The best basic accounts of a major bank:
Scotia Basic bank account*
Scotiabank checking accounts are usually good, but what makes this particular account stand out is that it combines the advantages of a major bank with the appeal of a flexible premium plan. For just $ 3.95 per month, the Scotia Basic bank account handles your daily banking transactions. In addition, unlike most other basic accounts, account holders can collect loyalty points for debit card transactions. For every $ 5 you spend, earn 1 point in either the SCENE or Scotia Rewards programs. Account holders get 12 free monthly transactions plus two free Interac e transfers; You pay $ 1.25 or $ 1.00 for extras.
- Monthly fee: $ 3.95
- Number of Transactions: 12 per month, including 4 at a cash register; additional transactions are $ 1.25
- Interac-e transfers: 2 free per month
- Extras: Free paperless and hard copy statements; Earn Scene Rewards on entertainment purchases or Scotia Rewards on travel and merchandise; Mobile banking apps from Apple and Android
- Extra costs: Lots, including $ 1.50 for each Interac withdrawal
Learn more about the Scotia Basic bank account *
RBC day-to-day bank account
With similar offers as the Scotia Basic Banking Account for almost the same price, the RBC Day to Day bank account is also worth a look. Both accounts come with 12 free transactions per month, but the RBC package has an advantage in that it offers unlimited free transactions Interac e-transfers. (The RBC checking account charges are $ 1.25 per transaction if you have your allocated Amount, in addition to the $ 4 monthly fee.) Another benefit is that you can save $ 0.03 instantly with Petro-Canada. That said, it does not offer any premium income that will ultimately keep this account from the top spot in the category.
- Monthly fee: $ 4
- Number of Transactions: 12 per month; additional transactions are $ 1.25
- Interac-e transfers: Unlimited
- Extras: Savings at Petro-Canada; free after senior discount; Mobile banking app for Apple and Android
- Extra costs: Lots, including $ 2.00 for Interac Access to non-RBC ATMs
Best premium bank account for bundles:
Scotiabank Ultimate Package*
If you want to bundle services for a better deal, check out the Scotiabank Ultimate package. Like many premium accounts, it offers perks like unlimited transactions, unlimited Interac, and free checks, but the Ultimate goes a step or two further. Perhaps the biggest benefit of this account, and why we added it to our list of the best checking accounts in Canada, is that you get an annual fee waiver of up to $ 139 on a Scotiabank credit card, such as the Scotiabank Gold American Express or Scotiabank Momentum Visa unlimited. Perhaps it is the ability to collect SCENE or Scotia Rewards points of your choice for direct debit transactions. Or, you might like the unlimited free non-Scotiabank global ABM withdrawals, the free safe deposit box, the 10 free stock trades on Scotia iTrade in your first year, or the extra 0.10% in your Momentum Plus savings account. You got the idea: this is a valuable package of perks that easily pay off the $ 30.95 per month fees. And if you don’t like this price, simply forego it by keeping a minimum of $ 5,000 in the account.
- Monthly fee: $ 0 or $ 30.95 (no monthly fees if you have at least $ 5,000 in your account)
- Number of Transactions: Unlimited
- Interac-e transfers: Unlimited
- Extras: 10 first year free stock trading on Scotia iTrade; free safe; earn SCENE or Scotia rewards for purchases; get an additional 0.10% on your Momentum Plus savings account
- Extra costs: Some including $ 2.25 for paper statements
Find out more about the Scotiabank Ultimate package *
Best Rewards Checking Account:
PC cash account
The PC Money Account is the latest offering from President’s Choice Bank and is already making waves. As part of the burgeoning online free banking scene, the PC Money account offers a solid range of services such as free, unlimited monthly transactions, including Interac-E transfers, point-of-purchase withdrawals, deposits and withdrawals to PC ATMs and bill payments. However, there are no actual checkbooks with this account. Instead of writing a check, you’ll have to send the money via email instead.
The headline feature, however, is that rewards are applied to your daily expenses. When you use your PC Money Account card, a prepaid card that works effectively like a debit card, you earn valuable (and easy-to-redeem) PC Optimum points.
Use the PC Cash Account Bank Card at Shoppers Drug Mart and get 25 points for every dollar (equivalent to 2.5% savings). Earn 10 points per dollar (1%) wherever you use the card. When you sign up, you will also receive a bonus of up to 50,000 PC Optimum points worth 50 USD in the form of merchandising items. These points can be used for grocery, drugstore, and gasoline purchases at banner stores and affiliates of Loblaw Companies such as Shoppers Drug Mart, No Frills, and Real Canadian Superstore. Simply redeem at the checkout.