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Email this11:40 am
March 12, 2023
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This is a newbie question: how do I move money between different saving accounts without their chequing?
Some banks provide no-fee chequing (https://www.highinterestsavings.ca/free-canadian-chequing-accounts/) so there is no hassle. However, for those banks with no free chequing services, is there any suggested way to move money out?
My previous experience with Libro CU, as they don't provide a free chequing account( https://www.libro.ca/personal/accounts/ ), I only opened a saving account with them. When I was trying to transfer out my money, they charged me $1.5 per interac transaction. Even if they provide a better saving rate, this extra fee may offset the benefits.
So here is my question. If I found a bank with good rate but no free chequing, should I still move money into it? After moving in, how could I withdraw the money?
Thank you.
12:55 pm
March 15, 2019
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I use EQ Bank as my main hub for moving money. They allow up to 10 linked accounts so you can just push or pull money from other banks when needed. For example I deal with Motive Bank a little here and there but was too lazy to ever set up linked accounts at their end due to it being a pain. So I just use EQ to push money in and pull it back when desired. The only downside with EQ is their 5 day hold.
Tangerine Bank I also use but they only allow 3 linked accounts.
1:08 pm
March 12, 2023
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krwilson said
I use EQ Bank as my main hub for moving money. They allow up to10 linked accounts so you can just push or pull money from other banks when needed.
Thank you! The EQ Bank's linked account function is really neat.
I just checked my Libro CU. Although I only have a saving account there, they also provide a void cheque. I thought that it's used for direct deposit of my salary, and I never thought of withdrawing with that acct#.
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