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Email this10:59 am
May 15, 2007
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We discuss individual financial institutions, accounts, and credit cards a lot. Personally, I'd be interested in hearing specific people's stories about what bank accounts and credit cards they use and why.
I could make a longer survey that's anonymized where I could ask some demographic information as well as specific questions about the importance of more detailed features.
Does anybody have any interest and/or suggestions on what would be interesting to them? I'll share some quick notes about my day-to-day banking in the next post to give everybody an idea of what I have in mind.
11:00 am
May 15, 2007
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Chequing/savings:
* Main: Wealthsimple. Reasons: joint account with my wife, easy to use for self-directed investments, can keep many things in one place, straightforward interface.
* Other main accounts: EQ Bank (good rate with direct deposit) and Tangerine (for the occasional targeted savings account promos that are currently over 4.00%)
Credit card:
* Main for groceries, restaurants (5% if redeemed at Safeway or for travel): Scotiabank Gold American Express Card ($120 annual fee). Used to be the Amex Cobalt, but I didn't like the continuous fee increases for the additional benefit of being able to transfer the points to other programs like Aeroplan. The Scotiabank Gold Amex has a similar base rewards structure, but also has no FX fees and 6% back on Safeway purchases. Safeway is not our main grocery store, but it is part of our rotation.
* Main for other purchases (2% cash back): Wealthsimple Visa Infinite, because there is no annual fee for my account level, it's a simple 2% cash back, and it also has no FX fees.
* Others: I always have a couple of other cards that I only keep for 1-2 years to take advantage of sign-up bonuses or particular perks like waived fees on checked bags.
11:53 am
October 27, 2013
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Peter said
I could make a longer survey that's anonymized where I could ask some demographic information as well as specific questions about the importance of more detailed features.
My take is designing a survey is difficult beyond base level information, simply because most of us have a specific set of various things for various reasons such as where we are at in our individual life's journey. What one might have at 30 yrs of age could be very different at age 50 and yet again post-retirement. Folk cannot convey that information well in a survey. That said, maybe some base level information would be insightful from the active members of this forum.
12:15 pm
October 27, 2013
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We are a late-in-life couple so we mostly keep separate finances for estate purposes, beyond a joint household operating chequing account and a joint credit card for same purpose that we each fund in agreed percentages each month Her finances are at completely different FIs than mine because that is the way it was before we took up house together. So, given that, for me specifically.......
Banking:
1) Scotia is my primary for personal Chequing and for our Joint Household Operating Account. Very basic accounts with no monthly service charges for either one due to limited transactions. It came about by default because my self-directed brokerage account was initially E*Trade Canada in 1998, bought out by Scotia and evolved to Scotia iTrade. I bank where I have my investment accounts.
2) Secondary is BMO because my secondary self-directed brokerage accounts are with BMO Investorline. The bank accounts are actually AccountLink attachments to BMO Investorline and have BMO Investorline transit numbers. Extremely basic accounts.
3) I also have EQ Bank for push/pull bridge between BMO and BNS, and for their prepaid MC for zero forex and minimal ATM fees when travelling ex-Canada. Only used when travelling.
I have zero interest in any other 'banking' services from 'banking' entities and no interest in account proliferation.
Credit Cards:
1) Rogers Bank World Elite cash back is primary household operating card due to us also having Rogers mobility and internet/cable accounts and the discounts that come with it albeit change is on the way commencing November. This card carries the majority of our transactions.
2) Primary personal CC is basic BMO MC cash back mostly to mitigate FI proliferation. Could just as easy be a Scotiabank card for same reason.
3) Secondary personal CC is basic CIBC Dividend Visa cash back for high credit limit for major travel expenses. I have had this account for 75 years.
4) Lastly, a Scotia USD credit card for USD transactions, sparingly used.
Being retired for 20 years, I have no interest in paying any annual fees for CCs and have no interest in loyalty cards tied to the likes of Aeroplan et al. Perks like travel insurance are meaningless for those of us beyond certain ages (for us, post-75).
12:22 pm
April 27, 2017
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Very similar set up to OP.
Chequing/savings:
* Main: Wealthsimple. Reasons: Everything is faster and better than the alternatives and good integration with investment and corporate accounts which meet our needs. And nice perks. And yes, mostly joint accounts.
* Other accounts: RBC (hardly used these days but it's free because of the legacy HSBC transfer), EQ, Tangerine and Simplii (for the occasional targeted savings account promos)
Credit card:
* Main for groceries, restaurants: MBNA World Elite ($120 annual fee). I get circa 5.5% redemption value at Walmart; could be a bit more, at other shops.
* Main for other purchases (2% cash back): Wealthsimple Visa Infinite Privilege, because there is no annual fee for my account level, it's a simple 2% cash back, and it also has no FX fees plus decent insurance.
* Others: I have a couple of other cards, like Amazon’s MBNA and Roger’s world elite mastercard.
12:40 pm
November 8, 2018
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Chequing/savings: Tangerine used to be my main FI, since times they were ING Direct. For reason of them having Web interface truly designed for online banking. In all years I am with Tangerine not once I had to call their Customer Support to perform banking transaction, including RRSP withdrawals. Everything I ever needed from bank accounts (Checking, Savings, GIC, TFSA, RRSP) can be done online with Tangerine.
When Tangerine dropped their regular rates, I started to move my funds to FIs that offer better rates.
I no longer have main FI.
All direct deposits still go to Tangerine account, but promptly transferred to other FIs by Interac or EFT.
Currently, I pay my bills from my accounts in Tangerine, EQ and Haventree.
Credit Cards:
1) American Express SimplyCash Preferred Card (4% for gas and groceries, 2% for everything else, $120 annual fee)- primary credit card for my household. If business accepts AmEx, I pay with it.
2) For places and businesses that do not accept AmEx I have Tangerine Mastercard (no fee).
3) EQ Bank prepaid card- for rare cases when I may need to get cash from whatever ATM is nearby. This card covers ATM fees (to some extent).
