Cut unnecessary costs with one simple change to your banking Dec 10th

How to go about securing the best return for your investment in Canada.
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If you’re like many Canadians, you view bank fees as a necessary expense, but this couldn’t be farther from the truth. Paying a small fee each month isn’t usually much trouble, but over a whole year, it can really add up. The good news is that affordable banking has never been more in reach.

Recently, 14 financial institutions—including all 6 Big Banks—agreed with the Financial Consumer Agency of Canada (FCAC) to offer low- and no-cost bank accounts to all Canadians. Bank account shopping just got more profitable.

Is a different bank account really going to save me money?

If you already have a low- or no-cost bank account that meets your needs, making a change isn’t necessary. But for everyone else, there could be hundreds of dollars riding on it.

If you have a standard chequing account with any of the big banks, you’re probably paying between $15.95 and $17.95 per month. Over a year, that works out to around $200! That’s a couple hundred you could put towards your retirement savings (or into a rainy day fund)…

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