August 26

FREE $50 with New Student Chequing & Savings Accounts @ TD Canada Trust

Posted by on August 26, 2015 at 4:00 PM

FREE $50 with New Student Chequing & Savings Accounts @ TD Canada Trust

TD Bank has one of the best deals for student banking on right now. Open a new student chequing account and a new student savings account to earn $50 in free money. You will need to complete a few transactions in order to receive your free money. This offer requires that you show proof of full-time enrolment in post-secondary education: I usually provided my proof of tuition slip.

It is simple to earn your free $50 from TD Bank. First, you open a TD Every Day Chequing Account with Student Discount by October 5, 2015. The student discount gives you the account for free: no monthly fee. Read the rest of this entry »

Moose Rating (3 votes)
August 23

Royal Bank Canada: FREE iPad Mini 2 with New Bank Account ($329 Value)

Posted by on August 23, 2015 at 7:00 PM

Royal Bank Canada: FREE iPad Mini 2 with New Bank Account ($329 Value)

*** This promo is back dear Moosers! I updated the information below to reflect the new dates.**

Sign up for a new Royal Bank Canada all-inclusive bank account to receive a free iPad Mini 2 16GB with Wi-Fi in Silver. You will need to complete one of two transactions in order to qualify for the free iPad Mini 2. The iPad Mini 2 has a retail value of $329 (current price at Apple Canada).

This promotion is a lot like the previous RBC promotion, for $300 cash. First, you need to select one of two unlimited banking accounts. Read the rest of this entry »

Moose Rating (7 votes)
August 18

CIBC Bank: $300 Cash Bonus with NEW CIBC Unlimited Chequing Account

Posted by on August 18, 2015 at 5:00 PM

CIBC Bank: $300 Cash Bonus with NEW CIBC Unlimited Chequing Account

Until the end of August, you can sign up for a new CIBC Unlimited Chequing Account and earn $300 in cash bonuses. The CIBC Unlimited Chequing Account costs $13.95 per month and comes with many desirable features including unlimited transactions and two free INTERAC e-Transfers per month.

You must sign-up for your new account by the end of August and then complete two additional steps to earn your reward. You will receive a $100 bonus for the first stem and then a $200 bonus for the second step adding up to $300. Read the rest of this entry »

Moose Rating (2 votes)
June 25

Estate Map: Save 20% Off Online Estate Planning Services With Coupon Code

Posted by on June 25, 2015 at 11:00 AM

Estate Map: Save 20% Off Online Estate Planning Services With Coupon Code

Do you have a written plan to help your loved ones should something unfortunate happen to you? Use the services at Estate Map to ensure everything you own is transferred to them as you wish. Initial services are $96 for the first year but with a coupon code, you can cement your first year for only $76.80.

Estate Map offers a free one week trial so you can check out all of their services. After that week, you are automatically charged the $96. I would suggest imputing our coupon code IMBACK right from the start and saving 20% off your first-year subscription. I also notice when I apply the coupon code, the price of the renewal year drops from $24 to only $19.20. I do not know if this indefinitely lowers your rate, or if the code applies to either your first year or renewal rate.

Estate Map offers a comprehensive service to help you put your affairs in order. While the topic can be touchy, it is important to put together a plan while you are able. Without an official plan, your loved ones wait for the government to distribute your assets how they see fit.

Estate map keeps all of your information together in one place for your family including:

  • Passwords
  • Wealth info
  • Other assets
  • Your will
  • Other wishes about your passing and health information

This information is kept safe at a bank level security and shared with who you appoint at the time of your choosing. I tried to make a password for the free trial and they were not kidding about this being high security. It took me multiple tries to figure out a password strong enough, and I even tried a random password generator. These guys take this information seriously.

