I’m curious what products and services everyone uses. I like trying out new services, but it seems like the big banks are pretty effective at squashing competition.
I’ll go first: Chequing - BMO Savings - Wealthsimple Investing - Questrade with Passiv Credit cards - BMO, Costco, Amazon
I have tried Brim (credit card) and Koho (kind of a chequing account), but eventually dropped them because they couldn’t effectively replace BMO.
I’m interested to know everyone’s experiences with their banks and other financial service providers.
Edit: This thread has been amazing! Thanks for all the replies!
@MacroCyclo In terms of your main savings account, you can consider those on https://highinterestsavings.ca/chart (Tangerine could work as a backup; they also give occasional offers); if you don’t require branch services (such as writing a bank draft / guaranteed cheque), then those online banks are enough. KOHO is not really a bank account; it’s better to just treat it as a prepaid card with cashback. WS is okay for casual investing. For credit cards, just go with the rewards (assuming you pay on time).
Checking - Tangerine
Savings - Tangerine or EQbank
Credit cards - Tangerine, Brim, Amex
Investing - Questrade
I also use a credit union’s services for all the same services.
I’ve mostly kept with free online or cheap accounts. Was with a big bank before but didn’t like the fees, and generally big banks have old and clunky web interfaces.
I do feel like managing this many accounts is a pain, and sometimes I do think about a one big bank solution. But, I can’t justify the fees.
Credit union for everything
Which one?
Some people don’t realize that Credit Unions are actually a whole bunch of different organizations, or maybe like me they use one of the few left that have just a handful of branches and don’t want to identify for that reason. Mine has two branches, one of which is only open part time in a neighbouring town.
As for the original post:
Small, local Credit Union for chequing/savings/TFSA Mortgage with BMO, because best rate and wife’s been with them a while. CIBC/Costco credit card because best rewards, as well as a Collabria credit card, because that’s the company my CU works with but haven’t used it since I got the Costco card.
Checking : EQ Bank with Tangerine as a backup (for cheques and interac debit)
Savings : CASH.TO with IBKR
Credit cards : Desjardins, PC Financial, Tangerine, Canadian Tire, Rogers, CIBC Costco, Brim, American Express
Investing : I’m currently moving everything to NBDB for registered accounts and IBKR for non registered, but in the mean time, I also have Wealthsimple and Questrade
I also have a KOHO account, that I use for my oldest kid’s allowance.
Tbh I have a CC with most banks just for the deals lol but the main ones I use:
Wealthsimple for general spending/saving
Tangerine CC for the stuff I get extra cash back on
Wealthsimple & Questrade for investing
