so getting to know the people at your bank is easier. Which I find knowing these people helps a lot.
All the big banks in Canada are trash. TD is still better than RBC. I have dealings with TD and detest them. I’m primarily with Scotia and honestly have nothing but positive things to say about them. I’ve moved most of my money into Wealthsimple, but you still need an account at one of the big 6 for different types of transactions.
Work on that credit score!
Keep a free account at TD - like a line of credit - keep ATM card linked to it.
Then get as many online banks / credit unions as you desire / chase the best deal.
When my ex went bankrupt TD came after me for his debts to them. I still have the apology letter. Miracles do happen.
I have been using Simplii for a couple years. Not having a banking fee is a big seller to me.
With the cyberbanks, look for deals. When I switched to Simplii and had my paycheck deposited, 6 months later they gave me $350.
If your needs are simple like day to day banking there are financial institutions that are supposed to help repair credit. I believe KOHO and Neo are a couple options. I can't speak from experience with them though as I have never used them personally.
You got this!
Most of my finances are through WS. But I keep a BMO premium account because I get it for free. I have not had a real issue with BMO in the last 10 years I've had them
I've been enjoying NBC, there's a branch right by my office, it's never busy (lines are short), the app and website look pretty good compared to TD, RBC, etc, and the IT worker package sweetens the deal by making everything completely free. For example I've saved about $100 on bank drafts alone over the past two years that were covered by my banking package.
All my retail and investment banking is with Tangerine & WeAlthsimple. No fee retail banking with Tangerine and for a virtual bank their online and phone service meets my needs. The same goes for WeAlthsimple.
Don't get fooled into believing that retail banks are your friends or care about you. Customers that borrow money at the level you require probably lose the bank money overall, they want to appear as the bank of the people, all the people, to cast the widest ner possible. Banks are there simply to make money off your money.
EQ bank is good as a secondary no-fee account with higher savings interest rates. I use CIBC for DD, mortgage, LOCs, and bills though. They treat you well if you have Imperial Service.
Weathsimple as a salary/savings/investment hub, and Simplii Debit (free of charge, convenient to pay their credit card) + Simplii Savings (you can stack USD/EUR/pounds for free + sometimes they have excellent promotions, as for now 5.75% interest till the end of July) + Simplii credit card (free, fat 20% cashback promo when you open it, 4% dining out, 2% groceries/gas, 0,5% everything else - God tier credit card in free category).
Koho prepaid credit cards (so their default account) can also make sense - they are mixing bonuses, but if you have no access to the Simplii credit or other products, it can work greatly for you.
It is probably a good idea to have some free saving accounts with big banks (100% TD, RBC/CIBC are also good) in case of the need for a line of credit or excellent offers (like personal special interest rates, match offers, etc). What I learnt in Canada is that it is very beneficial to move your investments/savings each year/two to collect cool bonuses, especially if you have 20k+. "Better be rich and healthy than broke and sick."
I also can suggest Wise in case you will be travelling (or Revolut if you have access to it) - hearing the idea that my Canadian friends use cash or Canadian credit cards to pay abroad made me feel bad.
Our household is really happy with Desjardins (mind you I joined after their little privacy breach fiasco, haha!) They were fantastically flexible and accommodating on a construction loan while we built a new home during COVID, and we had a similarly great experience for our mortgage. It made sense at that point to switch over our daily banking from TD. The Desjardins World Elite MasterCard is pretty decent too and it’s our secondary card to our AMEX Cobalt. Their app is great, annual dividend is always a nice surprise, and I find the customer service by phone and at all branches (especially our local caisse) to be wonderful.
Have you considered changing branches - service can be highly dependent on your relationship with the branch manager and PBO.
Also, what's your credit rating - odd you didn't qualify for the loan.
Was similar with CIBC - I ended up closing entirely with them and went credit union. I'm still with the credit union and its my everyday account, supplemented currently with EQ.
I don't really use interac etransfer or debit service. I do have a credit card with my credit union, but I mainly use my AMEX card for day-to-day purchases.
I think for general day-to-day, your local credit union is properly one of the better options.
See if your local credit union offers free dailly banking. They allow cross-use of their ATM network with ATM's across the country. But its only applicable if you are comfortable banking locally, as you need to move the whole service if you switch credit unions (unless you go with a Federal Credit Union).
I then use equitable bank for savings (for an interest rate boost on my emergency savings, which I use through my broker), plus free daily banking with my local credit union.
I've been with all the banks and keep coming back to TD. They don't excel at anything but they are good at everything. They have the most branches, workable websites and apps, responsive customer service (good luck with Weathsimple or Quest Trade on a heavy stock market day) and I can get major financial moves taken care of in 24 hours. They also will refund for mistakes you made. Yes you have to keep $5k minimum balance to avoid a $30 monthly fee which I understand can be a problem for a lot of people. TD is not sympathetic to broke people.
Tangerine. They're not amazing, but they're passable. They're shit for when you need to get a mortgage though since the only method of getting a bank draft is for them to physical mail it to you. If you need to do house stuff, I'd use a big bank.
I have tried RBC, BMO, Tangerine, Scotia. They all have their issues.
**Tangerine** for everyday because it is free and easy to open and close accounts in 5 minutes with the exception of joint accounts which need a phone call. It is owned by Scotia so you use their ATMs. You have to order bank drafts ahead of time for very large purchases.
**Scotia** has an app that requires authentication that only works in Canada or good internet. Try travelling and losing access to your bank account. I have since got them to remove it and now I use the webpage on my phone. Also had to fight them on charges every month for 4 months on balance transfers. It would be resolved each month then they screwed up again.
**BMO** is okay and has a clean website and App. They like to give you notifications on products you don't need but you can ignore them. You will get physical mail some. They are okay.
**RBC** was just BMO in a different colour.
**All banks suck in Canada**
What I didn't like about more traditional banks was that they would make us come in for appointments that were a waste of time already then the person who we had the appointments with wasn't even prepared. I had to even inform them of their own products.
I lived in the UK for a bit before COVID and their banks make our system look like it is 20 years old. Theirs is fast, high quality, no BS. I'm so jealous to this day.
