Personal Finance Canada

1347 readers

5 users here now

Come and discuss anything related to personal finance, directly or indirectly, with other Canadians!

founded 2 years ago

MODERATORS

affairesdepiasses

What financial services do you use? (self.personalfinancecanada)

submitted 2 years ago* (last edited 2 years ago) by MacroCyclo to c/personalfinancecanada

24 comments fedilink hide all child comments

I'm curious what products and services everyone uses. I like trying out new services, but it seems like the big banks are pretty effective at squashing competition.

I'll go first: Chequing - BMO Savings - Wealthsimple Investing - Questrade with Passiv Credit cards - BMO, Costco, Amazon

I have tried Brim (credit card) and Koho (kind of a chequing account), but eventually dropped them because they couldn't effectively replace BMO.

I'm interested to know everyone's experiences with their banks and other financial service providers.

Edit: This thread has been amazing! Thanks for all the replies!

you are viewing a single comment's thread
view the rest of the comments

[–] MacroCyclo 1 points 2 years ago (1 children)

For savings I'm using wealthsimple to buy CASH.TO. It gives a way better rate than anything on that list. It might not work for everyone, but it works for me.

That explains KOHO fairly well. I really don't understand who would need that.

[–] [email protected] 2 points 2 years ago (1 children)

@MacroCyclo But that's an ETF and it does take a few days to get the money out, whereas a HISA in a bank can be conveniently accessed and thus can be used as emergency funds; certain online ones (Alterna, motusbank, EQBank, etc.) very much offer the same level of functionality (bill payments, e-Transfer, direct deposit, etc.) as brick-and-mortar ones.

[–] MacroCyclo 1 points 2 years ago

That's why it works for me. In an emergency I just need to pay off my credit card at the end of the month.