Signing up for one bank service will likely lead to offers for more. The perks of these bundles include convenience and—even better—saved cash. But consider these things before jumping in.
For the homeowner
Mortgage packages may offer a rebate on your banking fees—or let you bank for free—if you open other accounts, as well. For instance, signing on to the CIBC Homeowner bundle will cut your monthly chequing account fee by up to 50 per cent, provided it includes your mortgage or home equity credit line, a savings or investment account and a credit card or credit insurance.
For the spender
Nearly all bundles require a credit card. Qualifying cards typically range from basic low-fee cards to premium cards with additional perks—the ability to earn reward points faster, and discounts on travel and insurance—but they can come with high annual fees. Match the card you choose with your spending habits carefully, or the fees could offset your savings.
For the saver
Many bundles include savings and investment accounts. At RBC, for example, all bundles offer an investment account, in which you can hold registered investments—such as RRSPs and TFSAs—as well as GICs and mutual funds. By having all accounts in one place, money can be moved between investments quickly and usually at no charge. And when you do withdraw from your chequing or savings account you can save on ATM fees—some packages give you free withdrawals from other banks’ ATMs.
Read the fine print
You can’t combine a bundling rebate with other incentives you may already be getting, and your bank can change or cancel the offer without notice. If you no longer qualify—because you closed one of your accounts, for example—your bank will reinstate your regular fees.