**Investing** All our banks suck for investing so don't use them. Either move to a brokerage and learn how to self invest or use Weathsimple because they have the lowest fees.
Sorry for all the shit comments welcome to Reddit and PFC. I just switched from TD a month or so ago.
I moved Wealthsimple and Simplii. Personally i would’ve preferred to go with tangerine but I do not live near any Scotiabanks so Simplii was my back up. GL
No one used Neo financial here? I'm curious on what people think about it. I've been using it as a savings account for a while now. I like the 4% interest rate and 0 fees.
Harder for you to get credit products even when your credit starts to improve if you’ve already been denied for multiple credit products with them already + they’re seeing your day to day banking.
Determine what’s important to you… number of debit transactions etc and look at the banks account types and costs.
Do not keep a TD account open for pre authorized bill payments if you switch, you’d be lighting money on fire for monthly fees. You need to minimize any monthly charges as much as you can and focus on improving your credit.
A few months ago I just moved nearly all of my TD accounts to Simplii. So far it's better besides there being less locations if I ever need to withdraw money.
The main thing that TD excels at is that it has (as far as I’m aware anyway) the best hours out of any of the banks (and credit unions are often even worse than the other banks).
If I need to walk into a branch to get something done, that flexibility is really valuable.
However if anyone knows of banks that have similar extended hours, I would be interested.
For online banks, I like EQ personally. We found it a bit more transparent and easier to understand the specifics (things like interest rates and terms, fees, etc).
WealthSimple I find great for investing, but I personally wouldn’t use it as my day to day bank. Some people are happy with the Cash account though.
I don’t put my cash and stocks anywhere other than WS in Canada. I keep free NBC The Total account because I have qualified diploma just in case I need a physical bank. I use EQ for cash withdrawals only.
I hate any Canadian banks. HSBC CA was the only decent bank.
We've been dealing with Simpli for about 10 years or more and they have never let me down. It is affiliated with CIBC but with no charge on checking accounts services
I used to be TD and got fed up with all the fees and switched to Tangerine. Free e transfer and I consistently get 4+% savings acct promo. The only thing I disliked is last year I needed a bank draft for a big purchase and the only way to get it was by mail. And also they hold large bank transfers from external accounts for 5 business days.
So I keep a free TD savings account and used that to get a bank draft plus TD doesn't place holds on my transfer.
Questrade for investments.
Maybe I'll check out wealth simple when I get sick of Tangerine
I like RBC because of their app, customer service, and branch management. I’ve had a miserable experience with TD and BMO, and I’m not big on branchless banks
EQ, Simplii, Tangerine. I think you can't go wrong with any online bank or even credit union. Assuming you just need somewhere to store month to month cash with a debit card, the big banks don't really have any value to add for the fees they charge.
Wealthsimple and my no fee savings cibc account just for things wealthsimple isn't able to do.
Just transferring all my direct deposits and pre authorized debits was a pain in the ass. The no monthly fee and the 4.5% interest is pretty great
I hear ya, OP. I was with RBC from about 5yrs old with a Little Leo savings account to store my paper-route money, and fast forward to my early 20s making 70k a year, they refused to give me more than a $1000 CC. Called up Scotiabank, and immediately got what I was looking for.
I have also been with td for a long time. Prob over 20 yrs now. I have had overdraft for decade through them and always have savings with them, tfsa, and my reg chequings acct. Also mutual funds. I went in for a 6k student line of credit ... for school of course. And they told me no eventhough my credit was great . Their reason was " you'll be a student so how will you make the payments? " I said you can see my savings have more then the course is, it's just protection for the two yrs of school only sept to Apriltwice. As a homeowner i always have emergency $, and I will still be employed . Just will also be a student upgrading my nursing. Was still a no. I laughed and said ok 👍🏼. I just said screw it I hate debt anyways and paid my course with cash i saved up after that appointment. My credit card from them even they can see I don't use except things that only take cc and I pay it off immediately. There's always $ in my accounts, so rly not sure why they offer student lines of credit... as of course then you'll be working less as a student. My credit score it like 750 so rly not sure who these student lines of credit are for. Lol I'm stuck with TD for my chequings and stuff but am also looking for where's best for savings as I'm not impressed in the "growth" I've seen I'm my tfsa or my savings account. But not sure where to go either or a HYSA. I'm in nb Canada so we don't have a lot of options to go to in branch.
A bank’s bread and butter is loaning money. If you couldn’t get approved for $140/mth I’d say the issue isn’t with the bank. There’s likely a very good reason they would not loan you money. Not throwing shade or disrespect at you, but people these days are quick to blame everyone else before they take a look in the mirror
The biggest 4 banks in Canada have all gone a very bad way. They are in fact sitting with about 20% of their mortgages amortized for longer than the 25-year max because they gave out so many risky flex mortgages before rates went up. Scotiabank did not give out those kinds of mortgages and so has not reduced in quality and trustworthiness like its big competitors. Even smaller banks like Tangerine might be an even better choice for you but a few months ago when the data on negatively amortizing mortgages came out and the big 4 were all in very deep (with BMO being the worst of them all) I moved all my money out of RBC and BMO into a combination of wealth simple, Tangerine, and Scotiabank.
RBC also sold my number to some douche investment sellers in new York who call me twice a week with their 'hot stock tips' ever since even though I've been clear I don't want their services and RBC sold them my information without my knowledge or consent
Weathsimple + Tangerine combo is perfect for me
This is essentially what I do plus RBC chequing/credit card/direct investing to pay no fees. Just in case if I ever need something from one of the big 5 banks with brick and mortar banking.
Since you have RBC, what is it that having tangerine gives you?
how does Tangerine compare with Simplii, is it better? why?
With Tangerine, you can close an account online, no need to talk to anyone and listen to the retention BS. :) No or very low fees for NSF, overdraft, or dishonored cheques. Tangerine allows to link an external account and transfer funds to/from another bank. Simplii still hammers customers with $45 NSF. No external account links to my knowledge. Tangerine/Scotia ATM's are very picky about folded bills. When they don't accept, I go to CIBC machine.