Bargainmoosers, I tried very hard to find a similar service to Estate Map. I searched the internet and found I kept landing on various banks planning pages such as CIBC. RBC and TD Canada Trust. Some of these banks such as TD offer online services for the person serving as the executor of your estate plan. When you first purchase the plan, the bank insists that you sit down in person to discuss your personal account. No prices are quoted online, making this service extremely difficult to price compare.  According to the Globe and Mail, the average cost of a will is $369. In that same article, they feature a company called Will-o-Matic. I tried to check this company out, but every time I clicked on it from the Globe and Mail my virus software beeped like crazy. Perhaps this is not the best place to give my personal information. Wills are only one part of an estate plan and do not offer the continuing features such as keeping your passwords together for digital accounts or your health information in one place.

This is a very personal choice, Bargainmoosers. The reality is many Canadians do not have a plan. While I did not get my hands on a finite number, I saw quotes that over half of Canadians do not currently have an estate plan or will. This is an easy option to put everything in order easily from home without a pricey appointment with a bank employee.

Image Credit: Carissa Rogers

(Expiry: Unknown)

Moose Rating (2 votes)
May 23

Double Interest Rate & $50 in Bonuses @ Tangerine Canada

Posted by on May 23, 2015 at 7:00 AM

Double Interest Rate & $50 in Bonuses @ Tangerine Canada

Tangerine Canada is now offering double interest2.10% – for six months on all new savings accounts PLUS you can earn up to $50 as well.

This promotion is fairly simple. Open a Tangerine Savings Account, Tax-Free Savings Account, or RSP Savings Account to receive 2.10% interest for six months (double 1.05% regular interest). Now, if you are near retirement, then you need to open an RIF Savings Account because you will receive 3.00% interest for six months.

On top of this double-interest promotion, you can qualify for up to $50 in bonuses. When you sign up, use orange key “Orange25″ for a $25 bonus to be deposited in your account. I highly recommend getting an orange key from a friend instead, as you will receive $50 instead of $25. (Note: no personal advertising is allowed on this blog so please don’t comment with your orange codes. I would like nothing more than to share my code, but those are the rules).

The second part of this promotion takes a bit of time. Set up an Automatic Savings Program (ASP) of $100 or more per month. That means money from your chequing account will automatically transfer to your savings account. All deposits will earn double interest of course. When you keep your ASP deposit going for the full six continuous months, then you will receive an additional $25 cash bonus.

Now, you will want to open a Chequing Account as well – and the $120 Payday bonus has been extended for new chequing accounts. If you are opening both a new chequing account and a new savings account (as a new customer), then you have the potential to earn up to $195 between the two (when you get a friend’s orange key).

Last time I posted about a Tangerine deal, Mooser Sandy had this to say:

I’ve had a Tangerine account for a few years now. Its where I have my TFSA and our vacation account. I set up regular transfers to both and its great because its not part of my regular bank account, therefore I don’t see the money growing and risk taking it out for something else. I have had one referral and its great, free money for both.

This promotion just started on May 11, so you have plenty of time to take advantage of it yet. For the savings account double interest promotion and $50 – $75 in bonuses, you must enrol by the 31st of July 2015.

(Expiry: 31st July 2015)

Moose Rating (4 votes)
May 17

Get Up To $150 When You Sign Up For Zag Bank Canada

Posted by on May 17, 2015 at 6:00 PM

Get Up To $150 When You Sign Up For Zag Bank Canada

Want free money? Of course you do! Become a Zag Bank founding client to get up to $150 just for signing up. Naturally, there are a couple of “ifs” and “buts” to this offer, so keep reading to find all these out.

If you have never heard of Zag Bank, which I have to admit I hadn’t either, don’t fret. Formerly known as Bank West, Zag Bank is a new virtual bank created by the Desjardins Group.

You can read the fine print on the $150 Zag Bank promotion here but in a nutshell, you will get:

  1. $50 bonus for signing up to a Zag Savings (non-registered) account with a minimum deposit of $100
  2. additional $50 bonus when Zag Bank reaches 1000 new clients if you have kept at least $150 in your account
  3. yet another $50 bonus in June 2016 if you have kept at least $200 in your account throughout the year

Easy peasy lemon squeezy! Considering you’re not applying for a new credit card or anything like that, anyone could easily open an account to get the bonus money as there will be absolutely zero effect on your credit score.

