Available Online Chequing Accounts

Available Online Chequing Accounts

Available Online Chequing Accounts

Last week we looked at the all the chequing accounts that are offered by the main Canadian banks (which can be found here) and this week we’ll be looking at available online chequing accounts. Specifically, Tangerine Bank, PC Financial, and ZenBanx. A summary of the accounts will also be provided at the end of the article.

As always, if you enjoy this article, please take the time and become acquainted with our unique and non-biased Financial Literacy Coaching Sessions, here.

On With the Available Online Chequing Accounts!

PC Financial

PC Financial’s No Fee Bank Account is the best available online chequing account. This free account offers unlimited debit card transactions and free withdrawals from CIBC and PC bank machines. The features that distinguish PC Financial over the competition are more physical banking locations and lower fees for supporting services, such as replacement bankcards. PC points are also offered, but you need to spend about $200 to earn $1 worth of free groceries, which is pretty unenticing. However, overall this is a very strong account.

Tangerine Bank

Tangerine used to be ING Direct, but was renamed after being acquired by Scotiabank. Tangerine’s main chequing account offers unlimited monthly transactions and free withdrawals from Scotiabank’s ATM network. Customer service is offered 24/7 and five physical locations are offered across Canada (two in Toronto). They also offer a free $250 overdraft limit (if paid within 30 days.) This is a good account, but fewer banking locations and higher account fees make it a less attractive than PC’s No Fee Bank Account.

ZenBanx

ZenBanx is a fairly new addition to the online banking arena with accounts that focus on currency exchange. They also offer a chequing account with a decent interest rate (1.5% as of June 24th, 2015). They also allow unlimited debit purchases and free withdrawals from their ATM network. However, they have no physical locations and any additional replacement bank cards after the first costs $20 each. A further explanation of their “ATM network” was not provided and an e-mail clarification has not been returned.

Overall, these chequing accounts are great for those that want free banking in exchange for reduced services. The biggest complaints about online banks are the waiting periods required to receive replacement cards, drafts, cheque holds and more. Often, access to physical foreign currency is also limited and some don’t offer certified cheques. In light of these difficulties, this may not be a problem if you plan accordingly. With the declining trend of in-person banking, these limitations may not post to be an issue.

Well that’s the run down of all the main banking accounts that are offered by Canada’s largest banks. As always, thanks for reading, and if you have any questions please contact me at info@ffcoach.ca or 647-289-0012. Also don’t forget to sign-up to our regular newsletter below!

 


Summary of the Available Online Chequing Accounts

 

PC Financial’s No Fee Bank Account

-Unlimited Transactions
-Free ATM withdrawals at CIBC and PC locations
-Unlimited free cheques
-24/7 customer service
-1 free replacement card a year and $4.97 for each additional
-Earn PC Points at appliciple locations. 5 points for every $1 spent, which comes to about $1 of free groceries for every $200 spent.
-Available overdraft for a usage fee of $4.97

Tangerine Bank

-Unlimited Transactions
-Free ATM withdrawals on the Scotiabank ATM network and at select Tangerine locations
-50 free cheques
-24/7 customer service
-1 free replacement card and $15 for each additional one
-Free $250 overdraft (must be paid within 30 days),
-Free email money transfers (not to be confused with E-transfers)

ZenBanx

-Unlimited banking transactions
-Allow for simple currency exchanges
-limited customer service and no physical locations

3 thoughts on “Available Online Chequing Accounts

  1. Aneta

    I bank with PCF personally due to being seecwrd over in the merger from Canada Trust with TD (long story but lost over $500 in fees which I never got back) and love it. I never had any issues with the hold on deposits right from the very start (11 years now) so this must be a new policy for some new customers for a 1-year period.For my business, I use Caisse Populaire (French Credit Union). Their fees are still similar to the big banks (some lower than others) but are highly flexible to match my needs, I get far better service from them and I take comfort in knowing that none of the profits goes to the fat cats in suits but rather to the members. Of course, it does help when they are close by. Oh yes, and I’m an Anglophone and they’ve had no issues with that. There was another credit union that I was checking out. Fees were similar but I was insulted by an old boy at the bank when he learned about my business (opening accounting practice). In contrast, everyone at the Caisse was far more supportive including sending me some referrals. They’ve just gained a loyal client for life.

    1. Matthew Siwiec Post author

      Thank you for sharing your response Aneta, I like to hear when people get the banking service that they deserve! Before I became a Financial Literacy Coach I worked for a large Canadian Bank and unfortunately saw too many people being taken advantage of over mistakes and fees.

  2. George

    The best online banks usually offer higher interest rates and friendlier fee structures than brick-and-mortar banks, because of the costs they save from not owning branches or ATMs. Some of our favorite online checking accounts appear below.

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