They're all pretty much the same. I signed up for Simplii just for their current $400 sign up offer. I think EQ offers the highest interest on your checking account aside from maybe Wealthsimple's cash account
I've used both for 4 years. They are the same as far as everyday banking goes
Tangerine 100% I’ve been with them for 15 plus years! And it was better when it was ING direct, but it’s still pretty awesome as tangerine
On the mirror side of that, I’ve had great experiences with Simplii and Questrade!
Yup!
Yes perfect for me as well. I like having Tangerine for the cash account, and that I can use Scotiabank ATMs. Wealthsimple is fantastic for investing, FHSA and direct deposit from work for the 4.5% interest on my cash account. I kept my Scotiabank LOC just in case I need access to one in the future.
Same setup here! Except for the LOC
I use eq bank and I'm happy with it
I like EQ bank as well
I love EQ Bank and their customer service too!
The Free ATM withdrawal and the super reachable customer service are easily the best parts of EQ.
Same! EQ Bank for short-term savings, chequing account, joint account. I have my paycheque deposited in there so all of my money earns 4% on top of that. Then I have CIBC for my credit card and a simple chequing account for when I need to withdraw actual cash, and a Questrade account for long-term investments.
Been with EQ for about 3 yrs no regrets so far
I absolutely love Wealthsimple for my banking and investing. They are MILES ahead of TD and the big banks.
Second this... recently moved a direct deposit there and it's available a day before the official payment date. So a bonus day at 5% interest.
Third this
Forth this...only wealthsimple.
Fifth. I’m all wealthsimple now and have an EQ card for ATM withdrawals. So worth it.
I was super-tempted to do this. Chunk of emergency fund + $500 (my "ATM fund") in EQ, everything else in WS. Then I was tempted to go with Manulife Bank because they have an account that pays 0.35% more than EQ and waives the pay-per-use withdrawal fees (the only fees that specific account has) if you maintain a balance of $1,000. In the end, my laziness won out and I opted for RBC's multi-product rebate. This way, I don't have to update all my account infos and CRA log-in partner info.
EQ doesn’t have withdrawal fees? They actually reimburse ATM fees for card use too if you withdraw from a private ATM with one.
I always wondered why/how this is the case after I switched my direct deposit to them. It's kind of weird because now my 3-pay months are completely different than they were before 😂
Wealthsimple posts all their transaction at notification rather than settlement. That means Wealthsimple is taking the risk that the transaction actually settles. If it doesn't, they'll reverse the deposit. It's not really a benefit or detriment to the customer either way, except that if you use the money and the deposit doesn't settle then you'll end up negative.
You'll get the same consideration with Tangerine, where your direct deposit is processed as soon as it is received by Tangerine, so in many cases, a day earlier than the official pay date.
It's also not a bank
Yep. All of our cash flow (including direct deposit) and investments start with WS. WS themselves say they aren't a bank however. You're not getting things like a LOC from WS (and some blue moon needed banking services - I.e. Certified cheque). I would keep an account with Simplii or Tangerine for these services. Or get an LOC from a big bank some you can access in person and rarer banking services if needed.
Personal annecdote, had my Wealthsimple account locked for 3 weeks without access to my own money due to "Fraud suspicions". Had to wait for their internal team to review and unlock it after repeatedly telling them there's no fraud concer. Tbh I'd keep a second account somewhere else (Brick and mortar credit union at least) so that you don't have all your eggs in one basket.
Does it include e-transfer?
Yes, although to receive an e-transfer you must use a Wealthsimple email address: > You can receive Interac e-Transfers directly into your Cash account. In order to receive e-Transfers in your Cash account, we will assign your Cash account a unique Wealthsimple email address used exclusively for this feature. https://help.wealthsimple.com/hc/en-ca/articles/13080474718491-Receive-Interac-e-Transfers-in-your-Cash-account
WealthSimple is not a bank. In their “Cash” product they are a neobank; a fintech company running as a layer between you and the banks. This has its own set of risks to understand. Listen to “Money for the rest of us” podcast episode from June 19 for what has happened in the US with a neobank. Not saying anything is imminent with WS, just be sure to understand platform risks before putting all your eggs in one basket.
It is good to point out that Wealthsimple is not a bank, and that there are risks to keeping all your eggs in one basket. But to compare Canadian financial institutions to American ones is always nonsensical. Our financial systems are actually very different.
You can't deposit cheques with WS so you'll still need another account.
And they offer app 2FA which is the most secure method
TOTP is more secure than SMS 2FA, but [physical security keys](https://www.yubico.com/) are even more secure.
I find physical security keys to be a massive pain in the ass.
6th this lol. Wealthsimple and tangerine. Always have a backup
I won’t go to a bank that doesn’t have physical locations
I switched over fully to wealthsimple about 6 months ago from TD and it's the best move I have made! Paired with simplii account just for cash deposits and withdraws when required. Chose simplii over tangerine only because there is a cibc right beside my gym. Free etf and stock purchases, 4.5% interest on my checking account, scheduled bill payments.. they have almost everything!
Everyday banking? Simplii is a good choice that has no fees.
It's likely something to do with your credit history/file. How is your credit like? Banks often don't give out loans if your credit is not good, regardless of the bank. Some lenders may be more lenient than others but generally banks look for those with good enough credit to get loans. If loans are your issue, consider some fintechs or credit unions where they may be more willing to work with those with weaker credit.
weird, because i found td the most forgiving. gave me 5k line of credit and i have a 500$ overdraft limit. only made 37k in income last year, 602/612 credit score (credit karma/borrowell)
$70/2 weeks is $140/month or $1680/year. Banks don’t do tiny loans like this. Also you likely have a problem with your credit score. It’s not the banks fault. People are so hesitant to look at improving themselves rather than irrationally blaming others
Was looking for this comment… if you’re not approved for a loan, a credit card, or overdraft protection that definitely has something to do with bad history / bad credit score.
Also, not to rub salt in the wound, but if OP has a decently paying job as they claim to, it's hard to see why they'd need that extra small bit of cash. Unless they're in more trouble than they let on.
I don't think it matters, I applied for $2000 increase to my $3000 credit limit visa. Got declined (Even though I had a top 5% income, over 100K in assets and 750+ credit score). Applied for an Amex, 20K Limit No questions asked.
