8:38 pm
Their online savings account is so close from being the perfect thing. Debit card with unlimited transactions and withdrawal possibilities at BMO, National Bank and The Exchange ATM, high interest rates (3.30% won't be so bad after promotion has ended) but they won't offer checks... Why is this?
Here in Québec, we're not deserved by CT Financial nor PC Financial, HSBC would be a great opportunity to hyave all those services at only one bank but no.... I have to keep an external checking account to keep making checks....
9:55 am
December 12, 2008
Although I agree with you, having checks with this account would make it the perfect bank account, but I don't think any financial institution offers checks on their savings accounts.
There is alternative if you cannot sign-up with a bank account such as PC Financial 's no fees checking account:
I myself have been Banking with ScotiaBank for over 10 years now. I ordered about 200+ checks with a checking account I have with them when I signed up with Scotiabank. 7-8 years later I noticed PC Financial had a free checks no fees checking account, so I decided to open up this account, but I didn't necessarily want to close the Scotia account. To avoid paying the monthly fee for the checking account I had with Scotia, I converted the checking account into their "Gain Plan" savings account which allows 2 free transactions a month with no monthly fee. I can still use the checks I previously ordered years ago to write checks on this savings account.
So what I suggest you do Maxime if possible, is look into the savings accounts at your banking institution. Most savings accounts offer 1-2 free transactions per month with no fees. Convert your existing checking account with them to one of those savings account (as it should still maintain the "same account number" < -- this part is important) so that you could still continue to write the checks you have already ordered from that account. This is a good alternative if you only have to write as many checks per month as there are free transactions in that savings account. Then use HSBC's direct savings account for all other non-check transactions. Hope this makes sense. djino "Only use this alternative, if you cannot open PC Financial no fees checking account due to provincial restrictions"
8:58 am
Well, that's what I'm doing right now but with Caisses Desjardins.
Since I'm a student, I have 12 monthly free transactions on my checking account. So when I write a check, I always arrange to keep the minimum balance to clear the check. But sometimes when I have 300$ in checks pending to be cleared it would be more benefical if the funds were laying in a 4.75% account than in my 0.02% checking account.
That's the main reason why I'm complaining about Online savings account that do not offer checking service here in Québec, altought like you said, none offers a savings account with checks.
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