Best bank to open an account?

[danoc93]

I am from Ecuador and I will need a canadian bank account to get my scholarship deposits...

What's the best bank?

Someone said TD Trust is good...

 

[marsiangal]

RBC.

CIBC sucks.

 

[theoptimist]

RBC.

CIBC sucks.

Whats wrong with CIBC?..Someone actually told me it was the best..

 

[nettoyant]

RBC.

CIBC sucks.

RBC sucks! Because of their abuse it now takes forever to get a work permit! I wouldn't support RBC.

 

[hell911]

^
what is the connection of bank to work permit?

 

[theoptimist]

^
what is the connection of bank to work permit?

+1

 

[marsiangal]

RBC sucks! Because of their abuse it now takes forever to get a work permit! I wouldn't support RBC.

Whats wrong with CIBC?..Someone actually told me it was the best..

I was with CIBC for 4 years before I switched. It was where my employer took us to open a bank account when
I first came to Canada. I stayed with them when all I wanted was a place to put my paycheck. However as my needs grew
I felt like I wasn't getting good interest rates on savings account and gic account.
also they would not give me any credit AT ALL, apparently because I was not a PR then. (Although I know some banks do this too, I have great credit profile btw.) Even though I have been with them for a quite some time and had all my money in there.
I was successful everywhere else that I applied for. I guess I'm just not fond of this bank.
Also their life insurance company was a VERY bad experience, It took so many phone calls just to cancel that
damn thing. lol. But I guess that may be a different branch of the company but it stuck with me cause it still bears the name cibc.

RBC has a cash back program for banking fees. We do not pay any fees for our accounts.
And great mortgage rate and good interest rates on our savings.

I agree with you that RBC was stupid and annoying that they didn't do the right things when it comes to their foreign worker hiring or
whatever the problem was in the news, and changes were made to the rules. That doesn't mean that they are a sucky bank tho.


Realistically speaking, people have different preferences even in banking.

 

[hell911]

alright, i just opened a student advantage plan account in Scotiabank today, they gave me also a savings account, total of two accts.

 

[HopefulAngel]

alright, i just opened a student advantage plan account in Scotiabank today, they gave me also a savings account, total of two accts.

Hi! Were you able to get a credit card? If so, do you know how long til you get the card? Thank you!

 

[hell911]

they need a permanent address for the credit card, im living with my relatives, so the agent told me when im living on my own, which i will do in couple of days, then they can issue me credit card.

idk if this is how it goes.

 

[Finally]

they need a permanent address for the credit card, im living with my relatives, so the agent told me when im living on my own, which i will do in couple of days, then they can issue me credit card.

idk if this is how it goes.

My experience so far with CIBC leaves much to be desired. They offer what they call a "secured credit card" to international students which is really not a credit card because you deposit the exact amount that is your credit card limit in their bank before you get the so-called credit card. So in reality, each time you buy stuff with your credit card, you are actually spending your own money. Apparently, all international students have to go through this as they are considered to be of considerable credit risk. After about 1-2 years of using a "secured credit card", you're able to build up a creit profile which could then help you get a real credit card. It also does not matter if you had a great credit score in the country where you were living before coming to Canada.

I'll definitely be surprised if Scotia Bank gives you a credit card without asking you to make some kind of deposit. I'll be watching this thread

 

[hell911]

^
isnt that debit card you are talking about? you deposit first in your account, then u can use that amount using ur card.

also, they didnt ask me about credit rating or any deposit to get credit card, idk. we'll see what happens when i found a new apartment.

 

[danoc93]

Is TD trust good? What's better? A savings acc or a checking acc?

 

[HopefulAngel]

Thanks for your replies guys!

I do remember signing up to 3 accounts, 2 of which were deposit services. So far, I received a SCENE card and a debit card. I'm still waiting for the 'secured' credit card with a credit limit of 500 CAD. I think it's different from the debit card, so I don't need to make some deposits beforehand. I could be wrong though. I'll keep you posted anyways. All the best!

 

[marsiangal]

You will need the chequing account to deposit stuff in (payroll, cheques, cash) and make transactions. ie. withrawals.
Usually has a monthly charge depending on how many transactions you need a month.

Savings is literally good just for saving money cause it is free and the money acquires some interest and it is free. However, if you happen to need to use this account for transactions it is quite expensive. Some banks ask for 1.50 or more per transaction.

Thus people usually have 2 accounts.

It will be better for you to go in the bank and talk to someone cause they will explain this better to you.
You can also check bank websites because usually there is a chart that compare all the accounts so you can see the difference.