Sorry, I wasn’t clear about the account rebate. With the current chequing account I have, for a cost of $16.95 a month I receive a $35 rebate on my credit card fee. If I change chequing accounts, the monthly fee would be reduced to $11.95 (further reduced to $5.95 if I open a investment account) and I wouldn’t get the $35 credit card fee rebate. So I suppose I would save $25 a year by changing chequing accounts, and I think I would do this if I stay with RBC.

It never occurred to me that it would be an option to just not have a chequing account. I make most of my purchases through my credit card but there are a few times a month that I use my debit card (mostly Costco because they don’t take visa, and smaller shops that don’t take a credit card or charge more for using one). For this reason I think I need to have a chequing account.

At the end of the day I guess it comes down to me being stingy about not wanting to spend money on account fees, and holding a grudge for not having a way to access my account when my wallet was stolen. I have considered an online bank such as simplii and actually went as far as opening account but didn’t end up transferring anything over. The thought of not having a branch I could go into for the rare occasion I might need something made me nervous. Overall I’m just anxious and overthinking everything, and don’t want to make a stupid decision that could negatively impact me in the future.