I recently spent some time looking into my personal finances and realized I probably didn’t have the right banking package for my needs. While doing this research I found out about a very practical tool from the Financial Consumer Agency of Canada that helps you compare and select the best banking package possible for your needs.
Personally, I mostly make expenses using my credit card to avoid having to pay Interac fees, the result of this being that my monthly amount of in-branch and online transactions going through my bank account is very low (less than 10 a month). When I looked into this I realized that my package was adjusted to allow 40 a month.
Now, this would be great if this high amount of transactions didn’t come with some sort of compensation for the bank. In this case, the minimum balance of cash required for me to have in my Savings Account to not pay banking fees was set higher to compensate the high number of transactions allowed. In other words, readjusting my monthly limit of allowed transactions enabled me to free up some cash to invest elsewhere. How convenient!
Head to the Banking Package Selector Tool available at fcac-acfc.gc.ca to compare the different Savings Accounts and Banking packages out there. The tool is available for all provinces and territories and is extremely easy to use.
This simply makes sense doesn’t it? I can’t believe I hadn’t done it earlier. Have you?