A lot of us end up banking where our parents banked. But things are a lot more complicated these days, with new online options, credit unions, etc.

Below I list where my money is. These are not recommendations by any means, simply what I use!



TD All-inclusive banking plan: The All-inclusive TD account I have has a $5000 account minimum, unlimited transactions and interac e-transfers, no fees on non-TD ATMs, a free TD VISA Infinite First Class Travel Card, free small safety deposit box, free cheques, bank drafts, money orders, certified cheques, etc.

Investments are held in a TD TFSA, RRSP, and non-registered account, though there are plenty of other cheaper self-directed and managed options out there if you wish to minimize fees. Questrade and Wealthsimple are both brokerages that friends of mine use with no complaints

  • Opportunity cost: $350.00 per year, assuming 7% return on the $5000 minimum, made back through free safety deposit box rental valued at $60.00 annually, credit card reward points, and the credit card’s free travel medical, trip cancellation/disruption, and auto rental insurance, all of which I use when I travel.


*EQ Bank Savings account: A less familiar option that offers an attractive 2.0% interest rate. No minimum balance required, free interac e-transfers, unlimited online transactions. Money can only be moved online and physical cash withdrawals are not possible. EQ Bank currently does not offer TFSA or RRSP options. Note that EQ Bank is run by Equitable Group, which specializes in the subprime lending. Your funds are also CDIC insured for up to $100,000. Use the link to get a free $20 referral bonus if you choose to sign up.

  • Opportunity cost: $0.00


*Tangerine Chequing & Savings accounts: no minimum balance required, unlimited transactions, interest on chequing accounts and  savings accounts, with certain promo rates depending on the time of year. Free first chequebook and physical cash withdrawals possible through Scotiabank ATMs. TFSAs and RRSPs are also offered. If you wish to open an account, use my orange key 45253222S1 and we’ll both get $50.00!

  • Opportunity cost: $0.00

*Why two online banks in Tangerine AND EQ Bank? Simple: Tangerine’s interest rates are fluid because of random promotions throughout the year and can sometimes exceed EQ Bank’s. I simply move my emergency fund between both banks to get the best rate possible at any time of year.