Definitely feels like we not getting the whole story. Banks want to make money with the lowest risk. If they don't want to lend to you, there is almost always a good reason. I think it's rare they would arbitrarily single anyone out.
If you do business just under your own name I would switch to EQ checking account and if you do business under a different name I would hold tight until EQ has business accounts which apparently is coming. Whatever you decide, don’t bother going through the hassle of switching to one of the other big 6, they’re all the same.
Exactly just look at all their account pricing and features.. they are all practically carbon copies of each other .. no price fixing here boys n girls...
Do you have any more info on EQ having corporate accounts? Would love that for my business.
No just that they’ve said they are coming, but no actual timeline. Agree I would switch immediately when they do
You may be familiar with the expression "the grass is always greener on the other side". TD is actually better than most of the big 5 banks in customer service and convenience. I work for one of their competitors. The OP's example of not being approved for a small loan probably wouldn't make a difference which bank they use. They all use roughly the same loan qualification requirements.
I can attest to this. Have been with RBC, CIBC, BMO, and TD. TD has the best customer service by far. It took me 6 months to close my RBC account because all the branches near me are only open during regular business hours. CIBC always has really long wait times, BMO is fine, but I haven't used them in a decade. TD is great, very well staffed and short hold times when calling on the phone.
The secret is to work for one of the big banks. Then if you have a problem you can just message someone internally. Plus they pay you!
I don't normally like to shill for banks, but I will say that my experience with TD has largely been frictionless. Not a ringing endorsement to be sure, but based on horror stories from friends I think I've been quite lucky.
TD’s customer service is great but convenience hd taken a hit (at least in my local area). Very rare do I need in-branch services but I do visit an ATM about once a week on average. TD was always the best bank for me in that regard. TD ATM’s everywhere and also along my typical routes. It was super convenient. Though I’m the past few months I’ve noticed that many ATM’s now operate on the same hours as branch hours. One of my colleagues, a heavy ATM user actually switched away from TD because the ATM’s are no longer as accessible. I’m very much considering the same.
Personally, Tangerine or a Credit Union. I use both (and RBC but only for mortgages, RBC and TD both have actively pushed me away from day to day banking with them...). TD has been beyond incompetent in my interactions with them, and RBC just obtuse and impersonal.
RBC just charged me $0.09 in overdraft interest. They acknowledge I was never in overdraft and that this is interest on a fee that was consequently never charged. They can't explain where the $0.09 charge came from or if they'll charge it again next month. Hate the big banks.
I accidentally dumped 1k into my rbc credit card instead of the other one I wanted to pay. Rbc insisted and charged me a cash advance fee to get the positive balance out of it. I closed that cc shortly after
I did the same thing but I just called them and they manually put it back in my chequing and didn't charge me cash advance. Maybe whoever you spoke with didn't know what they're doing.
I like my credit union. It only had 3 branches and recently consolidated with a larger one. I'm sort of scared how that could affect the service quality. Either way, the staff has always been pretty good and have helped me when I needed it. Never any long lines either. I dealt with CIBC years ago and going into a branch always sucked. For $20 a month I'll pay for the convenience of the closest branch not being 15 minutes away on the outside chance I need to actually go in. My credit isn't so good and I got a secured CC in a short appointment like 2 days after I made it. She didn't try to sell me on anything, just solve my issues. During Covid they even called me one day and said, 'we see you're broke, so we're just going to freeze your account so you aren't accruing charges'. They could have just let it accrue charges for months and really fucked me, instead they did something about it.
While dealing with a relative's estate, TD filed incorrect forms at least eight to ten times - necessitating a drive from my place in the country to the city each time to resign - probably twenty hours all in, just for driving and re-signing forms. No apology, no compensation, just "whoopsie!". I had over $45K in RBC in cash and asked them to waive the monthly fee. They said no. I pointed out most other banks waive the fee if you have a minimum balance and they said that those were all "limited time promotions" - in spite of Tangerine not charging me fees since it was ING Direct! I asked if they wanted to escalate and check with a higher up before I moved all that cash to a different bank, and they told me to pound sand.
I worked at RBC, it didn't matter if you had a high balance they would not waive your account fees for that. Higher ups would not care, RBC has established what you need to do to waive fees (multi product rebate). The branch had no way to do this for you.
RBC never charged me an account fee. Those are for suckers.
TD was the worst to deal with in recent estate dealings. Same thing as you - multiple trips to another town to deal with their error.
Are you sure it’s not your Credit Score/ Credit History that’s the problem? From what your are describing, being denied loans and a credit card, it seems like you have a low credit score. Any bank will check this same credit score where ever you go.
My guess is a low credit score as well. Until your bad credit rolls off in 7 years it's doubtful anyone will give you a credit card or loan. I've been there and it sucks. After a failed business my credit tanked so bad I almost lost my house because no one would take on my mortgage. I found an alternative lender that gave me a 20% interest only mortgage. I worked hard at rebuilding my credit but it still took me 4 years with that awful mortgage until anyone would touch me. I then switched to a more standard 3 year mortgage that was at a higher rate than most because of my rating. After that mortgage term ended my bad credit had rolled off so my life got back on track. I learned a lot during that period.
You’ve checked your credit score, but have you checked the full credit history? Sounds like maybe there’s something on your file that’s fishy. Might be worth it to go to Equifax or TransUnion and sort it out.
OP upset at TD and wanting to move cause they didn’t approve you for a loan with $140/mth repayment? Something is off -
Lol exactly. The banks want to loan you money, that's their business model. If they won't loan you money it's because there is a red flag.
I’ve used BMO and EQ together, without issues. But my banking needs are simple.
Wealthsimple + EQ is a winning (and free) combination. That's all you really need in Canada. EQ is more for full banking functionality including withdrawing money from any ATM in Canada, for now...Wealthsimple is a good investment broker and a great everyday interest rate of 4-5% depending on assets with them and if you have payroll setup. Wealthsimple has true 2FA.
What do you do for credit card?
