Coast Capital Elevate Chequing Account review

The basics

• Unlimited day-to-day transactions. You can make unlimited monthly transactions including drawing cheques, withdrawing money from Coast Capital and THE EXCHANGE Network ATMs, pre-authorized payments, bill payments and transfers between Coast Capital accounts.
• Unlimited free Interac e-Transfers. You won’t pay any fees to send or receive Interac e-Transfers with this account.
• Cheque book. You get one free Canadian cheque book with 50 singles per year.
• Online and mobile banking. You can manage your account via Coast Capital’s online and mobile banking platforms.
• $16.95 monthly fee. The Coast Capital Elevate Chequing Account comes with a $16.95 fee as standard.
• Monthly fee discounts. You can save on your monthly account fee in the following scenarios:
  • You only pay an $8.50 monthly fee if you are 25 years or younger, 59 years or older, or if you maintain a minimum daily You'll pay a reduced monthly fee of $8.50 if you maintain a minimum balance of $4,000 at all times, or if you’re either 25 or younger or 59 or older..
  • You only pay an $11.95 monthly fee if you deposit payroll or another eligible direct deposit into your account.
• ATM withdrawals. In addition to fee-free Coast Capital and THE EXCHANGE Network ATM withdrawals, you also get two free Interac ATM withdrawals in Canada per month.
• International ATM withdrawals. If you need to access your funds while travelling overseas, you can take advantage of three free international ATM withdrawals per year.

The perks

• Credit card fee rebate. Open a Coast Capital Elevate Chequing Account and you can take advantage of a $50 one-time first-year credit card fee rebate on a World Mastercard, Cash Back World Elite Mastercard or Centra Gold Mastercard.
• Free access to Coursera. Account holders get free access to a Coursera for Business licence. This online learning platform provides educational courses from leading universities and institutions, and this licence is valued at $538 per year.
• Free access to ID Assist. Account holders get free access to the ID Assist monitoring service that is designed to protect you against identity theft. This feature is valued at $156 per year.

What to watch out for

• Monthly fee applies. Even if you’re eligible for a fee discount, you’ll still need to pay a monthly fee on the Coast Capital Elevate Chequing Account.
• Not available in Quebec. This account is not available to residents of Quebec.
• Interac network ATM withdrawals. Once you’ve used up your two free monthly withdrawals, a $2.50 fee applies to subsequent withdrawals.
• Overseas ATM withdrawals. Once you’ve used up your three free international ATM withdrawals per year, you’ll pay $5 for each subsequent withdrawal.
• Administration fee on overseas ATM withdrawals. A 2% administration fee applies to overseas ATM withdrawals.

Compare with other chequing accounts

What should I know before I apply?

This account is available to Canadian residents, with the exception of residents of Quebec. You’ll need to be the age of majority in your province or territory to open an account.

You’ll also need to become a Coast Capital member to open an account. $5 from your first deposit will be used to purchase your Membership Equity Shares.

How do I open a Coast Capital Elevate Chequing Account?

You can open a Coast Capital Elevate Chequing Account online in around five minutes.

You’ll need to provide your:

• Name
• Address
• Date of birth
• Email address and phone number
• Social Insurance Number

Bottom line

The Coast Capital Elevate Chequing Account is well worth a look if you need an account that lets you perform lots of day-to-day transactions. There are a few extra perks to sweeten the deal, and qualifying for the monthly fee discount adds increased value. Compare the Elevate Chequing Account with a range of other options to work out if it’s a good fit for your banking needs.