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Banking
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| Mosaic |
I know a few of you guys work in banks, so I just need some help choosing a bank to go with.
I just recently turned 18, and I want to get my banking accounts in order.
I have a chequing account @ PC Financial, and it is my main debit account because there are no fees. Also, my paychecks from Loblaws go there.
I also have a savings account with BMO. I haven't used it since I started @ Loblaws. I've never had a problem with BMO.
Now, I was just denied a PC Financial Mastercard for some reason, even though I've been an employee of Loblaws for 2 years. So, I've decided to get my SAVINGS and and CREDIT CARD set up at another bank (a REAL BANK), because I like going into full-fledged branches, not a pavilion in a grocery store (also, the customer service people there have NO clue about anything)
So, what would be the best bank to set up a savings account, and a visa/mastercard?
I am high school student (graduating in June), and will be working for about a year. I want an account where I can put savings for university, and I can expect the savings to grow. I want a simple credit card for making online purchases, and I don't need a limit more than a few hundred $$. My annual income is about $7000-$8000.
TD Bank? Bank of Montreal? National Bank? RBC?
any help is appreciated? |
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| malek |
| whatever you do, never ever get a line of credit. And tell them to max your visa/master card to 500$... thats the best advice a full-of-debt guy can give you :) |
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| psychosomatica |
| After receiving my acceptance letter this summer, I went to my bank, TD, and applied for a credit card. I was basically immediately approved at the customer service desk and was told that I should expect my credit card in the mail sometime soon. Now, I don't know if this has anything to do with my having a bank account with these guys for maybe a decade now. After I turned 18, I switched my youth account over to a student account with them. And, if your bank account is linked with your credit card, I think it's easier to apply for credit. I'm happy with TD Canada Trust.. I think RBC is pretty good with the whole student thing too.. |
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| Mosaic |
| quote: | Originally posted by psychosomatica
After receiving my acceptance letter this summer, I went to my bank, TD, and applied for a credit card. I was basically immediately approved at the customer service desk and was told that I should expect my credit card in the mail sometime soon. Now, I don't know if this has anything to do with my having a bank account with these guys for maybe a decade now. After I turned 18, I switched my youth account over to a student account with them. And, if your bank account is linked with your credit card, I think it's easier to apply for credit. I'm happy with TD Canada Trust.. I think RBC is pretty good with the whole student thing too.. |
out of curiousity... what are the fees like for using your debit card? |
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| k0nk |
Go back to the pavillion in your Loblaws, and tell the person working there that as a Loblaws employee, you should be pre-approved for the PC Financial Credit card, just like Superstore employees.
Also, perhaps keep applying for the PC Card... It took me 2 trys to get mine for some reason.
I don't have any other useful advice, because my other bank account is a huge line of credit :| |
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| Plavka |
it's hard to get a credit card if you're still in high school
once you're enrolled in college/university, they give you one right away
try banking with CIBC - no fees if your balance is kept over $1000
avoid TD like the plague :whip: |
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| Backlight |
| quote: | Originally posted by malek
whatever you do, never ever get a line of credit. And tell them to max your visa/master card to 500$... thats the best advice a full-of-debt guy can give you :) |
I’m not sure I agree. If you have debit you might as well consolidate it on a line of credit at 6% rather than paying 18+% on a credit card.
Or just be debt free like me!! :D |
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| Mosaic |
| quote: | Originally posted by k0nk
Go back to the pavillion in your Loblaws, and tell the person working there that as a Loblaws employee, you should be pre-approved for the PC Financial Credit card, just like Superstore employees.
Also, perhaps keep applying for the PC Card... It took me 2 trys to get mine for some reason.
I don't have any other useful advice, because my other bank account is a huge line of credit :| |
Yea, but what scares me is the fact that the people in the pavilion are useless, and not very bright. I would much rather be banking at a bank with a full branch, and people who know what they are talking about. |
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| dEsidEL |
| quote: | Originally posted by Mosaic
I know a few of you guys work in banks, so I just need some help choosing a bank to go with.
I just recently turned 18, and I want to get my banking accounts in order.
I have a chequing account @ PC Financial, and it is my main debit account because there are no fees. Also, my paychecks from Loblaws go there.
I also have a savings account with BMO. I haven't used it since I started @ Loblaws. I've never had a problem with BMO.
Now, I was just denied a PC Financial Mastercard for some reason, even though I've been an employee of Loblaws for 2 years. So, I've decided to get my SAVINGS and and CREDIT CARD set up at another bank (a REAL BANK), because I like going into full-fledged branches, not a pavilion in a grocery store (also, the customer service people there have NO clue about anything)
So, what would be the best bank to set up a savings account, and a visa/mastercard?
I am high school student (graduating in June), and will be working for about a year. I want an account where I can put savings for university, and I can expect the savings to grow. I want a simple credit card for making online purchases, and I don't need a limit more than a few hundred $$. My annual income is about $7000-$8000.
TD Bank? Bank of Montreal? National Bank? RBC?
any help is appreciated? |
it's very difficult to qualify for a credit card if you're still in highschool like a lot of people here have already said. You're better off waiting until you start university before you apply since you're almost 100% gauranteed to be pre-approved once you start uni. One year of spending on a credit card at your age isn't going to make a huge impact on your overall credit rating in the end.
As for the bank account option, keep your chequing account with PC Financial if that's what you've been using already. In terms of your savings for college, what I would suggest is having your parents start up an RESP plan for you (Registered Educational Savings Plan). An RESP is essentially a savings plan, either mutual funds, GICs, etc. You can give your parents the money you want to save up and they can then make contributions to the RESP which in turn can be used as a tax deductible when they file their income tax. There's no point in contributing it on your own, since given your stated annual income, you're earning less than the taxable limit anyways so claiming it wouldn't do you much good. Atleast this way whatever your parents get back in tax deductions then can then split with you and reinfuse that money into your savings plan. One other thing I forgot to mention is that savings accounts at most chartered banks ie. TD, BMO, RBC, etc. pay virtually nothing in terms of interest (we're talking like less than half a percent here for a balance under $5000). If you're already with PC or ING, better to use their higher yield savings accounts if you choose not to go the route of the RESP. Avoid stocks and other forms of high risk investments at your age especially since you haven't started college/uni yet.
As for which bank to go with.. wells it doesn't really matter since all banks are pretty much Capitalist Inc. I'd suggest TD despite one of the complaints here (you'll find complaints for every bank so it won't make a difference either). Pretty much all banks operate the same way in one sense or another. I only suggested TD because I work there and because their branches and bank machines are very abundant. You'll find student chequing accounts & credit cards at all major banks which will either charge no fee or a low fee for its use. Either way it's up to you.
Hope this helps
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| malek |
| quote: | Originally posted by Backlight
Or just be debt free like me!! :D |
of course consolidating is smarter when you have some debt, but I also know that credit line is so tempting... |
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| Rocco |
| quote: | Originally posted by malek
of course consolidating is smarter when you have some debt, but I also know that credit line is so tempting... |
that's what the first two months of summer is for!
getting back on track.
the rest is for other financial needs (aka liquor, party, chicks, etc...) :D |
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| Mosaic |
| dammit... I want a CC so I can play FFXI |
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