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Email this5:32 am
December 20, 2019
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In this topic the object is to name your favourite financial institution, your daily driver and your Backup institution.
Give a reason if you can....
1. FAVE = SAVEN - so tired of chasing rates, they just give me the best shot every time.
2. DAILY DRIVER = Meridian CU - Customer service in branch or over the phone is insane. They understand my concerns and it feels like they address them when needed.
3. BACKUP = Simplii - If I need a big bank Simplii takes care of it for me.
I have accounts at a dozen more but the 3 I listed are my main activity.
What is yours and why?
7:44 am
September 7, 2018
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Saven would be high on my list but it is not because of
1. insanely slow transfer-in times - approx 2 weeks once the transfer plus the hold period are done
2. An app that is not great in that the finger recognition for sign in is not dependable and you can not have the option to just use a password. All other FIs I use allow password to sign in if the finger signin is not working.
I do not have the above issues with any other FIs I use - so Saven is certainly not #1. They need to shorten timeframes for fund transfers - this is 2025! Also need to improve the App and allow sign in by password.
7:55 am
December 20, 2019
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I think the app is cutting edge, I can do anything without assistance, but you're missing the point of the topic. It's not about discussing my favourite institutions, it's about listing yours.
1 = fave
2 = daily driver
3 = backup
What are yours?
8:08 am
November 8, 2018
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Fave - Tangerine. I can do online anything I need to do, they are the best when it comes to online experience for banking service, in my opinion.
That includes RRSP funds withdrawal. Any other FI I dealt with requires phone call for RRSP funds withdrawal.
Daily driver - EQ bank. I can do almost everything online, and they allow up to 10 external accounts linked. EQ for me is like a railway junction, through which I move my funds from one FI to another. It simplifies funds transfer when chasing for promos.
Backup - BMO. I have no fee account with them, just in case I need in branch service. It is also FI whose bank card I can use for CRA My Payment service - the list of such FIs is quite limited.
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Before, many years ago, I had single account and all of my business with Scotiabank. After an unpleasant in-branch experience with incompetent Scotiabank employee I decided to take my business elsewhere.
8:13 am
December 20, 2019
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Alexandre said
Fave - Tangerine. I can do online anything I need to do, they are the best when it comes to online experience for banking service, in my opinion.
That includes RRSP funds withdrawal. Any other FI I dealt with requires phone call for RRSP funds withdrawal.Daily driver - EQ bank. I can do almost everything online, and they allow up to 10 external accounts linked. EQ for me is like a railway junction, through which I move my funds from one FI to another. It simplifies funds transfer when chasing for promos.
Backup - BMO. I have no fee account with them, just in case I need in branch service. It is also FI whose bank card I can use for CRA My Payment service - the list of such FIs is quite limited.
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Before, many years ago, I had single account and all of my business with Scotiabank. After an unpleasant in-branch experience with incompetent Scotiabank employee I decided to take my business elsewhere.
Nice post, exactly on point!!
8:21 am
April 27, 2017
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1. Wealthsimple.
2. RBC.
3. Simplii.
Really happy with WS. Everything is faster, easier and free. Information I need is always within a single click. I like their “perks” too even though I accept its a gimmick.
RBC is solid and does everything well but I won’t stick around if they start charging for our VIP accounts.
Our Simplii account will take a bigger role if RBC starts charging.
9:08 am
October 27, 2013
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1. Scotia, both Scotia iTrade and Scotiabank for banking by default
2. As for 1
3. None really but honorable mention BMO and EQ Bank.
1&2. Scotia iTrade gives me a selection, though not the best, for commission fee buy and sell of ETFs, no trailer fee F series ISAs and free Market Pro trading software. Scotia banking gives me free (senior's discount) basic banking (12 monthly debits and e-transfers, and USD savings account to connect with and pay low cost Scotia USD credit card balances.
3. EQ Bank has been the hub of the wheel for me2me transfers between Scotia and BMO in the past but that can be accomplished via Bill Payment system via BMO and BNS as well. EQ Bank could become my active transactional (chequing) banking account should Scotia bank start charging fees.
I should mention BMO Investorline in passing because I have both a non-registered investment account and RESP with them, and a vanilla (2 free debit) bank account to facilitate transfers to/from Scotia.
Less than 0.02% of my financial assets are in "bank" accounts of any kind, i.e. only enough to manage monthly cash flow needs.
9:30 am
May 15, 2007
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1. Fave: EQ Bank and Wealthsimple. Best combo of high normal rates (with direct deposit), hybrid accounts (don't need to remember to transfer between chequing and savings), and features.
2. Daily driver: EQ Bank and Wealthsimple. Same as above.
3. Backup: Simplii Financial and Tangerine Bank. Their promos, when offered, provide the highest rates.
11:47 am
September 7, 2018
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KamWest said
I think the app is cutting edge, I can do anything without assistance, but you're missing the point of the topic. It's not about discussing my favourite institutions, it's about listing yours.
No, I did not miss the point of the topic. I just did not want to post a list of FIs which I deal with - for security conscious reasons on a public forum. AND for sure I do not like the 2 week delay in transferring funds into Saven - that is not "cutting edge" to me. In any case, Saven would not be on my list (if I were submitting a list) as a favourite.
12:09 pm
December 20, 2019
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SAVEN = SAVING, you keep your money there, they don't claim to be an everyday bank, they claim to be a savings bank. All credit unions have a 3-5 day wait to move out and then the receiving bank puts on the hold.
As far as posting on a public forum... We are not using real identities, nobody is disclosing anything personal.
That said I prefer to keep this string on topic.
1 = fave
2 = daily driver
3 = backup
What are yours?
5:58 pm
February 16, 2013
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AltaRed said
USD savings account to connect with and pay low cost Scotia USD credit card balances.
With apologies to KamWest, are the USD savings account and credit card domiciled in Canada? Thx.
7:41 pm
September 28, 2023
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Great thread idea... like hearing other's opinions on FI's, here is my take:
Fave: Motive - They have historically had some of the best rates until recently, and their ATM card allows free withdrawal/deposit at the credit union's ATM just steps from my workplace. Their rates aren't so stellar anymore, and they just got bought out by National Bank, so I have a feeling my fave will change soon, and my gut feeling says Motive will exit stage left sometime this year.
Daily driver: Wealthsimple - I took advantage of their bonus for switching direct deposit over, and am finding that my payroll comes in a day earlier, and my bills are being paid a day sooner, plus the float funds are earning a moderate amount of interest in the meantime. I don't let my balances grow too much with them because I am skeptical of their multi-CDIC scheme.
Backup: Simplii (my old daily driver since way back when I signed up as a hungry teenager to get a free bag of cookies at Stupidstore 
and to ditch RBC for good) & Tangerine - Usually there is a promo rate to chase at any one time between the two, which is a good short-term place to build balances before I decide to invest it in TFSA, FHSA, RRSP, GIC, brokerage or other medium-to-long-term investments.
9:32 pm
October 27, 2013
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MG said
AltaRed said
USD savings account to connect with and pay low cost Scotia USD credit card balances.
With apologies to KamWest, are the USD savings account and credit card domiciled in Canada? Thx.
Yes. They are Scotiabank accounts.
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