Chequing account | Wealth One Bank of Canada | Discussion forum

Loonie said
I just noticed that WealthOne now offers a personal chequing account. ...... It even pays 0.10% interest!
......

Good observation, Loonie! In these days of diminished returns, Wealth One could be a viable second choice after CDN Tire Bank 1.80%(CDIC limits) for savings at 1.50%; and if a checking account is important, W1 is worth consideration.

The only other 1.55% options for svgs accts at this writing would be Saven Financial (no joint acct) and Concentra Bank (if you happen to have a GIC with them)

Stephen

.
And EQ Bank's HISA is still @ 1.50% .

Fingers crossed it doesn't go lower.

.

Dean

According to the Service Fees page:

Chequing account administration fee, $5.00 per month if monthly minimum balance below $1,000.00
Chequing account transaction fee, 10 free transactions per month; $1.00 per transaction thereafter

Loonie said
thanks for the details.
It's a pain about the $1000 minimum, but still worthwhile for some of us for quick access to cheque writing while keeping money in savings at a good rate until needed.... until something better comes along!  

Yeah, thanks for pointing that out, file. I meant to point that out. What's the rate on the Manulife Advantage Account right now? It's basically like WealthOne's chequing account, free and unlimited debit transactions if you maintain a minimum monthly balance of at least $1,000 per month.

But yeah, $1,000 is not a significant minimum monthly balance compared to what the Big 5 banks will command.

Cheers,
Doug

If you want a checking account with no fees and no minimum balance, there is nothing wrong with Tangerine or Simplii. They pay no interest on savings. .1% is pathetic. You can link your savings account from some other FI. I used Tangerine and Simplii before I had a senior account.