Best all around Canadian Bank for a DIY

[markusontherock]

Hi all

Coming back to Canada after many years away, and currently shopping around to find a one stop bank. If it comes down to it, and there's no one bank that can consolidate services at a good price; I don't mind using multiple providers.

About me:

300k currently in USD cash (which at some point will need to be converted to CAD)
400k in investments (currently using 2 brokers - not a large portfolio of holdings, but I do some short term trading, but nothing crazy. If I had to guess 100 trades a year would be towards the high side.

Will be looking for a mortgage, probably in the 500-600k range.

Dual income (actually it should read 'about us') with combined income of 250k.

I don't need fancy broker reports, or to be invited to wine and cheese events, but looking for a consolidated bank to do regular banking at low fees, handle my mortgage, offer good fx services (I may or may not convert at one time) and offer low cost trading (low volume on large caps, and some higher trading on small caps)

May walk into each of the major banks for a meeting, but thought I could save some time, if anyone can offer any suggestions?

Thank you!

[PMREdmonton]

My own take is that TD is the best retail bank around and they would fit your needs well.

[indexxx]

Here's a forum on this:

http://forums.redflagdeals.com/best-bank-canada-791630/

If I was to open with a new bank at this point, it would likely be TD, as I like their hours, service, and TD Waterhouse- plus the eSeries funds. If I didn't want a 'big bank', then a credit union might be a good choice, or on online bank like PC, Ally, or ING.

[Just a Guy]

You may even want to look at TD private client services...they don't advertise, and they cost more than a regular bank, but their services are appealing to some.

[Soils4Peace]

You will get the best mortgage rate by going through a mortgage broker. Other than that, TD works for me.

[sam]

TD

[CJOttawa]

Markus - my lens for selecting financial institutions is influenced by minimizing fees and errors.

TD Waterhouse and TD Canada Trust service is fantastic.

• No fee chequing & debit: President's Choice Chequing (access to CIBC and Loblaw's ATMs, unlimited chequing and debit transactions)
• Emergency fund (no fees): Canadian Direct Financial 3% Cash TFSA
• No fee savings: TD, provided you don't exceed their transaction limits (low/zero interest - acts as a "gateway" to the TD Waterhouse brokerage account, for moving money in and out of TD via ATMs, in person at branches etc - basically, you get to use TD without paying to use TD)
• No fee brokerage cash (CAD & USD) TFSA & RRSP accounts: TD Waterhouse.

You might receive preferential treatment and a waiver of fees with TD for daily banking, with what you have on deposit.

For TD Waterhouse, $50,000+ in household assets entitles you to flat rate $9.99 trading commissions. http://www.tdwaterhouse.ca/products-...-fees/asff.jsp

For converting USD<->CAD, consider Norbert's Gambit, to avoid foreign exchange fees. Details here: http://www.moneysense.ca/2012/01/20/...y-u-s-dollars/

Full disclosure: my portfolio is much smaller than yours and my goals different. I am most comfortable banking online but appreciate being able to speak to an expert when needed. TD/TDWaterhouse appears to be available 24/7 via phone.

updated: http://canadianmoneyforum.com/showth...424#post130424

[Square Root]

Sounds like I should keep my TD shares. Bank with TD as well. Fairly satisfied. TD Waterhouse is a great service.

[kcowan]

I have dealt with all the Canadian Banks at one time or another. The last one was TD and I was an early Greenline user. I do all our DIY with TDW now. I would say you pick the best for you.

[CJOttawa]

I'm changing my tune a bit.

The 3% interest on their cash TFSA makes Canadian Direct Financial kind of appealing right now. (I haven't maxed my TFSA contribution so there's room there)

I'll listen to any advice to the contrary but so far, I don't see why I wouldn't just dump free cash in there instead of TD money market or bond funds with their abysmal returns.