Author Topic: Any value staying with the big banks?  (Read 6517 times)

ricelife

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Any value staying with the big banks?
« on: November 19, 2023, 07:36:52 PM »
Trying to simplify my finances so it will be easier/faster for me to rebalance and track net worth

I have a big bank direct investing account with one of my RRSP accounts there. This is a legacy account since I have my joint chequing account there too

Majority of investments are at Questrade now though

Any value keeping the big bank investment account? Or move all to Questrade for ease?

Lews Therin

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Re: Any value staying with the big banks?
« Reply #1 on: November 19, 2023, 07:48:24 PM »
Is there a cost related to it?

Is it more effort to switch then just leave it alone?

Time/effort calculation.

techwiz

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Re: Any value staying with the big banks?
« Reply #2 on: November 20, 2023, 07:06:39 AM »
This is also something I also question from time to time.

I think having everything in one place would help with efficiency and limit complexity. However,  I have multiple accounts for investing and banking and justify keeping them separate for the reasons of having options (switching, moving my business elsewhere) and not being at the mercy of one corporation, spreading out my risk of outages, hacks etc.

The big banks have physical presence in my area that if needed I could walk into and talk to someone face to face. However, lately the staff at branches are not as knowledgeable and having less influence at solving issues or problems.

I will likely keep things separate for now because I enjoy crunching the numbers and doing the work, however I would not rule out consolidating in the future. 


ricelife

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Re: Any value staying with the big banks?
« Reply #3 on: November 20, 2023, 11:40:43 AM »
Is there a cost related to it?

Is it more effort to switch then just leave it alone?

Time/effort calculation.

Most likely not because Questrade would reimburse any transfer fees and generally it is more of the pain of moving. I have already moved several accounts in the past (eg my TFSA) which was no big deal but I hesitated to move one locked in RRSP thinking I might still need the services of the brick and mortar bank. But so far I have never needed

Plus, the spouse has all his investments there and apparently I donít need to worry about leaving them

ricelife

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Re: Any value staying with the big banks?
« Reply #4 on: November 20, 2023, 11:41:36 AM »
This is also something I also question from time to time.

I think having everything in one place would help with efficiency and limit complexity. However,  I have multiple accounts for investing and banking and justify keeping them separate for the reasons of having options (switching, moving my business elsewhere) and not being at the mercy of one corporation, spreading out my risk of outages, hacks etc.

The big banks have physical presence in my area that if needed I could walk into and talk to someone face to face. However, lately the staff at branches are not as knowledgeable and having less influence at solving issues or problems.

I will likely keep things separate for now because I enjoy crunching the numbers and doing the work, however I would not rule out consolidating in the future.

Yah this has totally been me for a long time but now Iím thinking of making the switch.  Need to ponder this further

Prairie Moustache

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Re: Any value staying with the big banks?
« Reply #5 on: November 20, 2023, 10:17:57 PM »
Wealthsimple gave me about $1400 in transfer bonuses plus covering account transfer fees to transfer my RRSP and TFSA this year.

ricelife

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Re: Any value staying with the big banks?
« Reply #6 on: November 25, 2023, 07:20:15 AM »
Very nice! Right now they are having a deal if you transfer $100 or $200k you can get an iPhone 15.

Iím thinking about it. Would be nice to get a free phone upgrade

Heckler

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Re: Any value staying with the big banks?
« Reply #7 on: December 06, 2023, 02:38:26 PM »
When my self-directed big bank brokerage used to charge $9.95 per trade, I saw value in moving but was leary of new startups.  Now that the big bank offer a list of the most common ETFs to buy and sell for free, and I pay no banking fees except for having to hold $4k in a chequing account to waive day-to-day banking, I like the security of "big bank".

nihilism122

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Re: Any value staying with the big banks?
« Reply #8 on: January 28, 2024, 07:31:03 AM »
I kept mine, but opened a new one with Wealthsimple a few years ago.  I like it because it keeps me from checking my old portfolio.  I just leave it alone to compound and ride out market swings while I use Wealthsimple for all my new money.  I also find the challenge of building up a new portfolio is motivating me.  This is all purely psychological, of course, but it's working very well for me.

Prairie Moustache

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Re: Any value staying with the big banks?
« Reply #9 on: February 07, 2024, 04:32:34 PM »
On top of the $1400 in bonuses they gave me I also somehow was eligible for the iPhone 15 promo and the process to move over was quite painless. Literally clicked three buttons and entered an account number. Everything in kind. The only downside I can currently think of with Wealthsimple is that they don't support Norberts Gambit if that's something that is important to you.

ricelife

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Re: Any value staying with the big banks?
« Reply #10 on: February 24, 2024, 07:41:41 PM »
On top of the $1400 in bonuses they gave me I also somehow was eligible for the iPhone 15 promo and the process to move over was quite painless. Literally clicked three buttons and entered an account number. Everything in kind. The only downside I can currently think of with Wealthsimple is that they don't support Norberts Gambit if that's something that is important to you.

