Banking

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 nofeebanking.ca 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

Moose Rating (4 votes)
September 12

CIBC Bank: Recieve up to $400 with Credit Card & New Account

Posted by on September 12, 2014 at 11:00 PM

CIBC Bank: Recieve up to $400 with Credit Card & New Account

Earn up to $400 in cash when you apply for the Tim Hortons Double Double Credit Card and open a new Chequing Account with CIBC.

As you can imagine, this deal has a few steps that you need to take before you can earn that bonus $400. However, I am pretty excited about this offer from CIBC as $400 is a huge bonus – completely annihilating any bonuses I have seen from the competition!

1. First you need to apply for (and be accepted for) the Tim Hortons Double Double Visa Card. With this card, you will earn 1% of the total you spend back in Tim Hortons dollars. The card has no annual fee and a 19.99% interest rate.

2. Next, you need to open a CIBC chequing account. Choose from one of three eligible accounts:

I have shown their monthly fees beside the links to them for more information. The EverydayPlus is the cheapest account with a limit of 25 transactions per month. For the average person, this should be enough.

After you have your shiny new chequing account, you must take two other steps.

3. Pay a bill or send an INTERAC e-Transfer using their mobile app or online banking services. Complete this step and you will receive $100 cash in your new account.

4. Complete an eligible direct deposit or two eligible pre-authorized payments. Complete this step and you will receive an additional $300 cash deposited into your new account.

Follow these four steps and you will receive $400 from CIBC. Pretty awesome deal, eh? I suggest reading all the fine print to make sure you are completing the steps correctly and in a timely manner. There is no point going through a few of the steps to earn nothing by missing the deadline or missing out on a step.

While such an offer makes it horribly tempting for me to switch banks (again), I am too lazy to uproot my funds from my current bank. However, if you are in search of a new bank than this is an excellent opportunity to not only get a new bank and credit card, but to also earn a large chunk of cash for changing over. You can do an awful lot with $400.

So Moosers, what would you do with a free $400 from CIBC?

(Expiry: 31st October 2014)

Moose Rating (4 votes)
September 9

President’s Choice Financial: 3.1% Interest on New Deposits

Posted by on September 9, 2014 at 5:00 PM

Presidents Choice Financial: 3.1% Interest on New Deposits

President’s Choice has taken up the gauntlet and whacked Tangerine across the face with it. Here comes a little competition in the financial world people! All new deposits to PC Financial savings accounts before the end of the month will earn 3.1% interest up until December 15th.

This is a pretty blatant middle finger up to Tangerine bank, which recently offered their customers 3.0% interest rate on all new deposits to their savings accounts made by September 15th, and valid till the end of November. President’s Choice adds an additional 0.1%, extends the time you have to deposit until the end of September, and lets you collect that 3.1% interest for an extra 15 days. Let us look at this deal in plain English.

The details:

  • 3.1% interest till December 15th on NEW deposits
  • Deposits must be made by September 30, 2014
  • Any deposits made after that will receive regular interest rates.

This interest rate will be paid on new deposits during the promotional period into these four accounts:

  • Interest Plus savings account
  • No fee bank account
  • Interest Plus RRSP
  • Tax-Free Interest Plus savings account

If you have PC Financial savings account already, then start transferring your money in pronto. If you are not with PC Financial and have not been offered such a savory interest rate promotion by your bank, then consider switching. I recently switched to Tangerine and am quite happy with them so far. I will not be transferring my money to President’s Choice just for the extra 0.1% for an extra 15 days. Yet, I know some people will!

This is a cool thing to see actually. You do not often see any of the banks engaging in competition with each other. Usually they dwell in isolated little bubbles and ignore everyone else – especially the little guys. Well, PC Financial has taken notice of Tangerine and we are the ones who benefit from the competition. As they say, a little healthy competition never hurt anyone.

You can read all the fine print through the link above. There is some stuff on how interest is paid and on the rules if you need to sign up. From what it looks like, all the bonus interest will be paid in December but I may be reading that wrong.

Do any of our Moosers bank with PC Financial? If so, how are you planning to take advantage of this offer?

