# Which account do you suggest? newbie help



## twinado (Apr 6, 2009)

I am currently reexamining DH and my account structure (spin off of previous thread). Currently we have the Infinity Account with TD w OD protection. However, our money management style changed drastically 6 months ago.

Previously we did not have a real budget and used our interact cards for EVERYTHING, so it made sense for us to have an account with unlimited transactions. Now, however, we live on cash and take our money out once a week. We have not used our OD in the last 6 months. 

I am considering changing from the infinity account ($12.95/ mth) to the value plus account ($8.95). The two accounts are the same except for the following:

infinity has unlimited transactions / value plus has 25 transactions/mth
infinity has a min balance of $3000 for no fees / value plus has min $2000


By transferring money from our TFSA we could potentially keep a balance of over $2000 in our chq account. W/o taking money from other places, we are not quite in a position to hit the $3000 min required for the infinity. My question comes when I look at my monthly banking records to try and figure out how many transactions we make a month. There are more than 25 lines, but I'm not sure if everything counts as a transaction.

Are paychecks automatically deposited to an account transactions?
Are bank fees transactions?
Are automated transfers to RRSPs considered transactions?
Are automated transfers to ING accounts transactions?

Any advice or insight? I guess I could wait until I had a $3000 min to hold and then we would not pay any fees and could still have unlimited transactions. Am I right in thinking we are better to keep the min and save banking fees (this would also allow me to cancel my $3/mth OD protection) than to have that money earning low interest in a TFSA?


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## Ben (Apr 3, 2009)

It's been a long time since I paid for daily banking. I've been with President's Choice Financial for over 8 years now. Check them out.


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## stephenheath (Apr 3, 2009)

I'd have to double the recommendation for PC Financial, which is also CIBC in terms of free bank machines for your cash withdrawals. The service is also fantastic, and if you're talking about removing money from your tax free savings account just to save fees, something is wrong.


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## FrugalTrader (Oct 13, 2008)

twinado said:


> I am currently reexamining DH and my account structure (spin off of previous thread). Currently we have the Infinity Account with TD w OD protection. However, our money management style changed drastically 6 months ago.
> 
> Previously we did not have a real budget and used our interact cards for EVERYTHING, so it made sense for us to have an account with unlimited transactions. Now, however, we live on cash and take our money out once a week. We have not used our OD in the last 6 months.
> 
> ...


Do you have to stay with TD? There are other banks that offer lower minimum balances or free chequing as mentioned.


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## Arcaneind (Apr 3, 2009)

*PC Fin*

I've also been with President's Choice for several years and they have been great if you don't use the tellers much. Every time I've used a CIBC teller they have been grumpy.

BUT the online banking is simple and everything is free.

That said, I'm switching to a National Bank All-In-One account this week to attack my mortgage.


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## PMREdmonton (Apr 6, 2009)

I mix and match banks depending on what makes sense:

1. Mortgage with RBC because they gave me the best variable rate mortgage

2. LOC with National Bank because they gave me the best interest rate.

3. Day-to-day banking account with PC Financial due to low fees.

4. RRSP through MD financial (financial company specializing in investments for doctors)

Sometimes you might be able to get it all in one place if they'll cut you a deal to consolidate it all at one institution but for me it has made more sense this way.


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## Financial Highway (Apr 3, 2009)

FrugalTrader said:


> Do you have to stay with TD? There are other banks that offer lower minimum balances or free chequing as mentioned.


I agree if you dnt have to stay with TD there are more alternatives.

I dont have any banking fees.


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## Ben (Apr 3, 2009)

Funny, in 8 years with PC I've never even gone to a real live teller for anything.

I actually didn't know that I had the right to approach a CIBC teller for service - is it true that a PC customer can be served by a CIBC teller?


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## Alexandra (Apr 3, 2009)

Ben, yes you can use the CIBC tellers.

And I too, have never used the tellers once - you really can do everything online these days.


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## Elbyron (Apr 3, 2009)

I've been with PC Financial for 5 years now and have only gone to a CIBC teller once... to find out about getting traveller's cheques for a trip to Thailand. They were fairly rude to me, and said that because my account is not directly with CIBC that the most they could give me was $500. Their fee was too high anyway so I ended up not using traveller's cheques (I used ATM withdrawls to obtain Thai currency, for $3 per withdrawl).


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