How to Bank on a Budget

Because there’s nothing worse than having to pay to access your own money, we’ve rounded up the best institutions for you to bank on a budget.

With so many banking options available across Canada, it’s difficult to decide which bank and account type is best for you. As young people, we often fall into the trap of simply banking with the financial institution set out for us by our parents. While there is nothing wrong with this (by now you’ve likely built a reputation with your childhood bank and determined convenient ATM locations,) you shouldn’t be afraid to explore the other budget-friendly banking options available. Many banks offer free banking packages and money saving incentives in order to attract new customers and increase existing customer loyalty. To aid your decision-making, we’ve rounded up some of the best options for how to bank on a budget.

President’s Choice Financial

We’re suckers for anything FREE, especially when it comes to managing our money. With no physical bank branches, you’ll experience free banking and plenty of perks like free groceries when banking with President’s Choice Financial. An extension of CIBC, PC Financial offers no fee banking across all account types for the extreme saver. Take advantage of in-store ATMs at all Loblaw grocery chains and additional banking services at any CIBC bank branch.


Banking cafes? Yes, please! Tangerine gets the millennial customer with trendy banking cafes where clients can utilize financial planning tools and resources in a welcoming lounge environment. This is in addition to offering clients no-fee daily chequing and savings accounts and no minimum balance. Sign up for Orange Alerts, email updates that notify you the second your money is moved – either a deposit or withdrawal – so that you can monitor every penny.  In need of a bank branch or ATM? Bank with Tangerine conveniently from any Scotiabank branch or machine.



Unlike other financial institutions, Meridian is a credit union, meaning that they operate with the priority of providing value for their members. So what? Well for starters, there are no costly banking fees – Meridian’s Limitless Chequing Account offers unlimited free transactions and withdrawals for members aged 18 – 29. Having trouble securing a loan or mortgage? An added benefit to banking with Meridian is that each branch location operates independently and has the flexibility to provide different banking solutions based on the community in which it operates.

TD Canada Trust Bank

Get budget savvy by monitoring your spending using the unique MySpend App for TD Canada Trust clients. We love the MySpend App because it seamlessly syncs with your eligible TD accounts and credit cards and tracks them by category in order to get a better understanding of your spending behavior. Monthly MySpend reports and alerts help you to understand your spending habits and tweak according to your budget goals.

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