A couple of months ago, I took the plunge and finally got rid of my Big Six bank account.

I was paying $4 a month for no real reason – most of the Big Six banks charge a fee unless you’re a student, senior or have a minimum balance. I’ve since switched to Tangerine and Wealthsimple as my only bank accounts, and my banking experience is simpler and less cluttered.

There are other companies that offer some of the benefits I’m about to talk about: EQ Bank and Simplii are two notable ones, while Questrade and Koho are moving toward getting a banking licence.

If you’re wondering: Yes, you can speak to a real person by phone when you need help with your online banking. And often it is faster than heading to a physical bank and waiting in line.

No more fees

I don’t like to have a bunch of my money parked in a chequing account just to save on fees, especially when that money could generate better interest elsewhere. I also don’t have the kind of savings that would get banks to waive my fees – and I’d rather keep my investments elsewhere.

So I was always going to have to pay that $4, and it was getting frustrating – especially when I forgot to top up my account and had to pay an overdraft fee.

Online banks simply have a better user experience.

Whether you’re with a bricks-and-mortar bank or not, you probably do most of your banking online. And I find the apps and websites for my no-fee accounts much better.

The way Tangerine shows me all my different savings accounts – which I use to divvy up my money for mortgage payments, vacation savings and other expenses – looks a lot better and makes it easy for me to see exactly where I’m at.

Both Tangerine and Wealthsimple process my paycheques a day earlier. It’s not a huge deal, but it helps me get organized before expensive weekends.

Cash from anywhere

Wealthsimple’s cash card allows you to withdraw money from any ATM and reimburses the fees. It was why I first took a chance on the card, and it is now one of my favourite features. EQ Bank is another institution that reimburses domestic ATM fees.

There are workarounds for some of the concerns

Two things that gave me pause about ditching my Big Six bank account was whether I could receive wire transfers and quickly get bank drafts.

But now, money transfer companies such as Wise allow you to do wire transfers for cheap. And, with enough planning, you can get a bank draft couriered to you from an online bank.

Do you have thoughts about online banks? Share them with me at sfarooqui@globeandmail.com.