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Old 12-28-2010, 11:33 PM   #1
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Student: Which bank should i open a account at?

hey guys. im opening my second bank account in a month or so.
i just turned 17 almost a month ago. (still in highschool )
my first account is just a account i put money into to save up.
ive noticed that ive been using alot of the money in that account so i decided to make another account where i
1) cash my cheques
2) use it for daily spending/debit
3) online banking and buy online stuff (ebay, etc, etc)

so is it possible to open a account for buying stuff online at my age?
i kinda feel bad for sometimes buying expensive stuff using my parent's card so im just gonna make my own.

what bank would you recommend?
which bank has the least interest rates and be more beneficial?
any tips doing something else instead of what im doing now?
should i just stick to my current account?
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Old 12-28-2010, 11:47 PM   #2
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All banks are pretty much the same when it comes to what you need.

I personally have good experience with RBC and BMO.
You could try and say put x% of how much money you get/earn into the bank and keep the rest on hand. Dont touch the money in the bank and it may be more effective.
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Old 12-28-2010, 11:50 PM   #3
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TD imo
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Old 12-29-2010, 12:03 AM   #4
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I personally like TD.
I hate CIBC because when i was 16, they charged me by annual fee for 8 months without notice after I first got my debit card.
I thought it was a mistake until i went to see a manager, saying that i over limited using my card, (maximum was 15 transitions). I was like WTF?
They stole my $200 dollars to cover the fees, so after that I moved to TD which it is 100000000% better than CIBC.
Then 2 years later, I saw CIBC finally open their student banking account, I lol'ed.
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Old 12-29-2010, 12:24 AM   #5
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Coast Capital Savings has free chequing/savings accounts, and I signed up for one when I got my first job at 15. I'm 18 now, and there's no bullshit fees to deal with. In addition, you can use any credit union ATM with no usage charge (ie. Prospera, Vancity, Westminster, Envision, GVC). I used to have TD, but they kept freezing my account when I didn't put money in each month (did the same with CoastCap and didn't get frozen).

However, buying stuff online is a completely different story, you won't build credit rating on a CC at your age, since your parents would have to co-sign (I'm waiting until my 19th to get one). Dunno if building credit rating is important to you at this point in time though. Big issue with debit online is that PayPal takes days to get your money transferred into it or for direct purchase it's delayed.

In the long run though, Scotiabank may be an option if you plan to live on campus. It seems that BCIT, UBC, and SFU ALL use Scotiabank ATM's on campus.
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Old 12-29-2010, 12:24 AM   #6
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im using TD atm.
nothing to complain about so might as well open a second account there.

edit: @corneringartist
oh? i totally didnt know you can transfer money from debit to paypal lol
i would thank you but i just ran out of thanks. thank you tmrw
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Old 12-29-2010, 12:32 AM   #7
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Just so you know, it takes about 1-2 weeks for the money to appear in your account, so plan your purchases in advance lol.

However, you may have to head to your bank to let them know you're linking your PayPal to your account. I did it BEFORE I told them and now it's locked out until I prove to PP that it's my account.
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Old 12-29-2010, 03:24 AM   #8
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TD is what I use. They have great hours.

Make sure to get an account with no fee's.
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Old 12-29-2010, 12:04 PM   #9
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So with td how do I make an account that can transfer money instantly without having to wait like a week? What type of account should I make?
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Old 12-29-2010, 12:37 PM   #10
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I'm also under 19 and needed a credit card so what I did was get my mom to apply for a td credit card and have me as a second cardholder and link to my bank account. I think its the td green visa. its really convenient to transfer money from my account to the visa to pay the bill. Then from there you can make a paypal account (have to be 18 so I just used my moms name and added my credit card). I see so many issues when linking your bank account to paypal so I would avoid it if possible

Hope that's understandable lol
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Old 12-29-2010, 12:44 PM   #11
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I have one account with RBC and another with Coast Capital. My RBC account is to direct deposit my paycheques, cheques, and my VISAs. My Coast Capital account is for day to day debit purchases. Coast Capital doesnt have any nonsense service fees and whenever I need to go by a branch, the wait times are minimal. From the sound of it, you could do for a C.C. account.
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Old 12-29-2010, 01:05 PM   #12
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Quote:
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I'm also under 19 and needed a credit card so what I did was get my mom to apply for a td credit card and have me as a second cardholder and link to my bank account. I think its the td green visa. its really convenient to transfer money from my account to the visa to pay the bill. Then from there you can make a paypal account (have to be 18 so I just used my moms name and added my credit card). I see so many issues when linking your bank account to paypal so I would avoid it if possible

Hope that's understandable lol
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This isn't building your credit rating. You're better off getting a guarenteed visa or master card (essentially you put a deposit on it that gets kicked back to you after a year of being good with it). Then you'll be building a credit history in your name.


You guys are like 17 and 19 and haven't gotten back accounts in your own names yet? Kids should start doing their own banking at like 10/11 in my opinion.
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Old 12-29-2010, 01:39 PM   #13
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This isn't building your credit rating. You're better off getting a guarenteed visa or master card (essentially you put a deposit on it that gets kicked back to you after a year of being good with it). Then you'll be building a credit history in your name.
yeah it is affecting my mother's credit rating, not mine. The reason I have a cc is to shop online and pay my phone bill, not build credit.