(Expiry: 30th September 2014)

Moose Rating (3 votes)
September 3

Tangerine Canada: $50 Bonus On Children’s Bank Accounts

Posted by on September 3, 2014 at 1:00 PM

Tangerine Canada: $50 Bonus On Childrens Bank Accounts

When Avi recently blogged about Tangerine’s deal to get $120 into your new chequing account, I should have taken notice. Reason is now if you open a child’s account, you’ll get a $50 bonus into their account. For some reason I thought I read that a parent needs to have an account for this bonus to take effect, but I don’t see this anywhere on their site. But, when I try to open a child’s account, it asks me to login. You can probably still get this bonus by opening your own account and then opening theirs, you just won’t get the $120 bonus that Avi talked about, that is now expired.

What you need to do to get a $50 bonus deposited is open up a child’s bank account and then deposit at least $250 into the account by October 31st. You can open up as many accounts as you have children and the children can be any age, up to age 16. Since I have three kids, that is a total bonus of $150 for me, which is very nice.

I actually just recently opened three savings accounts for my boys. We have an allowance system where they’ll save part of their allowance each month in a bank account for when they are older for post-secondary school, travel, a car or some other large expense they might have. It will be their choice to do what they want with the money as long as I agree Tangerine Canada: $50 Bonus On Childrens Bank Accounts This just means they won’t be allowed to take it to go out and party, as I may have done at 18. Anyway, we opened their accounts with less than $100, but I’m thinking this deal is so good that I should just bite the bullet and deposit $250 in each anyway so we get that bonus. I could take it out after if I decide that this is too much to start with, but I think I may just leave it and let their money grow.

While I don’t have a Tangerine account and it looks like you need one to participate in this offer, I think I want to open one anyway. They have a 3% interest rate on savings right now, which is a lot higher than the 1% my bank is currently offering me. I’m not sure if I’ll be able to take part in this, but I’m sure they’ll have other promotions like this that I have not seen from my bank at all.

Because I’m already with Scotiabank, which is where you can deposit and withdraw your money free, this change will be seamless for me.

(expiry: 31st October 2014)

Moose Rating (5 votes)
August 12

Tangerine Canada: Up to $120 Bonus With New Chequing Account

Posted by on August 12, 2014 at 5:00 PM

Tangerine Canada: Up to $120 Bonus With New Chequing Account

Tangerine Canada (formerly ING Direct) is offering up to $120 for free when you sign up for a new Chequing Account and switch over your pay to deposit directly into it.

You will receive your $120 bonus over a longer period of time so this is not a get rich quick scheme. Once you sign up for the chequing account and transfer over your pay, Tangerine will deposit $10 into your account every Friday for twelve consecutive Fridays. However, to qualify your must:

  • Open a new chequing account before the 31st of August
  • Have your first payroll direct deposit received in your new account by the 31st of October
  • Continue to receive payroll direct deposits each calendar month for three consecutive months

If you follow all the steps properly, then you will be paid the $10 bonus deposits every Friday beginning on the first Friday of the following month. Tangerine is good about giving out their bonuses to those who meet their requirements. I recently transferred banks from TD Trust to Tangerine because my student offers with TD expire at the end of August. TD really does not have any good no-fee bank accounts, and I do not like to hold large sums of money in a chequing account just to receive no fees. I switched over to Tangerine during the last promotion I blogged about, and I receive the bonus $50 for a new Savings Account and a bonus $50 for a new Chequing Account. Overall, Tangerine gave me $100 just for making the switch.

I love Tangerine so far. They make it easy to change over your banking information. You can get a PDF version (or print off) a void cheque, which has all the bank information at the bottom that you need to transfer over your pay or direct deposits. I was just transferring over some of my direct deposits this morning. I also really like that my chequing account gives me interest. I deposited some money in there and then forgot to transfer it to my savings account. However, I still earned some interest on the balance. I can also bank at like 15 branches in my city, including free withdrawals at a 7-Eleven one block away. So far Tangerine has been convenient and in my best financial interest.

I would recommend Tangerine if you hate bank fees and like free money.

Image Credit: Pascal Maramis

(Expiry: 31st August 2014)

Moose Rating (2 votes)
May 13

Tangerine Canada: Get Up to $150 Bonus for New Account

Posted by on May 13, 2014 at 8:30 PM

Tangerine Canada: Get Up to $150 Bonus for New Account

Open a new bank account with Tangerine, and receive up to a $150 cash bonus.

