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.
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On With the Available Online Chequing Accounts!
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 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 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 email@example.com 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
-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
-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)
-Unlimited banking transactions
-Allow for simple currency exchanges
-limited customer service and no physical locations