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You guys are like 17 and 19 and haven't gotten back accounts in your own names yet? Kids should start doing their own banking at like 10/11 in my opinion.
I have had an account since I was 8 and 737! stated that he wants to open a 2nd account...
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Old 12-29-2010, 02:59 PM   #14
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Big issue with debit online is that PayPal takes days to get your money transferred into it or for direct purchase it's delayed.
I've had that same issue. It is not an issue with Coast Capital, but the "funding option" you choose with paypal. The "credit/debit card" option does, indeed, take a longer time. The "instant transfer" is what you want as it is a MUCH quicker way to transfer money with Paypal. While I only have experience with Coast Capital, I can only assume that this is the same for all BC/Ontario credit unions. Someone else will have to chime in with their experience with any other financial institutions in Canada.
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Old 01-01-2011, 01:30 PM   #15
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i would suggest a cibc account since you can get the visa debit card for online and what not
http://cibc.com/ca/features/cibc-adv...TADVCARDV2-E10
also since you're 17 the account is completely free with unlimited transactions.
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Old 01-01-2011, 01:44 PM   #16
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i say coast capital. they have no fees for anything for students as well as no debit usage limit. TD for students is only a chequing account and a 20 transaction limit per month.
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Old 01-01-2011, 02:01 PM   #17
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I'm with Prospera, but I would also recommend any other credit union.
On a youth account most credit unions don't charge any fees until you reach 25.
Rather than hunting for one of your bank branches you can go to any credit union.
Credit Unions have lower fees than banks.
Credit unions are much easier to deal with than banks, since they're locally operated they have more direct accountability.
Just about every finance expert recommends credit unions over banks.

As far as accounts that can transfer/deposit money instantly with no holding period, while it might be a difficult to find any financial institution willing to give that to you, especially considering your age. Sometimes you can negotiate with an institution to reduce or remove the holding period, but they look at things like your history with them and the amount of money sitting in your account. I had it completely removed, so I can deposit or transfer money instantly, but my gf could only get it shortened.

Credit Unions>Banks.

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Old 01-01-2011, 11:32 PM   #18
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I'm a big fan of CIBC. I like how they have areoplan. I have there Black visa, and 4 accounts with them and no issues to date. If you are looking for just a saving account try Hubert Financial. They have a 2.25% account which from what I can find is the best on the web in canada. https://www.happysavings.ca/ Hope that helps.
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Old 01-02-2011, 03:27 AM   #19
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I have had no problems transferring between to and from paypal with my RBC account. With canadian accounts it takes 2 weeks. With US accounts its under a week I believe. Credit card is the way to go if you want instant. I just turned 18 not too long ago so I think my experience is valid.

I find RBC keeps calling me to get a new debit card. Might be a plus though as it could just mean more protection and the ATMs aren't too hard to find. Up at SFU scotiabank is the only one. I am planning to open an account with them along with scotia itrade when I turn 19. TD broker fees have just been rape so win win?
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Old 01-02-2011, 05:39 PM   #20
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i used TD because of their long hours, but i recently opened another one with HSBC cuz of their locations internationally (especially if you're planning to travel to asia)
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Old 01-03-2011, 06:47 AM   #21
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Unless you are premier with HSBC, having branches in Canada or Asia doesn't mean squat.

Does Vancouver have any Standard Chartered or Citibank yet?
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Old 01-03-2011, 08:12 AM   #22
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I hear good things about Vancity. A lot of my friends who had Royal Bank switched over after they stopped their student accounts.
I'm still with Royal Bank, because I've been a bit lazy and I have RRSPs with them.

Here's some stuff from Vancity's website on fees:

https://www.vancity.com/Membership/W.../FeesandRates/
Quote:
Other ways to limit your fees

There are various ways you can reduce or eliminate fees.

* Keep a balance of $1000 and you’ll pay no monthly or transaction fees on most Vancity chequing account options.
* Conduct your banking online - fee free. All you need is a Personal Access Code from your branch to get started.
* If you use your debit card and Exchange ATMs often, we recommend the E-Package account because you get unlimited access to electronic banking options for $7/month.
* Use only EXCHANGE™ ATMs to withdraw cash. This avoids expensive INTERAC and other fees.
* All Vancity members age 55 and better receive unlimited free daily banking through our Gold Club Account.
* All Vancity members under age 25 can receive unlimited free daily banking with our Youth Account.
* All Vancity members with disabilities can receive 40 free daily banking transactions per month plus unlimited free ATM+ access through EXCHANGE, INTERAC, and Cirrus Networks.

+ Surcharges may still apply at point of withdrawal.

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I find RBC keeps calling me to get a new debit card. Might be a plus though as it could just mean more protection and the ATMs aren't too hard to find.
I got my new RBC debit a month ago. I noticed it has a chip in it just like credit cards.
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Old 01-03-2011, 12:33 PM   #23
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* All Vancity members under age 25 can receive unlimited free daily banking with our Youth Account.
I believe all credit unions offer this.
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Old 01-03-2011, 02:02 PM   #24
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Vancity royally screwed me over when it came to their "unlimited" banking.. check out the monthly account service fees that they "dont" charge... I fucking hate vancity, they screwed me over thousands of dollars over the passed 10 some odd years, and all they could say was, i'm sorry there's nothing that can be done. FUCK VANCITY, don't believe their unllimited bullshit. btw.. they charged me from 40 to 60 dollars a month for service fees with a student account. and yes im under 25.

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I hear good things about Vancity. A lot of my friends who had Royal Bank switched over after they stopped their student accounts.
I'm still with Royal Bank, because I've been a bit lazy and I have RRSPs with them.

Here's some stuff from Vancity's website on fees:

https://www.vancity.com/Membership/W.../FeesandRates/




I got my new RBC debit a month ago. I noticed it has a chip in it just like credit cards.
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Old 01-03-2011, 03:10 PM   #25
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I don't tihnk credit unions do EMT's. something to look at. I use them sometimes. best way to send instant money.

I don't touch paypal with a 20' pole. the company is horible.


I'm at TD and haven't paid a dime ever. with 2 acounts and visa. just have to keep over $1000 in the acount.
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