Wow how did you get the $1400 bonuses? I just moved my TFSA to WS to get the iPhone 15 promo.
Instead of simplifying I now have added WS lol! Will re evaluate next year again so I can keep this iPhone

Lews Therin

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Re: Any value staying with the big banks?
« Reply #11 on: February 25, 2024, 10:51:04 AM »
Wealthsimple also doesn't have self-directed RESPs

Prairie Moustache

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Re: Any value staying with the big banks?
« Reply #12 on: February 25, 2024, 08:31:56 PM »
On top of the $1400 in bonuses they gave me I also somehow was eligible for the iPhone 15 promo and the process to move over was quite painless. Literally clicked three buttons and entered an account number. Everything in kind. The only downside I can currently think of with Wealthsimple is that they don't support Norberts Gambit if that's something that is important to you.

Wow how did you get the $1400 bonuses? I just moved my TFSA to WS to get the iPhone 15 promo.
Instead of simplifying I now have added WS lol! Will re evaluate next year again so I can keep this iPhone

I think it started with my TFSA - they emailed me and offered $500 to transfer my TFSA, and I said how about $700 and they said how about $650. Then same deal with my RRSP, $750. That was before the 0.5% match promo. Then I transfered my LIRA for the iPhone (they just began offering self directed LIRA's).

Similar to Lews note they also don't offer self directed spousal RRSP's yet. Might be one of their ways of drawing people in and hoping they open up their managed accounts.

I also emailed them because I told a friend (who's an existing WS customer) that he can hold his USD ETF's there so he transferred his RRSP and they flipped me $50.

Stasher

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Re: Any value staying with the big banks?
« Reply #13 on: February 26, 2024, 11:26:14 AM »
I have always found staying with the big banks the easiest and most practical for me. The big consideration now is because of the banks like Tangerine, my accounts at Scotia and CIBC are completely free of all charges. I carry the $5000 or whatever it is now minimum balance at both big banks to qualify for waived premium fees. Bonus perk at Scotiabank as I have the Momentum Chequing, Saving and Credit Card accounts is that the credit card is now free annual premium too. I was at Scotia iTrade but moved over to CIBC Investors Edge self brokerage a few years back because of a $5000 transfer bonus. I also have my mortgage and my credit lines at these banks, so to avoid having things everywhere I just stay in the same place as any extra hassle I couldn't be bothered with.

One extra thing to note, I have used MINT for 12 years and it is now shutting down, this sucks and was how I tracked everything. I recently noticed that CIBC with their online banking has almost the identical budgeting and tracking of spending/income to MINT. So if you want to be able to track everything, a CIBC chequing account and credit card would get you this bonus nice to have for us MMM types who like number crunching.
« Last Edit: February 26, 2024, 11:28:34 AM by Stasher »

Gerard

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Re: Any value staying with the big banks?
« Reply #14 on: February 28, 2024, 08:02:49 AM »
my accounts at Scotia and CIBC are completely free of all charges. I carry the $5000 or whatever it is now minimum balance

This is what I've been doing, but I only recently realized that if I took that minimum balance and bunged it into other investments, I would get more than what I'm saving on my plan fees. YMMV (as I get discounted senior's fees).

BlueHouse

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Re: Any value staying with the big banks?
« Reply #15 on: February 28, 2024, 10:00:09 AM »
The main reason I have two checking (and savings) accounts are for all those places that require direct-debit and I don't want to give them access to the place where most of my money is. 

So my main checking/savings account is held at a high-interest online-only bank.  I use it as my main checkbook and have all of my automated payments paid out of the checking.  EVERYTHING runs thru that checking so when I need to track payments/cash flow, etc, it comes back to main checking.  If I have a big payment due, I move money from savings into checking, then make the payment. 

Any business that requires direct access to a bank account, I give them access to my brick & Mortar credit union checking account, then top that account off with cash from my main Ally checking every month.  Need cash?  I use the b&m credit Union as the ATM.  To me, it just makes things safer and while I'm describing it, it sounds a little complex, for me it's easier because that main account shows every single transaction.  Think of it as the only person who has access to my bank, is me.   

I do the same thing with email -- I have one true email, then a bunch of other throwaways that forward into my real email.  That way I walk away from Spam every few years, and I simplify my life. 

FLBiker

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Re: Any value staying with the big banks?
« Reply #16 on: February 28, 2024, 01:02:07 PM »
We have a chequing account and a mortgage w/ CIBC.  We came to Canada as newcomers in 2020, and CIBC was good to work with about getting a mortgage with a US address.  I've been reasonably happy with them.  I've never looked at their investment platform (we use Questrade) but one perk we recently got was we upgraded to the fancy chequing (no fees as long as we maintain a balance) and it covers the annual fee on a credit card.  I keep our savings at EQ Bank because the interest rates are way better.

 

Wow, a phone plan for fifteen bucks!