Personal Finance FI

Coast Capital Free Chequing Account Review

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Coast Capital: Worth the switch?

Previously, I had a chequing account at a big bank (who shall remain unnamed). And, while that account did the job, it had one major flawā€”there was a monthly fee. I HATE banking fees! šŸ˜¤

I considered switching to a no-fee chequing account from Tangerine or Motive, but they don’t offer in-person service. Call me old-fashioned, but I still need to go into the branch for things like:

  • Same-day bank drafts.
  • Large cash withdrawals (larger than is allowed from ATMs).
  • Crisp, new bills for gift-giving.
  • Stamped and signed forms for pre-authorized deposits (some institutions require this).

In short: I still need the in-person services that big banks offer, but I want the zero fees of online banks! Unfortunately, none of the accounts I looked into met both those requirementsā€¦ until I found the Free Chequing, Free Debit, and More AccountĀ®.

Disclosure:Ā This is not a sponsored post. All views presented here are honest and my own. However, some of the links in this review are referral links. That means I may receive a commission if you open aĀ Free Chequing,Ā FreeĀ Debit, and More AccountĀ®Ā through my link.

TheĀ Free Chequing,Ā FreeĀ Debit, and More AccountĀ®

When I heard about the Coast Capital Free Chequing,Ā FreeĀ Debit, and More AccountĀ®, I couldn’t believe what a great offering they had. (And I wondered why it took me so long to discover them!)

This accountĀ has just about everything I’m looking for in a chequing account:

  • No monthly fee.
  • No minimum daily closing balance amount to waive monthly fee.
  • Unlimited day-to-day transactions*.
  • Free withdrawals and deposits at over 4,000+ ding-freeĀ®Ā ATMs across Canada.
  • Over 50 branches throughout Metro Vancouver, Fraser Valley, Vancouver Island and the Okanagan.

*Transactions include cheques, Coast Capital SavingsĀ®Ā and THE EXCHANGEĀ®Ā Network ATM withdrawals, Interac Direct Payment, pre-authorized payments, bill payments, transfers (between Coast Capital Savings accounts), and withdrawals. Other conditions apply. Please see detailsĀ here.

For a no-fee account with no minimum daily balance, that’s a fantastic list of features! It was enough that, in 2019, I finally made the switch away from my big bank.Ā 

However, my review wouldn’t be complete without also revealing the downsides of theĀ Free Chequing,Ā FreeĀ Debit, and More AccountĀ®ā€¦

Two minor downsides

While I love all the features of theĀ Free Chequing,Ā FreeĀ Debit, and More AccountĀ®, there are two minor downsides:

  1. There’s a $1.50 fee per Interac e-transfer (most banks include at least two free per month).
  2. Coast Capital doesn’t offer free cheques (Tangerine and Motive both offer the first 50 cheques free).

My workarounds

TheĀ Free Chequing,Ā FreeĀ Debit, and More AccountĀ®Ā is just too good to pass upā€”I can’t let two tiny issues get in the way. I gave it some thought, and came up with some easy workarounds:

  1. UseĀ one of my other accountsĀ to send Interac e-transfers for free.
  2. Order low-cost cheques through a non-bank supplier ($25/100 cheques with free shipping).

Note: there’s one more downsideā€”Coast Capital branches are only located in BC. šŸ˜•Ā But if you don’t need in-person services, you can still open an account from any other province.

My experience so far

I’ve had myĀ Free Chequing,Ā FreeĀ Debit, and More AccountĀ®Ā since 2019,Ā and couldn’t be happier. But it’s not just the account I’m happy withā€”I’m also thrilled with Coast Capital.

Banking with them has been such a breath of fresh air. Whether in-person or on the phone, I always receive nothing short of exemplary, friendly service. Each time I walk out of the branch or hang up the phone, I do it with a smile (really)!

Also, the digital banking experience at Coast Capital is top-notch. I’ve used many big bank websites and apps, and most leave a lot to be desired. That’s not the case at Coast Capitalā€”their website and mobile app are well-designed and easy and enjoyable to use.

Finally, there’s another huge advantage that can’t be overlooked: throughĀ the Exchange Network, I get aĀ muchĀ larger network of no-fee ATMs at my disposal. In my area, there areĀ 12Ā ATMs to choose from! (In comparison, my big bank only offeredĀ four ATMs near me.)

In summary, I’ve been very pleased with theĀ Free Chequing,Ā FreeĀ Debit, and More AccountĀ®Ā andĀ my banking experience at Coast Capital.Ā After nearly three years of using this account and working with Coast Capital, I can confidently and happily recommend them. šŸ‘Free Chequing,Ā FreeĀ Debit, and More AccountĀ®

Will you make the switch?

I’ve been using myĀ Free Chequing,Ā FreeĀ Debit, and More AccountĀ®Ā since 2019 and couldn’t be happier. If you’re thinking of making the switch from your big bank, feel free to comment with any questions you haveā€”I’m happy to help.

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You can also support this blog by visitingĀ my recommendations pageĀ and purchasing through the links. Note that not every link is an affiliate linkā€”some are just favourite products and services that I want to share. šŸ™‚

As always, however you show your support for this blogā€”THANK YOU!

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  • Reply
    October 30, 2022 at 10:27 am

    Thanks for this, Chrissy! I do agree that as much as I love online banks, sometimes in-person service is required….I’ll sign up using your link šŸ™‚ Thank you always for sharing good stuff with your readers!

    • Reply
      October 30, 2022 at 10:00 pm

      Hi Vanfireā€”thank you so much for using my link! I’m grateful for your support. šŸ§” More importantly, I hope you like Coast Capital as much as I have!

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