However, keep in mind that you won’t get all of your bonus money right away, which is for sure a way for Zag Bank to try to retain as many customers as possible through this promotion. Basically, you will receive the first $50 right away, the second $50 at the end of July 2015 and the final bonus $50 in June 2016. Having to wait a whole year for the final bonus sucks a bit but it is quite understandable all things considered.

In any case, assuming you don’t withdraw the money right away, you should begin to accrue a 2% interest on your initial $150 ($100 minimum deposit + the first $50 bonus). So after a year, you can expect to have made a bit of a profit.

The cool part about Zag Bank is that as it’s a virtual bank, you can do everything either online or through your mobile. This means that you don’t need to leave the house to transfer funds, check your balance or even deposit cheques. With regards to the cheque deposits, all you need to do is download the Zag Mobile app to then be able to just snap a pic of your cheque and deposit it that way — how cool is that?

Signing up to Zag Bank only takes a couple of minutes. The only potential downside that I can see is with regards to not being able to deposit cash but there is a possibility to transfer funds from any other Canadian bank account.

Moosers, what do you think of Zag Bank? Will you be signing up?

(Image Credit: Images Money)

(Expiry: 12th June 2015)

Moose Rating (3 votes)
April 21

TD Canada Trust: Free Samsung Tab A with New Account ($370 Value)

Posted by on April 21, 2015 at 4:58 PM

TD Canada Trust: Free Samsung Tab A with New Account ($370 Value)

If you are looking at switching banks, TD Canada Trust has a lucrative offer for all you bargain-hunters out there. Switch over to a TD chequing account to receive a free Samsung Tab A tablet and a six-month subscription to Next Issue. The total retail value of this offer is $369.93.

Now, a deal like this is bound to have some fine print. First, you may not have taken advantage of the same promo in 2014 or 2013. You must not currently have any TD Canada Trust bank accounts, and any you had previously must have been closed before May 1st, 2014.

You have a choice between two bank accounts.

All-Inclusive Banking Plan: This bank account offers unlimited transactions and everything you need for daily banking without additional cost – for a $29.95 per month. However, that fee is waived if you keep a $5,000 balance in your bank account.

Unlimited Chequing Account: This bank account offers unlimited transactions but without as many bells and whistles as the previous – for $14.95 per month. However, that fee is waived if you keep a $4,000 balance in your bank account.

There are a few additional steps you must complete in order to receive your free tablet. You must complete two out of the three steps:

  1. A direct deposit
  2. $50+ monthly pre-authorized debit
  3. $50+ Canadian or $50+ US online bill payment through EasyWeb or the TD app

Choose the two that are easiest to do. The account must be opened by the 31st of July 2015 and the two out of three steps must be completed by the 11th of September 2015. That gives you a good timeline for getting everything done.

Now, I could not find any rules on how long the account needs to be kept open. From what I read, you must have the account still open when they send out the Tablet. They will send out the 8” Samsung Galaxy Tab A up to a maximum of 10-12 weeks after all conditions have been met.  Assuming you meet all conditions around the beginning of September, it could be the end of November before you see that tablet. If you were to meet all conditions by the end of July, of course you would see your tablet closer to the end of October.

For all the fine print, please consult TD Canada Trust’s website.

(Expiry: 31st July 2015)

Moose Rating (2 votes)
April 20

Tangerine Canada: Bonus $100 with 3 Referrals – Earn $250

Posted by on April 20, 2015 at 11:30 AM

Tangerine Canada: Bonus $100 with 3 Referrals   Earn $250

Tangerine Canada has a most rewarding offer for referrals right now. When you successfully refer three people to Tangerine, you will earn a bonus $100. As you receive $50 for each referral right now, that means you will receive $250 total.

I am all for free money, so I love sharing promotions like these. Let us break this offer down shall we?

First, you need to invite a bunch of friends and convince them that Tangerine is the way to go. Each friend must open their first Tangerine Account with your Orange Key and deposit $100 or more into it by the end of May. For each friend who does this, you will earn $50 and they will earn $50 as well. When you successfully refer three friends, then you will receive a $100 bonus.

