Bank account for new comer with no fees/minimum balance?

[wyho007]

I've checked TD and RBC, both offer free banking to new comers for 6 months with an unsecured credit card. However, they will require minimum balance ($5000 for TD) or monthly fee after 6 months ($14.95/month for RBC).

Anyone knows where else offers new comer package with less fees and lower minimum balance?

 

[xpressentry]

You can always start with them, take the credit card and then switch to another bank.

 

[NetMecca]

Getting an unsecure credit card as a newcomer is awesome. Build your credit rating really quickly, which will be very valuable in your new life.

I agree start with either. Also give you a chance to assess banks more thoroughly once you have arrived.

Good luck

 

[arunsgirl]

Try Tangerine, they offer free checking account, great interest rates and a great credit card. Read more here: https://www.tangerine.ca/en/spending/chequing-account/index.html

Or a credit union: Alterna, Meridian...

PC Financial also has a free checking account.

Good luck.

 

[wyho007]

Try Tangerine, they offer free checking account, great interest rates and a great credit card. Read more here: https://www.tangerine.ca/en/spending/chequing-account/index.html

Or a credit union: Alterna, Meridian...

PC Financial also has a free checking account.

Good luck.

They all need good credit history to get their credit cards, no?

 

[arunsgirl]

Not necessary, they will understand that you are immigrating and don't have a credit score. They'll allow you to open a bank account, deposit some funds and after a short period of time (if you are handling your funds responsively) they will issue a credit card. Same with the banks, only the institutions I mentioned in the above post don't charge monthly fees on checking accounts. With Tangerine you can open a savings and checking account at the same time. Both are free of any fees. Savings account has 2.4% interest rate for the first 6 months. If you direct your pay check for a direct deposit into their account you should be able to get a credit card within a month or two, provided you don't spend all your money.

I repeat, just prove to the bank that you are responsible with your money.

 

[CDNPR2014]

PC Financial has no bank fees.

they do not offer newcomer packages though, so getting a credit card is difficult.

 

[knowledge101]

I've checked TD and RBC, both offer free banking to new comers for 6 months with an unsecured credit card. However, they will require minimum balance ($5000 for TD) or monthly fee after 6 months ($14.95/month for RBC).

Anyone knows where else offers new comer package with less fees and lower minimum balance?

Open the TD Bank and get the free checking for 6 months and the unsecured card. After 6 months you can close the checking account and keep the credit card. TD also has a lower tier bank (I think it is only $1.95 or $3.95/month) and that one can be waived with a $1000 minimum balance instead of $5000 (the account has less benefits of course). Either way you can always open an account with a Credit Union which usually have free accounts.

 

[wyho007]

Sounds great!

I read most new comers package offer free safety deposit box but are they readily available?

 

[APPNOV2014NY]

Sounds great!

I read most new comers package offer free safety deposit box but are they readily available?

Watch out for these "free" safety deposit box. I got one with Scotia and I could barely put more than few envelopes in it. They give you smallest size box. After 1 year Scotia starts charging $60 + tax for it and if you misplace keys then you need to pay $200+tax for it.

 

[wyho007]

Watch out for these "free" safety deposit box. I got one with Scotia and I could barely put more than few envelopes in it. They give you smallest size box. After 1 year Scotia starts charging $60 + tax for it and if you misplace keys then you need to pay $200+tax for it.

I read TD offers free box for each year you're with them with $5000 minimum balance (ie. after the first 6 month no min balance promotional period for a new comer).

Just for reference, getting such small box costs at least $40 per year at an average bank.

BTW, how do local people store their valuables at home without putting in the safe deposit box? I'll be renting, so feel reluctant to buy a safe.

 

[xpressentry]

I read TD offers free box for each year you're with them with $5000 minimum balance (ie. after the first 6 month no min balance promotional period for a new comer).

Just for reference, getting such small box costs at least $40 per year at an average bank.

BTW, how do local people store their valuables at home without putting in the safe deposit box? I'll be renting, so feel reluctant to buy a safe.

Take home contents insurance. Include all your valuables in it. Take pictures of your jewellery and get valuation done. Take an insurance high enough to payout if everything had to be replaced with new items so take the full value of the item and not the depreciated value of it. Home contents insurance will cover you outside your home too.

 

[arunsgirl]

Just a personal experience note: TD is the worst bank to deal with. Very rude employees. Once you are a regular client they offer you nothing. The worst mortgage rates and terrible credit cards. Me and my husband both bank with TD for many years now and wećre looking to get away from them.

 

[wyho007]

Just a personal experience note: TD is the worst bank to deal with. Very rude employees. Once you are a regular client they offer you nothing. The worst mortgage rates and terrible credit cards. Me and my husband both bank with TD for many years now and wećre looking to get away from them.

Which bank are you planning to switch to?

 

[alee667]

I have my chequing account with RBC. In case you need zero deductions from your account after six months, invest 500 CA$ in TFSA account and no deductions forever.

RBC gave me credit card in just 3 working days and services are awesome.