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Chequing account
March 27, 2021
7:20 am
Loonie
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I just noticed that WealthOne now offers a personal chequing account. As far as I remember, they didn't have that when they first opened, and I think it's relatively new, but it's possible I missed it earlier. It even pays 0.10% interest!
For me, this is a plus. sf-smile
https://www.wealthonebankofcanada.com/Personal/Rates/Savings/

March 27, 2021
8:45 am
Nehpets
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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

March 27, 2021
11:41 am
Ed
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Neo Financial also offers a 1.55% HISA.

March 27, 2021
12:28 pm
Dean
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.
And EQ Bank's HISA is still @ 1.50% .

Fingers crossed it doesn't go lower.


.

    Dean sf-wink

sf-cool " Live Long And Prosper " sf-cool

March 27, 2021
4:31 pm
Loonie
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There are others in the 1.5 to 1.8% range besides WealthOne, but, as far as I know, only WealathOne offers chequing.
As far as I can tell, the next-best with chequing and CDIC is Motive at 1.25%.

March 27, 2021
4:53 pm
file
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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

March 27, 2021
6:03 pm
Loonie
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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!

March 28, 2021
4:30 pm
Doug
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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

April 17, 2021
7:02 am
file
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Has anyone taken the jump and gotten the chequing account?

April 17, 2021
2:24 pm
topgun
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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.

Have a Great Day

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