Tangerine Canada is actually giving out a fair bit of money with this promotion. Each of your friends will receive $50 when they use your OrangeKey to open an account. You will receive $50 per friend plus a $100 bonus. In total, $400 is being spent by Tangerine on you and your three friends.

If you have a Tangerine account, then you can just log in and your Orange Key will be on the left side of your screen. If you do not have an account with Tangerine, it is pretty simple to find someone with an account to give you there OrangeKey – that way you will earn $50 just for signing up and then you can refer others for additional bonuses. In fact, if you are a new sign-up, you have the potential of earning $300. First, you will receive the $50 as a bonus from someone else’s OrangeKey when you register. Then, you can earn the $250 when you successfully refer three other friends.

I use Tangerine Canada as my primary (and only) bank. I have found it simple to do free e-transfers, save money on fees (no fees!), open multiple savings accounts, and receive interest on everything – including the money in my chequing account. While there are few physical branches, they do have agreements with other banks like Scotiabank for deposits and withdrawals. I recently saw an actual Tangerine branch in downtown Vancouver and boy was I surprised!

(Expiry: 31st May 2015)

Moose Rating (3 votes)
February 20

Royal Bank Canada: Free $300 Cash with new RBC Bank Account (EXPIRED)

Posted by on February 20, 2015 at 4:30 PM

Royal Bank Canada: Free $300 Cash with new RBC Bank Account (EXPIRED)

Sign up for a new RBC all-inclusive bank account to receive $300 cash deposited into your account come June. You will need to complete one of two transactions in order to qualify for the free money.

Allow me to walk you through this promotion. First, you can select one of two RBC all-inclusive accounts:

RBC Signature No-Limit Banking

This bank account costs $14.95 per month or $10.95 if you have two other RBC accounts/credit cards. The account includes unlimited debits, 15 free Interac e-Transfers per month, and access fees refunded when you use an ATM at another bank. In addition, you will receive a $39 rebate on the annual fee of any eligible RBC credit card if you choose to get one.

RBC VIP Banking

This bank account costs $30 per month or $22.50 when you have two other accounts with Royal Bank. The account has both unlimited debits and unlimited free Interact e-Transfers each month. All access fees are fully refunded when you use this card at another bank. When you apply for an RBC Royal Bank premium card, both the applicant and co-applicant fees will be refunded (once). You will also get two additional Canadian and one U.S. bank account for free.

To keep your expenses low, I suggest the RBC Signature No-Limit Banking account.

After you register for the bank account, you need to complete one of two transactions:

  1. Set up one (1) regular payroll / direct deposit to your account OR
  2. Set up two (2) Pre-authorized payments

Once the transactions appear in your new banking account, you qualify for the $300 cash. You will receive the $300 cash bonus by June 15, 2015.

Now, let us talk dates. You need to sign up for the bank account by the 15th of April 2015. Then you need to complete the qualifying transaction(s) by the 15th of May 2015. Within a month of that deadline, you will receive the bonus. Now, I could not find any fine print on how long you have to keep this account open for to qualify for the bonus. Thus, it looks like you can close your account without penalty any time after you receive your bonus. Just a little food for thought if you are bouncing between banks.

Do note that while the $300 is technically free, the account you open does cost a monthly fee.

(Expiry: 15th April 2015)

Moose Rating (4 votes)
February 16

PC Financial: 2.5% Interest Rate & Earn Up to $150 in PC Points

Posted by on February 16, 2015 at 1:30 PM

PC Financial: 2.5% Interest Rate & Earn Up to $150 in PC Points

Banking is getting more competitive it seems, as Tangerine and PC Financial appear to be going at it pretty good over the last six months. Right now, PC Financial is offering a 2.5% interest rate on all new deposits into your bank account. In addition, you have the chance to earn up to $150 in PC points.


Let us start with the easiest promotion. Right now, you will receive 2.5% interest on all new deposits to both your Interest Plus savings account and your No Fee bank account. This is a slightly better deal than Tangerine is offering as Tangerine is only offering the bonus interest on savings accounts. The No Fee bank account at PC Financial is the equivalent of a chequing account. This bonus interest will end the 31st March 2015.

