Picking up the thread from the previous post on this topic, I spent some time comparing fees. Using my current TD Canada Trust Infinity account as the control, I looked at BMO and PC Financial.
My first observation is that BMO offers many plans, with basic permutations based on account activity requirements, overdraft needs, and travel and out-of-Canada services. PC Financial on the other hand, true to its marketing model, offers just one everyday account plan. For the purposes of my investigation, I chose BMO's i.connect plan as it most closely reflected my needs.
Here are how the fees look:
Based on these numbers, I estimated my annual fees would be $51.80 with TD and $44 with BMO, assuming my balance drops below the required minimum 4 months of the year. With PC Financial I would pay no fees at all.
These costs assume that I wouldn't go over the 60 transaction limit with BMO, that I limit my ATM usage to the home bank (as I do now) and that I waive the cheque return/monthly paper statement. As I do all my banking online, I'm also not concerned with assisted service fees.
After this initial pass, its obvious PC Financial is the front runner. I still need to weigh the benefit of incentive programs (Air Miles vs. PC Points) and look at online banking.
If you are a BMO or PC Financial client and I've gotten the fees wrong, please let me know.