Tangerine (previously known as ING Direct) is offering a nice little incentive to switch banks. New customers will get up to $150 when they come over to Tangerine. Receive:

  • $50 Cash Bonus when you your first Tangerine Savings Account with at least $250 by the 30th of June 2014.
  • $50 Cash Bonus when you open your first Tangerine Chequing Account with at least $250 by the 30th of June 2014.
  • $50 Cash Bonus when you switch your pay to go directly to your Tangerine Chequing Account by the 31st of July 2014.

Together, those three cash bonuses add up to a free $150.

You can also look forward to a pretty high (compared to other banks) interest rate of 2.50% on all new deposits made by July 31, 2014 to a new or existing Tangerine Savings Account, RSP Savings Account, or Tax-Free Savings Account.

While Tangerine has no physical branches, that is what helps keep their costs low and the interest rate you get paid high. They also offer no minimums, fees, or service charges unlike many other banks. This is certainly an option I am considering since my student account is going to be no longer valid after June. Maybe I should apply now.

(Expiry: as shown above)

Moose Rating (2 votes)
April 14

Royal Bank Canada: Free iPad Mini With New Account

Posted by on April 14, 2014 at 11:30 AM

Royal Bank Canada: Free iPad Mini With New Account

Want a new iPad Mini free? Simply open up a new bank account at Royal Bank and they’ll give you. Of course, there are some restrictions and important details to know.

To get the free iPad, you need to open up one of two accounts. The first account is the Signature No-Limit banking account, which I actually used to have, and it was a great account. The monthly fee is $14.95, but if you have multiple products with RBC, you’ll get it for $10.95. It includes 15 free e-transfers, three free ATM fees, unlimited debits and much more.

The second account is the VIP banking account, which is $30 a month or $22.50 with a rebate on multiple banking services. You can send e-transfers, use ATMs and have unlimited debits, all included in your price. You’ll also be eligible for three other free bank accounts.

Once you’ve set up your account, you also must either set up two pre-authorized payments or have one regular payroll deposit go in. Once that happens, they’ll ship you your iPad Mini. You have until August 30th to get this done.

There are a number of FAQs, which you should read through first and one of the questions (which I had myself), was if I was a RBC bank account holder, but am no longer, do I qualify and yes you do, as long as you didn’t have an account before today (April 14th).

You can apply right online, or go into a branch.

(Expiry: 31st July 2014)

Moose Rating (9 votes)
August 18

TD Canada Trust: Free $50 With Student Bundle Sign-Up

Posted by on August 18, 2013 at 3:00 PM

TD Canada Trust: Free $50 With Student Bundle Sign Up

TD Canada Trust has a special offer for students. When you sign up for the TD Canada Trust Student Bundle, they will give you $50. Sweet, eh?

Here is the rundown of what you have to do to get your free $50:

  1. Open a student chequing account
  2. Apply for a TD Credit Card

Once you have done those two steps, you need to only do one of the following:

  • Sign up for your first Direct Deposit OR
  • Complete two bill payments via EasyWeb or ATM OR
  • Complete two purchases online with your enhanced TD Access Card

All of this must be done before the 4th of October. Those are totally easy; I vote for number two of the three. Completing two bill payments via EasyWeb, frankly, is easy.

I think this offer is great for students moving out on their own and taking control of their own banking. It is also great for students who want to (or need to) switch banks. The added incentive of $50 is pretty nice. I have been with TD for a couple years now and am fairly happy with them.

(Expiry: 4th October 2013)

Moose Rating (1 votes)
June 9

TD Canada Trust: Open New Account & Get Free Tablet

Posted by on June 9, 2013 at 10:00 AM

TD Canada Trust: Open New Account & Get Free Tablet

Open a new TD Canada Trust account and get a 7″ Samsung Galaxy tablet free!

You must open a Select Service or Infinity account to get your free tablet.

The Select Service account is $29.95 a month, but that fee is waived if you keep a balance of $5,000. It gives you unlimited transactions with almost everything you need for day-to-day banking covered. You also get the fee waived on select TD credit cards. This account is valued at $790 worth of features free.

The Infinity account is $14.95 a month or the fee is waived at a balance of $3,500. You also get unlimited transactions and a $20 discount on the first year’s annual fee on select TD credit cards. The estimated value of this account’s free features is equal to $524.

You must be over 19 years old, open an account by July 19th and then use the account by August 30th (direct deposit, pre-authorized debit, online bill payment). Your tablet will be sent to your address up to 12 weeks after all conditions are met. If you already have an account, you aren’t eligible, but you can try to win one of the tablets they are giving away.