Earn $150 in PC Points

This next promotion is a bit more difficult. There are three stages so you can earn part of the $150 or all of it depending on how many of the three steps you can or wish to complete.

Earn $75 – Sign up to directly deposit your payroll or pension into your PC Financial no fee bank account. Then, make your first direct deposit by the 30th April 2015. Just for directly depositing your funds into your PC account, you will receive $75 worth of points.

Earn $50 – Do you need a new credit card? Then sign up for a new PC Financial MasterCard by the 28th of February. You will also need to make a few qualifying purchases – all the details are in the fine print. For doing this, you will receive $50 worth of points.

Earn $25 – For those of you who do not have a no fee PC account, open your first one by the 28th of February. Then, complete an online bill payment from your account by the 30th of April. You will earn $25 worth of PC points for this.

Together, these three promotions will give you $150 worth of PC Points. When i used to be with PC, I found the PC Points fantastic for redeeming against groceries. Groceries are a necessity and I shopped at Superstore anyway. It was nice to be on a program that allowed me to redeem points on things I needed – not just wanted.

Please read all the fine print so you fulfill all the requirements by the specific dates to receive your bonuses.

(Expiry: varies as shown above).

Moose Rating (3 votes)
February 15 $120 Payday Bonus w/ Chequing Account

Posted by on February 15, 2015 at 6:00 PM $120 Payday Bonus w/ Chequing Account

Tangerine Canada has brought back their Chequing account deal where you can earn up to $120 for free when you sign up for a new Chequing Account and sign up for a payroll deposit directly into it.

Once you sign up for the chequing account and transfer over your pay, Tangerine will deposit $10 into your account for twelve consecutive Fridays. That brings your total free cash earned to $120: However, to qualify your must:

  • Complete the online enrolment form for a new chequing account between January 12 and March 31
  • Write your initial deposit cheque (payable to yourself)
  • Have your first payroll direct deposit received in your new account by March 31st
  • Continue to receive payroll direct deposits each calendar month for three consecutive months (minimum)

The fine print is not clear, but you might be eligible for this offer if you have opened a chequing account but have not transferred your payroll over to your Tangerine account yet. This piece of the fine print makes me think that it is possible:

Tangerine Clients must: open their first Tangerine Chequing Account between January 12, 2015 and March 31, 2015 (the “the Offer Period”) if they do not already have a Tangerine Chequing Account;

So if you already have one and yet have not set up your payroll direct deposit yet – try to do so and you might be able to earn $120 as well.

I am always a fan of free money. While this is not a get rich quick scheme, it uses the resources you already have and earns you extra money at the exact same time. While $10 per week does not seem like much, over 12 weeks it adds up to $120. Save the money, spend it on necessities, or buy something you have always wanted.

All Tangerine bank accounts operate on a no-fee basis. I also recently found out I could transfer money for free from my Tangerine Chequing account to family and friends. My Mom has to pay a $1.25 fee with her bank, but mine is free. The only catch is a little patience: the transfer can take up to one week. I do not mind, and find it much more convenient than using Paypal. I rarely hold a balance in my Paypal account but I do in my chequing account.

Do not forget: deposits to your Savings Account qualify for 2.5% interest through the end of March 2015 right now.

(Expiry: 31st March 2015)

Moose Rating (2 votes)
January 18

Tangerine: Get up to $75 & 2.5% Interest Rate with Savings Account

Posted by on January 18, 2015 at 7:30 PM

Tangerine: Get up to $75 & 2.5% Interest Rate with Savings Account

Tangerine Bank is trying to help you learn to save money. If you are new to Tangerine, then sign up for a Tangerine Savings Account. Use the Orange Key below to receive $50. Then, set up an Automatic Savings Program (ASP) of $100 or more per month to receive a bonus $25. In total, new Tangerine clients will receive $75. For current Tangerine customers, like me, you will earn 2.5% interest on all new deposits to your Savings Account through the 31st March 2015.

