- 0.0.1 No banking fees checking account – Check
- 0.0.2 No fees savings account – Check
- 0.0.3 Highest interest rate (2.40%) on savings account – Check
- 0.0.4 Money back guarantee credit card – Check
- 0.0.5 Low interest mortgage rates – Check
- 0.0.6 Sign up and get a $50 bonus – Check
- 0.0.7 Receive a $100 bonus when you switch over your payroll deposit – check
- 0.0.8 Name of bank – Tangerine
- 1 The Virtual banking Option
No banking fees checking account – Check
No fees savings account – Check
Highest interest rate (2.40%) on savings account – Check
Money back guarantee credit card – Check
Low interest mortgage rates – Check
Sign up and get a $50 bonus – Check
Receive a $100 bonus when you switch over your payroll deposit – check
Name of bank – Tangerine
If you have never heard about this bank, they are formally known as ING Bank of Canada (operating as ING Direct). Scotia bank as per norm with all big finance players, acquired the company and had them change the name to Tangerine. The aim is to offer more favorable rates to customers by avoiding the costs of running a network of branches even though they have quite a few open in Toronto, Vancouver, Montreal and Calgary. I have had this account for a while and saved a chunk of change. It is mostly virtual banking for anyone in Canada. You still get your physical bank card, can withdraw at any Scotia bank location at no fee and any other IBM locations for whatever fee they charge.
Click here to sign up now and enter my orange key 44900406S1. We both get a $50 bonus.
The Virtual banking Option
I don’t know about you but if I was given an option of choosing between paying $15 a month for a checking account vs one where I would pay $0 and get those goodies as mentioned above then I know which one I would go for. $15 Works out to be about $180 a year, that seems like change money at first glance but I can personally invest it on a good domain name/s and make some good ROI (return on investment). But maybe you have different priorities. You might be thinking groceries , phone bill, savings, hydro bill, gas money etc. A friend once told me not paying those bank fees wouldn’t make much of a difference. He was being naive of course, or is passive the right word? Getting rid of banking fees does go a long way in taking care of some of those expenses.
I don’t claim to be an expert of economics but I still have some basic understanding of the unique nature on which banks are run. They are the most regulated and even the federal government has some involvement so much that they had to bail out most during the 2008 economic collapse. We live in a capitalist society that is hard to disconnect ourselves from, whether you want in or not. We all caught up in the web. You can only understand it when you start learning the fundamentals. It took me some bit of time to warm up to it. Understanding that the money I deposit into my bank account gets circulated around is one of those things I never thought about at all. Yup, it doesn’t sit there in some kind of a safe in the bank with my name written on it. That’s not how it works. You no longer have the physical cash in hand and what’s in that bank statement is just punched in numbers. Numbers showing the amount that I just “borrowed” the bank. Imagine that.
Keep in mind most banks never lay it out that way. Their system makes you believe they are keeping your money safe and sound, making it easy for you to make purchases with no cash in hand. Apparently, the fees you pay are meant for day-to-day “operational expenses.” Really? It’s a rip off. It doesn’t make any sense. This is money that is basically in circulation and possible making the bank some interest depending on the kind of account you have. Paying those bank fees is not right. Save yourself some cash and sign up for a Tangerine account. I would really love to know why you wouldn’t want to. Ball is in your court.