Hi all, so I'm looking at opening a bank account, but was wondering what is the best bank to go with for newcomers, especially ones that offer credit cards for newcomers to start building a credit history?
Best Canadian Bank For Newcomers?
- Thread starter Drunkarchaeologist
- Start date
They all offer newcomer packages and I believe all of them will offer unsecured credit cards.
I opened bank accounts with TD and CIBC. For the credit cards: TD gave a $1000 limit, CIBC $10,000.
After 2 years, my TD credit card is still sitting at a $1,000 limit, whereas CIBC is now at $15,000.
Coming from the UK, you will find the banking system here archaic and expensive. On the plus side, bank managers here still have some actual say in approving products. It is not just "computer says no" like the UK. Also, there are branches everywhere, unlike the UK where they all seem to be getting closed. Shop around and see what they can offer you as a new client.
I opened bank accounts with TD and CIBC. For the credit cards: TD gave a $1000 limit, CIBC $10,000.
After 2 years, my TD credit card is still sitting at a $1,000 limit, whereas CIBC is now at $15,000.
Coming from the UK, you will find the banking system here archaic and expensive. On the plus side, bank managers here still have some actual say in approving products. It is not just "computer says no" like the UK. Also, there are branches everywhere, unlike the UK where they all seem to be getting closed. Shop around and see what they can offer you as a new client.