No fee bank account gives a bonus
I don’t often promote specific products but a little creative marketing motivated me to share this promotion with you.
Last week, I got a box in the with an empty ice cream tub container, a plastic scoop and a press release with a coupon for a free tub of President’s Choice Ice Cream. President’s Choice is promoting their no-fee chequing account.
I’ve been a big fan of high interest, no-fee bank accounts for a long time. Here are some of my past articles on the topic:
- Are High Fees in Private Banking Worth it? – 2011-02-23
- Have you reviewed your bank account lately? – 2011-01-30
- Alternatives for your savings – 2007-10-06
- Keeping a Minimum Balance in Your Bank Account – 2005-06-08
- Every Penny Counts in Banking – 2003-12-03
- How to Increase Your Returns by 10 Fold in Your Bank Account – 2003-11-26
- How Much Are Your Earning In Your Bank Account? – 2000-11-17
I believe bank accounts are the heart and soul of your finances. Bank accounts are something you use every day of your life. Too many people are banking the conventional way where they are paying fees and earning interest which just contributes to the bank’s profitability.
I say turn those profits in your favor by changing the way you bank. The President’s Choice no-fee chequing account is an example of a bank account that helps you to be more profitable by turning your bank account into a profit center where you can actually earn interest on the money you save and pay no monthly fees at the same time.
High-interest bank accounts and ice cream
One might ask what ice cream has to do with bank accounts. Not much except that you could afford to buy more ice cream with the money you save from paying fees at the conventional banks. In fact, if you open up a no-fee bank account at a President’s Choice in-store pavilion across Canada before July 31st, you will receive a coupon for a FREE tub of President’s Choice ice cream.
Other bank account options
Both President’s Choice Financial and Tangerine have come out with new no-fee chequing accounts but their interest rates are not great. However, if you couple these accounts with high-interest savings accounts, then you can really take advantage of higher rates and no-fee banking. President’s Choice also links their banking into PC points that can be used at Superstores, Extra Foods or Loblaws.
Other options for bank accounts include Ally, which has really made a mark by offering really competitive rates. They do not have cheque options so you may need a chequing account somewhere to write cheques.
My two cents
Many people have asked me which account I use and I am never afraid to share. I have been banking with Manulife Bank using their Advantage Account since 2002 and I have never looked back. My bank account is a chequing account that pays high fees with no minimum balance requirement. I love my account and it’s the only account I have.
I also have a President’s choice savings account that we opened up a long time ago but we do not really use the account. If you find it easier for us to just use one account instead of two and I like that Manulife makes it easier to just use one bank account instead of having to separate a chequing account from a high-interest savings account.
Note: I do not get any financial kickbacks or commissions promoting these accounts. There are no affiliate links here. I do not sell or profit from these accounts so use this information for what it is worth. As much as I think high interest and no-fee bank accounts are great, do your homework to see if they fit with your finances.
Are you using a high interest or no-fee bank account? If so, please share with my readers so we can all benefit from the good, the bad and the ugly when it comes to banking.