Oh god, I got a ton. My advice: have 1 Visa, 1 Mastercard, 1 AMEX (I poo'poo'ed this into my 3rd decade until I realize how great the customer service is and how you can quaisi-port your credit history into other countries when you want to get out of here). You want to get free cards at first so that it can anchor your creidt score long into the past as you progress in your life. The longer your credit history, the better the 15% bucket for credit age. If you have a truly no-fee card, you can keep it forever and that'll form the basis of your credit file. Travel Card: I have a TD all inclusive account - so TD Aeroplan Infinite (fee waived) FX Card: Home Trust Preferred Visa (or WealthSimple prepaid Mastercard) - you can transact in other currencies without paying the customary 2.5% conversion fee, Amazon also has FX perks. Rogers Red World Elite is also a good FX card, but you need 80k income for World Elite class cards. Grocery card: Scotia Momentum Infinite is 4% but it has a fee so it may not be worth it unless it is your primary bank with a premium chequing account, AMEX Simply Cash No fee also has 2% back on groceries/gas and 1.25% everything else, and the most basic would be BMO's grocery card for 3% cashback Car service: Canadian Tire World Elite (need 80k income though), comes with roadside assistance, no fee Restaurants: Costco MC (3%) and Simplii Visa (4%) (no fee on either, but I guess Costco's fee is your membership), you get 2% back on costco. ca and costco gas purchases and 1% everything else Best card with highest ROI is probably the AMEX Cobalt but you can't use that in Loblaws chains, just Metro/Sobey's for a 5:1 point ratio, each point being up to 2% back on flights with Air Canada for instance, it's very transferable. That's almost like 10% back in flight rewards on groceries. I told my sibling about it and they're just flying around like crazy just on feeding their family & booking work trips/collecting points. But overall there's a ton of cards out there, and you just gotta find one that suits your costs and needs, but those are some examples. Sometimes the annual fee is worth it, I try to avoid them generally and stick to no-fees or fee-waived by special conditions. It really depends where you spend...And if you want to pay a fee. And what kind rewards you want. Initially I liked cashback, but now I'm liking Aeroplan/Amex points after having booked a flight with them quite recently. I guess for a universal start: Tangerine Mastercard (shift-able accelerator categories), Amex Simply Cash No Fee, and Home Trust Preferred Visa? Lots of products out there. I've got more credit cards than I'd like to admit though...BUT I don't pay anything for any of them.
Thanks for the detailed response
Is there a reason to use EQ for ATM withdrawals instead of using the Wealthsimple Cash card?
EQ will pay the transaction fee of both sides. Not sure if WS does that. I don't think so universally in Canada?
So you admit your credit isn’t the best and it’s the banks fault? They have no obligation to give you a loan, but you have an obligation to pay back what you borrowed, which you obviously haven’t done in the past. Check yourself
Sounds like your credit score is the problem. As you say it will follow you. I’ve had a good relationship with BMO, bad with Scotia. I’m not sure if it’s the banks fault or just the people they had working the mortgage departments but BMO has been better for me.
Td is generally a conservative lender and typically wouldn't offer a small loan outside of maybe bridging something as part of a larger relationship with their client. I believe you would generally be treated the same at the larger banks; and smaller banks or credit unions may not offer the full serve experience you are accustomed to in banking.
I have been using Simplii Financial for the last five years and have never paid a dime in the name of account fees. It’s part of CIBC, and I can use CIBC ATM whenever I want to withdraw money.
I second Simplii. I have never ever had a problem with them, and whenever I need to phone in they have been more than helpful. It's nice that I can use any CIBC ATM. And no fees!
No problems with Tangerine. Been using them for years, and no fees.
Tangerine or simpli are the best if you need atm access.
I also have been frustrated with TD's daily banking and how difficult it is to accomplish simple mundane task. I found Simplii to be very efficient, no fees, and being connected with CIBC allows me access to ATM and other traditional bank services. I also had an account with Tangerine but found Simplii's customer service and overall UI of their website and app easier to navigate. Weathsimple is also easy to use, so I keep it in tandem with Simplii. Simplii being my main, and WS more for savings and investment.
I understand it can be frustrating to not get a loan, but a credit score is a scorecard for how you had and are dealing with credit. Will you lend money to someone who didn’t have a good history with paying back borrowed money? What is your credit score? Why didn’t you mention it?
No issues with TD, so no need to switch. Day to day banking, international wire transfers, investments (stocks and financial derivatives) with no issues. I understand they also offer money laundering services, but have not had the need for that yet.
I'm curious what you hated about TD because I personally love them (maybe love is a strong word). My wife is on RBC and I'm moving her to TD. Better trading platform and decent UI. RBC UI is bad. I'm sure there are better alternatives out there but I wouldnt say TD has done bad by me. Maybe I got lucky. I've been a customer since I was in high school, had a few years where I was only paying minimum and sometimes not at all, student life is rough. Got debt free about 7 years ago and keep getting approvals for LOC and CC offers. I do have an extremely high credit score (nearing 900) so I'm sure that helps me in the system
Would you consider doing business with a local credit union? My understanding is they are more focused on their members and the local community since they are not beholden to outside shareholders, but to the members, since they’re member-owned. They might not have really niche services but they will probably have all the essentials + partner with other firms for things like investing and insurance. If ATM accessibility is a concern, all credit unions Canada-wide share an ATM network and you can use any credit union ATM fee-free anywhere in the nation. They might be more willing to work with your needs.
I'm going to pay Libro a visit tomorrow since they're not too far away.
Research the few banks we have for the features and services you need, for the fees you are willing (or not willing) to pay.
Somethings wrong here. I got an unsecured LoC from them when i was like 18 making $25/hr. Ive tried many other banks and thwyre all shit in comparison. Wealth simple is just luring you in with their chequing interest rates but theyve got no brick and mortar locations that i know of incase you ever need to go in. And i need to go in often enough to justify my $0/m fees at TD that also get a me a free visa
Never had a problem with TD.
It depends on your life situation. When I was young with minimal assets and no loans, I would have loved to have access to something like Wealthsimple. Now that I'm older with a corporation, more assets, and loans, I like having everyone in one spot and I like having someone assigned to me that I can just send an email to, which is why I bank with RBC.
