It will depend on what you need to do with it, what local in branch access you require, and what promotions are being run at that time.
Generally, but not always, smaller providers (certain credit unions, ING type accounts) will provide for lower fees but with reduced availability of branches.
Your best bet is to create an exact scope of what you need (how many accounts, how many transactions per month, what type of transactions, how much ATM use will you require) and then contact the branches in your area that provide you the access you want for pricing.
Yes I hear you thank you. As of now I require 3 checking and 1 saving, I do expect to need more checking accounts in the future. BMO should work for this, they are $14 per month for up to 20 accounts. ;-)
TD personal has minimum balance amount that you have to maintain to waive the monthly fee. I believe it is $1500 balance and you get 10 transactions free in a month. If you need more then that the balance requirements increase.
On a business side if you do not have to deal with physical transactions RBC's eBusiness account is very attractive. This is a no fee/no minimum balance account.
I use a CU account(s). It allows me to have 'sub accounts' (i believe about a dozen or so) with no additional charge. However, the last 4 Scotia mortgages I got they (scotia) did not properly add my account data so payments never came out until I called them. Apparently not everyone realizes ALL those little numbers are important!
Our business is with BMO and they have been great.
You can have up to 10 accounts linked on one debit card and can accessed online, each with a different prefix which makes ATM deposits much easier. My business is quite complicated from a banking perspective and they have not let me down.
I'm doing some similar research and am not focusing on the relatively small monthly costs as much as their service. I recommend you focus more on the individual at the bank that will be servicing you. Ie your business banker. Once you have a great business banker you won't mind a couple cents extra per month.
Also consider how well the bank has been doing in recent fiscal periods. This will affect whether the bank will be lending. very handy when you need to finance a renovation or similar.
I've heard RBC allows upto 10 accounts on one ATM card. Also very handy when depositing rent checks to 5 different accts after banking hours.
Thanks again. U may be right 10 per card but 20 under the banking plan. My new banker seems good so far, I was not happy at my other bank and this is cheaper which I know is not the only thing to take into account which it wasn't. Even a different branch when u move u can receive poor service with the new FSM. I plan on moving in the near future so which FSM I use now is redundant.
As an added comment to all of you who are depositing multiple cheques into multiple accounts - WHY???
Here's an idea that I've used successfully for many years.
Have one main account for all rent deposits basically your property management account.
Use EFT (Electronic Funds Transfer) instead of cheques.
Have other accounts for your JV's etc (if you need to and for easy book-keeping) where your mortgage payments, taxes, insurance come out of for the JV property etc. (One account per partner kinda thing).
Have the full amount of the rent (per property) go to the specific account for that property on a later date, I use the 10th, which gives everything time to clear. This can be set up as an automated transfer from one of your accounts to another (at the same bank), the slush funds in each account will cover your mortgage payment (which probably comes out on the first) while you wait for the automated transfer to take place.
One location for deposits & EFTs and easy tracking of all payments.
By the way, never have duplicate rent amounts if you can, off-set everything by a dollar so you know whos rent bounced when it happens - Easy Peasy.