Click here to view this offer @ now

  • Orange Key: BONUS50
  • Discount: Extra $50 on sign up
  • Expiry: 31st March 2015

For current customers, this is a very welcome offer. The promotion just started this past Monday and I was fortunate enough to have deposited money into my savings account after the promo started, instead of the day before (like last time). Any deposits you made starting on January 12 and March 31 will receive 2.5% interest for that time period. On April 1, the interest will drop back down to the usual amount.

This interest bate does not require you to lock in any funds, and is certainly higher than most banks are offering these days. I think this may even be higher than my TFSA, which was at 2.25% last I checked.

For new customers, you can earn $75 by signing up for a new account ($50 with the above Orange Key) and then making a commitment to save. Your Automatic Savings Program (ASP) must be $100 or more per month and you need to keep it continuously going for 6 months. Then you will receive a bonus $25. This is sort of like telling your child if they do their homework every day this week without being reminded, they can have a new toy.

New customers will also enjoy a 2.5% interest rate on all their deposits until March 31.

I really like free money, so this promotion makes me happy. As a current Tangerine customer I am not eligible for the $75, but I will enjoy earning 2.5% on that deposit I made and all deposits I make to my Savings Account over the next three months and a half months.

(Expiry: 31st March 2015)

Moose Rating (4 votes)
January 12

ATB Finanncial: Open a New Chequing Account, Get $350 (AB)

Posted by on January 12, 2015 at 3:00 PM

ATB Finanncial: Open a New Chequing Account, Get $350 (AB)

Greetings dear Moosers who live in Alberta or very close to the border! ATB Financial is offering each and every single one of you $350 for opening a brand new chequing account by the end of May. If you already have an ATB chequing account, you can still earn $150 per referral when your friends sign up and complete the process! Does receiving free money interest you? If so, read on!

The details are simple. You need to open a new chequing account with ATB Financial by the 31st of May 2015. It can be almost any of their checking accounts including their free student account. Thus, this is an exciting promo for students as well! Click here to see all of your chequing account options. There is no minimum deposit required.

Next, you must add a (one) direct deposit (like your check from work) or two automatic pre-authorized payments to your account. The first one(s) must be processed through your account buy the end of July. That reoccurring direct deposit or the two automatic pre-authorized payments must go through your account for three consecutive months to qualify for the free $350.

Now, if you were to set up your new account as soon as possible and meet the full criteria by the end of May (as there are enough months between now and then for the three consecutive months clause), then you could get your money as early the middle of July according to their chart.

Now, everyone who already has an ATB account is probably pouting in their cheerios right about now. However, there is a little something for you as well! If you already have an ATB chequing account, refer your friends and receive $150 each time they follow the above steps. If you get three friends to fully sign up for a new ATB Financial chequing account and complete the full process, that means you would receive $450!

Now, this promotion does not specifically say it is restricted to residents of Alberta. However, ATB Financial banks are only in Alberta so I assume you would have to live in the province or fairly close to the border to take advantage of this deal. I hope some of our fantastic Alberta Moosers get to score this deal!

(Expiry: 31st May 2015)

Moose Rating (4 votes)
November 12

TD Mobile Payment: $25 Credit For Using App

Posted by on November 12, 2014 at 12:00 PM

TD Mobile Payment: $25 Credit For Using App

This is a good promo from Canadian banking. TD CanadaTrust has a time limited promotion for Android and Blackberry users. All you need to do is download the mobile app, link your credit card account to the app for the first time, make any purchase within the qualifying period and you will get a $25 credit to your account per smartphone in 2015. There isn’t a limit for the qualifying purchase. The $25 credit should appear on your February statement.

TD mobile app offers payment straight from your phone for small payments under $50, so you don’t have to worry about remembering to take out some cash or fiddling for your bank card, just place your phone on the sensor.

You can use it anywhere that has a contact-less payment system. A lot of fast food places and clothing stores have these in place. I worry sometimes about losing my wallet and someone using my cards, so I really like the idea that I don’t need to take my wallet for short trips anymore, just grab my keys and phone then off I go!