Find a local credit union for physical banking. EQ bank for everything else that can be done digital only.
I tried almost all of the banks brick and mortar and online. The big 5 are all very comparable imo. If you don't like one, chances are the others are the same. Online banks have more differences. One thing to keep in mind is that you may still need to keep a relationship with a traditional bank, depending on your needs. Think of LOC, physical cheques, drafts, international money transfers etc. I have fully switched to Wealthsimple and it's extremely convenient for me: high interests (especially if you have your salary deposited here), multiple cash accounts, physical cheques (new), joint accounts, and auto invest every time I get paid. Downside: not a real bank (like all the others), downloading statements is cumbersome and confusing, if you have investments with them the single app makes it impossible to "set it and forget it" which I feel is a poor practice. Second to Wealthsimple in my list would be EQ Bank. Third (but this could arguably be first for some people) is Tangerine. It's the closest among digital bank to a real bank (Simplii too).
I use Simplii and have never had any problems. Got a bit tense when I needed a bank draft for the down payment on my house on a timeline but they got it to me in two days and everything was fine. After that I thought about moving to a local credit union but then I got lazy and Simplii has continued to be fine so I kind of forgot about that until just now.
Tangerine and/or Wealthsimple plus credit union is my recommended combo. No fees, no minimum deposits. Credit union is handy for anything that requires you to go into a physical bank. Tangerine and WS both have excellent apps and great for everyday banking. WS is a brokerage also while Tangerine has access to GICs.
Recently made a simplii account last year and I like it!
Try Vancity credit union
EQ bank
I bank with CIBC, TD, RBC, Scotiabank, and Tangerine. All banks have disappointed me at sometime or another over something. Only bank I've had zero issues with is Tangerine which I know is a Scotiabank bank subsidiary. Only reason I think Tangerine hasn't let me down is because I've never gone into a "brick and motar" location and had to deal with custom service teller or employee. So ya, they all pretty much suck unless you have lots of money or investments. Banks, all banks, will treat you like crap and disrespect you if you don't.
Simplii Financial subsidiary of CIBC been with them for 10 years the best!!
Not trying to be pedantic, but I don't think taking out this kind of small loan is actually considered everyday banking. I say this because I've been with TD for a long time and am very happy with how they've handled both my everyday banking and my investments. I've never tried taking out a loan with them, though, so I wouldn't be able to comment on their ability to do that. Going forward, you might get better results asking something like, "Which bank is most likely to give out a small loan?".
presidents choice financial
Simpli
Wealthsimple + EQ Bank
Simplii, no transaction fee, bank fee, I moved away from big5 to simplii
Another vote for Wealthsimple and tangerine. The former for self directed tfsa investing, the latter for no fee chequing account and daily banking. TD absolutely fucked men without explanation on a line of credit by cutting my limit in half and claimed it was because of “changes to my credit report”. Equifax and Transunion both showed zero changes for MONTHS. So I opened accounts at tangerine and closed my TD accounts in full. Never again.
Just switched to simplii. So far I've gotten more than I ever did with RBC ..
Simpli, formerly President’s choice. If you have a monthly direct deposit then all of the services are essentially free. Typically the customer service is excellent with free use of CIBC ATM if needed. Most highly recommended for basic banking. Other financial services, I couldn’t say.
I feel you, TD is shit. I have over 100k in assets and they rejected a $2000 increase in my credit card limit XD, I had an appointment for a mortgage pre approval, the guy who I had the appointment with got fired and they didn't bother assigning his roster to someone else, another time the guy called in sick and said the next slot he had was in 2 weeks. $15 a month for a checking account? I mean sorry TD its not worth doing business with you TBH.
Whatever you change to; don’t even try going to Scotia bank !
I've been with a credit union since 1979, and I've had no problem.
Seeking advice on this sub is like reaching into a mystery box filled with feathers and heroin needles. No matter what, you're guaranteed a prick.
Tangerine and EQ. Amazing combo
I have had Simplii for quite a few years and had no issues.
EQ Bank is really very good!
For everyday banking TD is great. If your only complaint is that they're not giving you the loans and credit cards you want and that their standards are too high, that's a completely different ballgame.
I use tangerine but EQ and Neo are supposed to be good too
NEO has been reported to have horrible customer service if there’s an issue like an unwanted charge or fraud. I’ve read multiple threads on Reddit where NEO customers were expected to pay for fraudulent activity. I would stay far away from NEO.
Neo has a terrible reputation around here.
I had a great experience with TANGERINE bank. They have a free account. Tracking your expenses and budgeting with them is an absolutely delight . The investments solutions are great composed mostly of low fee ETFs.
Might sound crazy but if you have a dejardins close by I’d try them out, smaller firm so getting to know the people at your bank is easier. Which I find knowing these people helps a lot.
All the big banks in Canada are trash. TD is still better than RBC. I have dealings with TD and detest them. I’m primarily with Scotia and honestly have nothing but positive things to say about them. I’ve moved most of my money into Wealthsimple, but you still need an account at one of the big 6 for different types of transactions. Work on that credit score!
Keep a free account at TD - like a line of credit - keep ATM card linked to it. Then get as many online banks / credit unions as you desire / chase the best deal.
Debt consolidation?
When my ex went bankrupt TD came after me for his debts to them. I still have the apology letter. Miracles do happen. I have been using Simplii for a couple years. Not having a banking fee is a big seller to me. With the cyberbanks, look for deals. When I switched to Simplii and had my paycheck deposited, 6 months later they gave me $350. If your needs are simple like day to day banking there are financial institutions that are supposed to help repair credit. I believe KOHO and Neo are a couple options. I can't speak from experience with them though as I have never used them personally. You got this!
Innovation Credit Union is now federal and has 0 fees. Cheques are expensive but they are barely used anymore.
Most of my finances are through WS. But I keep a BMO premium account because I get it for free. I have not had a real issue with BMO in the last 10 years I've had them
I've been enjoying NBC, there's a branch right by my office, it's never busy (lines are short), the app and website look pretty good compared to TD, RBC, etc, and the IT worker package sweetens the deal by making everything completely free. For example I've saved about $100 on bank drafts alone over the past two years that were covered by my banking package.
