The Peak Daily Keep it in cheque 💳 - Big banks cut chequing account fees, Switzerland votes down tax reform.
Dec 4, 2025
Big banks in Canada are cutting chequing account fees, offering $4/month options and free accounts for vulnerable customers. Meanwhile, Switzerland voters have surprisingly rejected a significant boost to inheritance taxes. The migration of millionaires is trending upwards, prompting discussions about the economic effects of welcoming the ultra-rich. Additionally, Canada has seen a surprising rise in labour productivity, against expectations, highlighting a potentially shifting economic landscape.
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Host Shares Personal Notes
- Alex mentions cutting his hand before recording and jokes about being loopier than usual.
- He also shares that he, Brett, and Taylor bought The Peak and asks listeners for support and reviews.
Switch To Lower-Cost Checking
- Watch monthly statements for new low-cost checking options and switch if it saves you money.
- Use free accounts for students, seniors, or people with disabilities and avoid high NSF fees after March.
Fees Are A Hidden Bank Profit Engine
- Account fees reached $6 billion last quarter and have grown 267% in 30 years, making them a major revenue source for banks.
- Digital-first challengers pressure incumbents but banks still rely heavily on fee income.