I’m kind of excited to see this happen. There are some banks out here that have nice feature sets (ATM fee reimbursements, free cheques, no foreign transaction fee, rewards on debit) but absolutely atrocious online/app banking. Being able to look at those accounts through Monzo would be pretty nice.
You’re thinking of Charles Schwab aren’t you?!
I’m thinking of a mix of banks both offline and online, but Schwab is definitely the first or second one.
Schwab- free cheques, ATM fee reimbursements (month-end), no foreign transaction fee
Fidelity- free cheques, ATM fee reimbursements (instant), no foreign cash withdrawal fee (1% fee on international purchases)
CIBC- ATM fee reimbursements (instant) up to $50/month, no foreign transaction fee, 1% back on debit purchases up to $2000 per month
SoFi (prepaid card version)- free cheques, ATM fee reimbursements (instant), 0.2% foreign transaction fee, sporadic debit card rewards (usually in the form of SoFi matching savings round-ups around the holidays)
Specific mention to SoFi because now that they have a bank charter they’re trying to migrate me away from the prepaid card account to a proper bank account, but I’d have to give up my ATM fee reimbursements if I do, so I’m hanging on to that as long as I possibly can. My pre-pandemic travel patterns took me to relatively cash-heavy countries so I want to hang on to that.
All of these bank accounts are great value in terms of what you’re getting for no monthly fee, but the savings obviously means cutbacks to the IT budget because their online and mobile banking offerings are minimalistic at best. SoFi’s is best of the bunch, since they were mobile-first, but they still don’t put a lot of focus on budgeting.
Closing this topic in favour of this one:
(I originally created this topic, and Alan has given his blessing to very light maintenance by CC where uncontroversial, before anyone asks)