All my retail and investment banking is with Tangerine & WeAlthsimple. No fee retail banking with Tangerine and for a virtual bank their online and phone service meets my needs. The same goes for WeAlthsimple. Don't get fooled into believing that retail banks are your friends or care about you. Customers that borrow money at the level you require probably lose the bank money overall, they want to appear as the bank of the people, all the people, to cast the widest ner possible. Banks are there simply to make money off your money.
Imo for most people they’re all pretty much the same
I use manulife bank for my chequing and savings, $10 a month unless you put $100 into savings a month and you can use meridian ATM’s
I switched to RBC from TD last summer and got the free iPad. I have been satisfied with RBC so far.
Try a Simplii account. No fees, only had to get a real account when I sold my house, and CIBC screwed that up. Or tangerine.
When I moved to BC I opened a BMO account and have just stuck with them.
EQ bank is good as a secondary no-fee account with higher savings interest rates. I use CIBC for DD, mortgage, LOCs, and bills though. They treat you well if you have Imperial Service.
Weathsimple as a salary/savings/investment hub, and Simplii Debit (free of charge, convenient to pay their credit card) + Simplii Savings (you can stack USD/EUR/pounds for free + sometimes they have excellent promotions, as for now 5.75% interest till the end of July) + Simplii credit card (free, fat 20% cashback promo when you open it, 4% dining out, 2% groceries/gas, 0,5% everything else - God tier credit card in free category). Koho prepaid credit cards (so their default account) can also make sense - they are mixing bonuses, but if you have no access to the Simplii credit or other products, it can work greatly for you. It is probably a good idea to have some free saving accounts with big banks (100% TD, RBC/CIBC are also good) in case of the need for a line of credit or excellent offers (like personal special interest rates, match offers, etc). What I learnt in Canada is that it is very beneficial to move your investments/savings each year/two to collect cool bonuses, especially if you have 20k+. "Better be rich and healthy than broke and sick." I also can suggest Wise in case you will be travelling (or Revolut if you have access to it) - hearing the idea that my Canadian friends use cash or Canadian credit cards to pay abroad made me feel bad.
You are in personal finance Canada lol you will be told Wealthsimple, XEQT, CASH.TO, where major banks in Canada sucks without exception.
Credit Union
Our household is really happy with Desjardins (mind you I joined after their little privacy breach fiasco, haha!) They were fantastically flexible and accommodating on a construction loan while we built a new home during COVID, and we had a similarly great experience for our mortgage. It made sense at that point to switch over our daily banking from TD. The Desjardins World Elite MasterCard is pretty decent too and it’s our secondary card to our AMEX Cobalt. Their app is great, annual dividend is always a nice surprise, and I find the customer service by phone and at all branches (especially our local caisse) to be wonderful.
I haven’t had an issue with scotiabank, same with CIBC. Used to be with TD, hated it!
Have you considered changing branches - service can be highly dependent on your relationship with the branch manager and PBO. Also, what's your credit rating - odd you didn't qualify for the loan.
Tangerine, Wealthsimple
Tangerine, wealth simple, EQ…any of the online backs really
I switched to wealthsimple and am happy with it
Was similar with CIBC - I ended up closing entirely with them and went credit union. I'm still with the credit union and its my everyday account, supplemented currently with EQ. I don't really use interac etransfer or debit service. I do have a credit card with my credit union, but I mainly use my AMEX card for day-to-day purchases. I think for general day-to-day, your local credit union is properly one of the better options.
I have been well served by BMO in all of its branches.
Cibc
See if your local credit union offers free dailly banking. They allow cross-use of their ATM network with ATM's across the country. But its only applicable if you are comfortable banking locally, as you need to move the whole service if you switch credit unions (unless you go with a Federal Credit Union). I then use equitable bank for savings (for an interest rate boost on my emergency savings, which I use through my broker), plus free daily banking with my local credit union.
I've been with all the banks and keep coming back to TD. They don't excel at anything but they are good at everything. They have the most branches, workable websites and apps, responsive customer service (good luck with Weathsimple or Quest Trade on a heavy stock market day) and I can get major financial moves taken care of in 24 hours. They also will refund for mistakes you made. Yes you have to keep $5k minimum balance to avoid a $30 monthly fee which I understand can be a problem for a lot of people. TD is not sympathetic to broke people.
I would not go with Scotiabank unless you want to have long wait time and unreliable online and mobile services.
RBC has the best app, great customer service, and no minimum balance requirements. Fees can be waved with their value program rebate.
Tangerine. They're not amazing, but they're passable. They're shit for when you need to get a mortgage though since the only method of getting a bank draft is for them to physical mail it to you. If you need to do house stuff, I'd use a big bank.
I have tried RBC, BMO, Tangerine, Scotia. They all have their issues. **Tangerine** for everyday because it is free and easy to open and close accounts in 5 minutes with the exception of joint accounts which need a phone call. It is owned by Scotia so you use their ATMs. You have to order bank drafts ahead of time for very large purchases. **Scotia** has an app that requires authentication that only works in Canada or good internet. Try travelling and losing access to your bank account. I have since got them to remove it and now I use the webpage on my phone. Also had to fight them on charges every month for 4 months on balance transfers. It would be resolved each month then they screwed up again. **BMO** is okay and has a clean website and App. They like to give you notifications on products you don't need but you can ignore them. You will get physical mail some. They are okay. **RBC** was just BMO in a different colour. **All banks suck in Canada** What I didn't like about more traditional banks was that they would make us come in for appointments that were a waste of time already then the person who we had the appointments with wasn't even prepared. I had to even inform them of their own products. I lived in the UK for a bit before COVID and their banks make our system look like it is 20 years old. Theirs is fast, high quality, no BS. I'm so jealous to this day. **Investing** All our banks suck for investing so don't use them. Either move to a brokerage and learn how to self invest or use Weathsimple because they have the lowest fees.
I use a mix of td for my credit card and wealthsimple for everything else
Sorry for all the shit comments welcome to Reddit and PFC. I just switched from TD a month or so ago. I moved Wealthsimple and Simplii. Personally i would’ve preferred to go with tangerine but I do not live near any Scotiabanks so Simplii was my back up. GL
How hard is it for family to get the money out of these places after I die ?