(Expiry: 19th July 2013)

Moose Rating (9 votes)
April 11

National Bank Canada: Open an Account For Your Child & Get a Free Web-Enabled EkoMini Coin Saver

Posted by on April 11, 2013 at 9:00 AM

National Bank Canada: Open an Account For Your Child & Get a Free Web Enabled EkoMini Coin Saver

Open a bank account for your child at a National Bank and get a web-enabled, interactive coin saver absolutely free (worth $39.99) plus free shipping.

I think if there is one thing I want to teach my children (besides the basics – education, healthy eating, exercise, being a good person), it is how to manage money. With household debt for the average person being extremely high and kids coming out of university owing tens of thousands of dollars, I really want my children to incur as little debt as possible in life. There are lots of ways to teach your child to save, but I think actually doing it is the most effective way. My kids get allowance, and my thinking is that it should not be tied to chores, because these are basic duties that need to be performed in a household. No reason to set them up for the disappointment I had when I realized no one was going to pay me to clean the toilets. So, they get $1 per year of age and most of it has to get saved. They have a short-term savings (for things they want) and a long-term (for post-secondary school, a car or a house). Once they get to a certain amount, we want to open a bank account for them to save their long-term savings, since it will be a number of years before they will be able to use it.

Right now would be an awesome time to open an account, because not just will they have their own bank account, they’ll get the free coin saver, which they can use for their short-term savings.

What’s so cool about this coin saver is that it isn’t just a regular coin saver. You can hook it up to the web with the included USB cord and it will teach kids about money, count their money and let them play games based on their money! Check out Ekominiville, the place to be for kids who want to learn how to save money! I could really see this as being a great teaching tool. My son uses something similar to this for reading and it really motivates him to do it.

To open an account, you’ll need to go into the branch with two pieces of I.D. for your child. You could use their birth certificate and health card or passport if you have one. After you open the account, you’ll be given a coupon to order your coin saver online. I think I’m going to check this out tonight!

(Expiry: Limited Time)

Moose Rating (3 votes)
August 29

INGDirect Canada: Free $25 With New Account (Min deposit of $100)

Posted by on August 29, 2012 at 1:00 PM

INGDirect Canada: Free $25 With New Account (Min deposit of $100)

ING Direct is offering a free $25 when you open an account and deposit $100 in it. Just use their orange key when signing up.

It is simple:

  • Enroll online at ingdirect.ca
  • Enter this Orange Key: Orange25
  • Write your initial deposit cheque (payable to yourself) for at least $100
  • We’ll add in another $25

There is a whole bunch of fine print but this is the really ‘you need to know’ stuff:

Offer valid for new Clients joining ING DIRECT. Client must activate their Account and provide their opening deposit of $100 within 30 days of enrollment. Offer does not apply to Children’s Savings Account (CSA). In the case of a mortgage application received during the offer period, the mortgage must be funded by November 30, 2012 to qualify. Limit of one Bonus per Client and one Bonus per Account. Cannot be combined with any other offer. For non‐registered Accounts, the Bonus will be deposited in your new ING DIRECT Account within 30 days of funding.

I have heard really great things about ING Direct, and might check them out when I am done being a student.

Expires: 31st, August 2012

Moose Rating (4 votes)
July 8

ING Direct: Double Bonus for Referring a Friend

Posted by on July 8, 2012 at 2:00 PM

ING Direct: Double Bonus for Referring a Friend

ING Direct has a great little bonus for referring a friend to ING. When a friend uses your Orange Key to open an account with $100 or more in it, instead of the usual $25 each, you’ll both get $50.

If you are already with ING Direct and are happy with them, you might want to think about inviting a friend. If you are someone looking for a new bank – ask your friends for an Orange Key and you can each earn $50.

The fine print:

Bonus deposits will be made into your Investment Savings Account, unless you have a THRiVE Chequing Account, then you’ll receive your bonus there. If you don’t already have either Account, we’ll open an Investment Savings Account for you to make the deposit automatically. $50 will be paid out to you and your friend provided that your friend is a new Client to ING DIRECT and has opened an Account with at least $100 or more by August 31, 2012.

I have never used ING Direct, but I have heard good things about them. Any of our Moosers currently use them? If so we would love to hear from you.

Expiry: 31st, August 2012

Moose Rating (2 votes)