There are a number of questions you need to ask yourself when choosing both a bank and type of account.
1) What is my account going to be used for? Is it a personal account, that will be linked to credit cards, mortagages? Line of Credit? business accounts? etc. Is it a commercial account, that you will use?
2) What is the volume of transactions going through the account? Will you get paid a couple times a month? Or do you get multiple payments a month? How much do you use a bank card? Do you make most payments on-line? Debit Card? Credit Card? What kind of balance do you hold in the account?
3) Do you have any banking requirements in the US? or other countries?
In Canada, none of the big five banks has a real advantage or disadvantage on each other. It usually comes down to which bank is the most convenient and you are most comfortable with. If it is a personal account this is even more true.
In Commercial Banking, which I will admit is where I work, it is more about the the larger relationship. Having a good Account Manager and good working relationship makes all the difference in the world.
Now for the a quick fact check. No Banking Account is truly "Free" or no service fees. They are getting you somewhere else. The best thing you can do is sit down and get an account that makes the most sense. Some accounts will give you a free transaction for every x amount of $ you have in the account per month. Some pay better interest. Some have more free transactions etc.
Most people skip over the account and fees and just say "give me a chequing account and on-line banking" Educating yourself before going in is crucial.
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