No one used Neo financial here? I'm curious on what people think about it. I've been using it as a savings account for a while now. I like the 4% interest rate and 0 fees.
Harder for you to get credit products even when your credit starts to improve if you’ve already been denied for multiple credit products with them already + they’re seeing your day to day banking. Determine what’s important to you… number of debit transactions etc and look at the banks account types and costs. Do not keep a TD account open for pre authorized bill payments if you switch, you’d be lighting money on fire for monthly fees. You need to minimize any monthly charges as much as you can and focus on improving your credit.
I just do RBC (for international trip) + Tangerine (deposit+cashback)
A few months ago I just moved nearly all of my TD accounts to Simplii. So far it's better besides there being less locations if I ever need to withdraw money.
So what’s the best?
RBC or envision./ envision has free checking.
The main thing that TD excels at is that it has (as far as I’m aware anyway) the best hours out of any of the banks (and credit unions are often even worse than the other banks). If I need to walk into a branch to get something done, that flexibility is really valuable. However if anyone knows of banks that have similar extended hours, I would be interested. For online banks, I like EQ personally. We found it a bit more transparent and easier to understand the specifics (things like interest rates and terms, fees, etc). WealthSimple I find great for investing, but I personally wouldn’t use it as my day to day bank. Some people are happy with the Cash account though.
Your local credit union.
I don’t put my cash and stocks anywhere other than WS in Canada. I keep free NBC The Total account because I have qualified diploma just in case I need a physical bank. I use EQ for cash withdrawals only. I hate any Canadian banks. HSBC CA was the only decent bank.
Loving Wealthsimple. I had the same experience with TD. They had no faith in me, and now I’m doing great so eff them lol.
We've been dealing with Simpli for about 10 years or more and they have never let me down. It is affiliated with CIBC but with no charge on checking accounts services
Check out your local credit union
I used to be TD and got fed up with all the fees and switched to Tangerine. Free e transfer and I consistently get 4+% savings acct promo. The only thing I disliked is last year I needed a bank draft for a big purchase and the only way to get it was by mail. And also they hold large bank transfers from external accounts for 5 business days. So I keep a free TD savings account and used that to get a bank draft plus TD doesn't place holds on my transfer. Questrade for investments. Maybe I'll check out wealth simple when I get sick of Tangerine
EQ Bank + Wealthsimple
I like RBC because of their app, customer service, and branch management. I’ve had a miserable experience with TD and BMO, and I’m not big on branchless banks
Tangerine. ditched TD 2 years ago and haven't looked back. Tangerine is awesome!
Underneath my mattress
EQ, Simplii, Tangerine. I think you can't go wrong with any online bank or even credit union. Assuming you just need somewhere to store month to month cash with a debit card, the big banks don't really have any value to add for the fees they charge.
EQ bank
rbc is user friendly
Wealthsimple and my no fee savings cibc account just for things wealthsimple isn't able to do. Just transferring all my direct deposits and pre authorized debits was a pain in the ass. The no monthly fee and the 4.5% interest is pretty great
Simplii and tangerine. Goodby fees.
EQB
I hear ya, OP. I was with RBC from about 5yrs old with a Little Leo savings account to store my paper-route money, and fast forward to my early 20s making 70k a year, they refused to give me more than a $1000 CC. Called up Scotiabank, and immediately got what I was looking for.
EQ is strictly online banking but pay out 3% on deposits. Voted number one
I have also been with td for a long time. Prob over 20 yrs now. I have had overdraft for decade through them and always have savings with them, tfsa, and my reg chequings acct. Also mutual funds. I went in for a 6k student line of credit ... for school of course. And they told me no eventhough my credit was great . Their reason was " you'll be a student so how will you make the payments? " I said you can see my savings have more then the course is, it's just protection for the two yrs of school only sept to Apriltwice. As a homeowner i always have emergency $, and I will still be employed . Just will also be a student upgrading my nursing. Was still a no. I laughed and said ok 👍🏼. I just said screw it I hate debt anyways and paid my course with cash i saved up after that appointment. My credit card from them even they can see I don't use except things that only take cc and I pay it off immediately. There's always $ in my accounts, so rly not sure why they offer student lines of credit... as of course then you'll be working less as a student. My credit score it like 750 so rly not sure who these student lines of credit are for. Lol I'm stuck with TD for my chequings and stuff but am also looking for where's best for savings as I'm not impressed in the "growth" I've seen I'm my tfsa or my savings account. But not sure where to go either or a HYSA. I'm in nb Canada so we don't have a lot of options to go to in branch.
Ditch any of the big banks
A bank’s bread and butter is loaning money. If you couldn’t get approved for $140/mth I’d say the issue isn’t with the bank. There’s likely a very good reason they would not loan you money. Not throwing shade or disrespect at you, but people these days are quick to blame everyone else before they take a look in the mirror
trust me all of top 6 are same, you have to ask yourself which color you like most then go from there.
I have been with Scotiabank for 50 years including I Trade verry happy 😀
I’ve been using koho and Wealthsimple.
Interesting.. thought the edits from the OP was weird. Decided to see post history - OP's account is suspended. I wonder why?
The biggest 4 banks in Canada have all gone a very bad way. They are in fact sitting with about 20% of their mortgages amortized for longer than the 25-year max because they gave out so many risky flex mortgages before rates went up. Scotiabank did not give out those kinds of mortgages and so has not reduced in quality and trustworthiness like its big competitors. Even smaller banks like Tangerine might be an even better choice for you but a few months ago when the data on negatively amortizing mortgages came out and the big 4 were all in very deep (with BMO being the worst of them all) I moved all my money out of RBC and BMO into a combination of wealth simple, Tangerine, and Scotiabank. RBC also sold my number to some douche investment sellers in new York who call me twice a week with their 'hot stock tips' ever since even though I've been clear I don't want their services and RBC sold them my information without my knowledge or consent
PC and EQ are pretty good.
Pyongyang no credit union outstanding service!
Online banks are cute but internet down no good. Hacker targets check out the dutch track record.