How to choose the best bank for daily banking<\/h3>
To find the best bank account, you need to think about the type of transactions you need to make on a regular basis. Do you send a lot of e-Transfers, for example, or do you travel regularly and need a debit card with no foreign transaction fees? Would you like to be able to visit a branch in person for customer service, or are you happy managing your money digitally? Do you need an account with a chequebook?<\/p>
Here are the eight key factors to compare when searching for the best bank for daily banking.<\/p>
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1. Number and type of monthly transactions<\/h4>
Check how many transactions you can make from the account per month without incurring any extra fees. It\u2019s also important to check the type of transactions you can make. For example, while the account may support unlimited bill payments and debit card purchases, you may need to pay a fee each time you send an e-Transfer.<\/p>
<\/h4>2. Monthly fee<\/h4>
Some daily banking accounts have no monthly fees. But the majority of chequing accounts in Canada do come with monthly fees\u2014the more transactions included, the higher the fee.<\/p>
Crunch the numbers to work out how much the account fee will cost you each year. Is it worth it for the features and benefits the account offers?<\/p>
<\/h4>2. Minimum balance requirement<\/h4>
If a bank account comes with a monthly fee, in many cases the fee is waived if you keep your balance above a minimum threshold. For example, if you have $4,000 or more in your account on every day of the month, you can avoid paying the account fee.<\/p>
Consider whether you can comfortably afford to meet the minimum balance requirement, or whether you would prefer to be able to access more of your balance for day-to-day spending.<\/p>
<\/h4>4. Interest rates<\/h4>
Chequing accounts for day-to-day banking traditionally don\u2019t pay interest on your balance. But some hybrid accounts do\u2014the Wealthsimple Chequing Account and the EQ Bank Personal Account are two prominent examples. Compare account interest rates to find the best bang for your buck.<\/p>
<\/h4>5. Branch and ATM network<\/h4>
If you want face-to-face customer service, check whether the bank has branch locations conveniently located close to you. Out-of-network ATM withdrawal fees can also leave a big dent in your bank balance, so look for banks with large ATM networks and handy ATM locations.<\/p>
Digital banks and fintechs don\u2019t have their own ATM networks, so you\u2019ll need to watch out for ATM fees. That said, some providers will reimburse any ATM fees you incur, allowing you to withdraw cash from ATMs across Canada fee-free.<\/p>
<\/h4>6. Mobile app<\/h4>
You\u2019ll likely perform many of your day-to-day banking transactions using your mobile, so the best bank for you will have a user-friendly mobile app. Check app store reviews and online instructional videos to get a feel for the quality of the app\u2019s user experience.<\/p>
<\/h4>7. Sign-up bonus<\/h4>
Your main focus should be on finding an account that lets you bank the way you want and offers the lowest fees. But if you\u2019re tossing up between two accounts, it\u2019s worth checking which one comes with the best welcome offer<\/a>. Banks try to entice new customers by offering a cash bonus when you open an account, so a welcome bonus can provide a nice little boost to your bank balance.<\/p> If you prefer to do all your banking with one financial institution, it\u2019s also worth checking what other products and services they offer. You might want to look for:<\/p> If you plan on bundling multiple products together, look at what the bank offers as a whole rather than just comparing daily banking accounts in isolation.<\/p><\/h4>8. Other products and services<\/h4>