The current pandemic has dramatically altered the way we live and, unfortunately, has made many Canadians less financially secure. We have put together this guide to give Canadians a few ideas to save money on banking fees. If you have any other ideas we'd love to hear them! Come participate in the discussion on Facebook or Twitter.
1. Switch to a No-Fee Credit Card
I am a big proponent that the annual fee on many credit cards is often worth it. They provide great rewards, save you money on travel insurance (when it's included), and often come with other great travel perks. But unfortunately, it is pretty unlikely with the current situation many of us will be travelling anytime soon, and many of us are also spending less, so therefore the annual fee is less worthwhile. It may be a great time to switch to a credit card with no annual fee. Check out the best no-fee credit cards.
2. Save Monthly Fees on Your Chequing Account
If you bank at a major bank, chances are you either are paying a monthly fee just to hold a chequing account, or you hold a minimum balance to waive this monthly fee. Believe it or not, some banks that offer almost all of the same services and chequing accounts with no monthly fees. Check out the best chequing accounts in Canada.
3. Move to a Better Savings Account
Now is an especially good time to make sure you have an emergency fund that is large enough to cover at least a few months of expenses. But if you don't store your emergency fund in a High-Interest Savings Account (HISA) with a good interest rate, you are throwing away some money every month. Check out the best High-Interest Savings Accounts (HISA).
4. Save Money on Your Investments
With the stock market being unpredictable recently, you want to ensure you get the best investments possible. But did you know that if you invest in mutual funds, you are likely being charged high fees whether or not your investments are earning money? You could save almost 2% of your portfolio every year by switching to lower-cost options such as a Robo-Advisor. Read our guide to investing to understand why we recommend Robo-Advisors. For the lowest fees possible, we recommend Questwealth Portfolios as they only charge a 0.25% fee (0.20% after your first $100,000). Click here to get your first $10,000 managed for free.