Keeping your financial accounts at many different institutions can be a costly experience. Many institutions will reward you for consolidating your finances in one place. The rewards can be lower borrowing rates or a reduction on fees.
By consolidating my finances to one instituion, I now have no fee chequing accounts which saves me $13.95 per month or $167.40 per year. While reviewing these fees, I noted that if you have over a certain dollar threshold in your investment accounts (total household assets for your registered and non-registered accounts) you can reduce your commission charge on each trade from $28.95 to $9.95. Even with only 10 trades per year, you can reduce your fees by $200.
Today, consumers hold savings or investment accounts, registered retirement savings accounts, registered education savings plans and tax free savings accounts. The combined total of all of these accounts just might bring you over the minimum household (single or joint accounts at same address) threshold and reduce your annual trading fees.
Happy Saving
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