It also has some good security features to keep your bank and credit card details safe. I regularly give my phone to little ones to play some games. With this app you don’t have to worry if your child is playing games on your phone because when you open the app to use it it requests a secondary pass code that you set yourself before the app can be accessed, so even if the child knows the pass code to the phone itself they can’t get into the app. That pass code would also prove useful if your phone is lost or stolen and each transaction you make from the app is encrypted using a specialized smartphone SIM.

At the start of the gift buying season, this mobile app sounds like a good way to keep track of it all and pay for things easily. For trying it at least once you can take advantage of this promotion and if you spend $25 you will be getting it back. It is not only worth a try for the $25, which you could use for an extra gift or two, but also for the novelty of the bank adding money to your account for using it rather than taking it out for fees and services!

(expiry: 31st December 2014)

Moose Rating (1 votes)
September 26

Save Money on Banking

Posted by on September 26, 2014 at 8:00 PM

Save Money on Banking

Without us knowing, banking fees can really eat up our monthly and annual budget.  According to Canadian Living, Canadians spend an average of $185 a year on banking fees, which is more than the average family spends on going out to the movies ($171).  Now, wouldn’t you rather watch double the big screen flicks and spend less money (or hopefully zero money) on banking?

Personally I would rather watch more movies on the big screen or spend that money with something more purposeful than giving money to the bank.

Apparently, most people do not realize that they do not have unlimited banking transactions.  A lot of us do not review or understand our current banking package (I know I don’t, to be honest- I don’t know exactly how many transactions I am allowed but I know that I don’t go over the allotted amount).

Stick To Your Own and Visit the ATM Less Often

By stick to your own, I mean using ATM’s that are your bank.  Every time you go to another bank’s ATM machine you get dinged at least $3-5 for your being disloyal.  These fees add up over time and really break your monthly budget (unnecessarily, I might add).   Also, if you are charged each time you use the ATM, a very simple way to reduce your banking fees is to visit the ATM less often.  Financial Plan agrees, visit the ATM less often to save money.  Personally, I only go to the ATM every two weeks when I get my paycheque.  I use my credit card for most things and carry very little cash with me.

Avoid the Teller Like the Plague

Although the tellers and customer service representatives are really nice and friendly, using them to withdraw your money may necessitate unnecessary service charges to your account.  In this case, unlike MacDonalds fast food restaurants, smiles are NOT free at the bank (well not usually anyways)!  I personally do not go to the teller for anything unless absolutely necessary, like ordering a money order or getting a bank draft or something.

Minimum Balance It

Of course, at a lot of banking institutions if you keep a minimum balance in the primary account they will reimburse your monthly banking fee.  I see that they reimburse my fee each month otherwise, it will cost me $9.95 each month for the banking package I have.  If you are strapped for cash, you can also use your minimum balance amount as a form of emergency savings too.  This will motivate you to try and keep the minimum amount (usually $2000 to $3000) in your account.  If you do need to dip into it you will be motivated to save your money so you don’t have to pay the monthly fee again.

Try No-Fee Banking

Finally, one very easy way to eliminate all chance for cost and all chance for going “over” your budget for banking (e.g., making too many ATM withdrawals) is to go to a no-fee banking account.  This comprehensive websites by has a great list of no-fee chequing accounts and no-fee savings accounts that will not cost you a dime.  One of the most popular ones is the President’s Choice Financial banking account and also the Tangerine (previously ING Direct) Thrive Chequing account.  The great thing about both of these accounts is that you can use the ATM’s of big banks like CIBC for example (for PC Financial).

Personally, I think that saving money on your monthly banking fees and expenses is one of the easier things to do to reduce your monthly budget.  It may take a little bit of time (for example, switching to a no fee provider such as President’s Choice Financial would entail you filling another direct deposit form at work and switching any other automated payments) but it is well worth it in the long run.  And you will only have to think about it once.

If you’re interested in looking at other ways to save money on banking, check out last year’s post on saving money by avoiding banking fees for more tips on how to save money on your banking budget.

Bargainmoosers, do you pay for your banking?  How do you save money on your banking fees?

Photo credit: Billy Wilson

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