Admittedly, I am a person who deal with banks almost exclusively over the internet and phone. Years ago I was a customer of RBC (Royal Bank of Canada) who I effectively choose by default due to it being the only bank in the town I lived in. Since then I have decided to switch to switch to online banks due mainly to the fact that there are no fees and they have higher Savings & GIC account interest rates.
Initially I chose to go with PC Fincancial, the bank which is linked to the Canadian grocery chain Loblaws (although it has many different names). And later decided to add ING Direct to my mix.
While selecting a bank I had a fair amount of decision making to like you do always. Which leads to the typical questions:
* What is so great about ING Direct?
* What is so great about PC Financial?
* Which one is better?
What’s so great about ING Direct?
Savings Rates
While not the absolute top for interest on a savings account, ING Direct typically offers interest rates near the top of all banks in Canada. Additionally, ING frequently has some promotion going on where you can get a higher interest rate for at least a few months.
Mutual Funds
As I have already stated in a previous post ING’s streetwise mutual funds are a pretty quick and simple choice for anyone starting out in mutual fund investing. Although I think it’s probably a good choice also for those people who have been doing it a long time too.
Free debit card
You get an ING debit card that you can use to withdraw from your account. I personally have never used it since I primarily use my PC debit for most transactions.
Some free money
For those people who are new customers and have a promotion code to enter (ie Orange Key)
No fees
As with most online banks they do not charge you for any of their services.
What is so great about PC Financial?
(Almost) Full Service Bank
PC Financial offers all the services of a brick and mortar bank. You can have a checking account, choose from one of several savings accounts, GICs, a MasterCard, etc. PC uses CIBC bank machines so you don’t have to pay for ATM fees at any of their machines.
I say almost because I know of people who have switched from PC Financial due to them needing services that are not offered.
Free checks
When you set up a checking account you will be sent a free book of checks. And you can get additional checks whenever you move (with your new address) or when you run out.
PC Points
When you use your card and most especially you PC MasterCard you get free points which can be redeemed against your purchases at any Loblaws stores or their subsidiaries. The most significant is the points you get with your MasterCard which comes to the equivalent of 1% cashback.
Savings rates
Like ING, PC Financial has fairly high interest rates, although at the time of writing ING is higher.
Few fees
For most services PC doesn’t charge, such as using your debit card, monthly account fees etc. However, they do charge for the typical bank extras such as NSF (non sufficient funds) and like, which I would imagine ING does too.
Which one is better?
Hands down, ING is best.
SPECIAL PROMOTION
ING Direct Orange Key : FREE $25 w/new account
If you're thinking about opening up a new bank account with ING Direct, simply enter the following code when prompted and you will receive $25 for free. You need a minimum $100 deposit into your new account for this to work.
Details of this excellent promotion can be found here: http://www.ingdirect.ca/en/landingpage/bunnymoney/
The orange key is : 35934724S1
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