Scotiabank StartRight account

[kh]

I would like to open a Scotiabank StartRight account because they say it is especially for new comers.

Can above please inform if there is any disadvantage opening his type of account?

Thanks.

 

[APPNOV2014NY]

No disadvantages. I had used it during my 1 year stay in Canada on temp work permit. Just ensure your checking balance does not fall below required limit ( $4000) else you will need to pay $10-15 fees per month. Also , stay away from their "free" safety deposit box. It's free for first year but its too small. Second year onward you will need to pay $60+tax. If you lose the keys of Safety deposit box then you will need to pay $200+tax as penalty.

 

[kh]

Thanks for the reply.
I would say if it is $15 for getting short then there is no issue. Other banks charge this much amount of money just for having a chequing account.

 

[xpressentry]

What do you get for $15 a month?

In the UK, there are free bank accounts and packaged accounts. I bank with Barclays and £10 a month (almost $15) and with that I get gadget cover for gadgets upto £1500 + 2 mobile phones. If the fee is used towards something, I don't mind.

I'm not comparing banking systems but just researching at the moment.

 

[APPNOV2014NY]

What do you get for $15 a month?

Nothing. It's a fees for your Checking account. If you keep more than CAD 4000 in Checking then this fees is waived off.

 

[andrews65]

If you're a new immigrant try BMO. No fees for a year no min balance. After that change to PC financial or Tangerine to continue having no fees.

 

[shariq123]

If you're a new immigrant try BMO. No fees for a year no min balance. After that change to PC financial or Tangerine to continue having no fees.

Why not directly start with Tangerine and have no fees? Is it that BMO gives newcomers an unsecured credit card easily and Tangerine doesn't? Just trying to understand how things work.

 

[jc94]

ScotiaBank does at least one account that's free for $3,000 I believe.

RBC does an account that's $4 - with limitations like only 12 transactions a month. You can knock that $4 off to be free if you have a savings and tax-free account with them.

12 transactions includes everything though, so I use them up quick between hydro, gas, insurance, mortgage etc... So I do have to be careful to either not take money out and use my credit card for everything (which is then another one of the 12 transactions to pay off). But it's $1 per transaction extra, their $15 a month account with unlimited transactions wasn't worth it for me, I got like 12 free bank drafts a month ($7.50 each) of which I used 3, ever.

The $15 a month one with RBC also knocks $39 off a credit card, and they do one for $39. It has a lot included but virtually nothing I used. I did get excellent service with a bank manager who would do things like email me stamped documents for free but the one time I wanted one from a branch they charged me $5.

If you go into a bank you can discuss what options you have. But I'd personally start with a minimal one paying nothing/close to and work up if I was to do it again. I spent about $450 with RBC account fees and saved maybe $160. Not worth it, for me.

In terms of credit cards, banks vary. TD declined me because i had a work permit, a friend walked in with a work permit, about to expire, and got $10,000 unsecured.
Most banks, unless you get lucky, will want it secured to start with for at least 6 months. RBC told me the maximum limit on a work permit was $5k, I was well above this before i even got my PR.