Well none of the bank is best and none is worst. While opening a student account, what we need is;
1. Chequing account (which comes with Savings account)
2. Number of ATMs (specially around your college and residence)
3. Cash Back Deals on purchases (which Most of the bank offer)
4. Several fees such as balance maintenance fee, ATM withdrawal fee from a non-bank ATM review
5. Line of Credit (credit card)
6. Interest on Savings account or GIC (In Canada, you don't get lucrative interest rates as India pakistan etc, and GIC of 10K CAD fetches you only 15 CAD at the end of the year, hence not worthy enough)
All the banks offer lucrative student accounts. When they compared, over all they all stand equal in a way some bank offers something and some banks offers something else.
Talking about credit cards now. RBC or CIBC or TD, these days majority of banks do not offer unsecured credit card to students and some don't offer credit card at all even when you secure PGWP and job (such as RBC won't offer credit card without deposit if you aren't PR).
Reason : We are the reason. There was a time when all banks used to offer credit cards to students and Temp Residents. But as we only exploited the system, misused the privilege, so we suffer rather the new comers suffer. Many people cheated banks while leaving Canada, took huge amount as line of credit, taken several phones on tab and didn't pay and left for their home countries. Day is not far when phones on TAB would also not be available to International student because of such activities. So no one to blame but International students.
Scotia bank still is okay offering Credit Card to students (particularly students holding GIC accounts with Scotia). Now, even a secure card is not a bad choice. Though it looks like a debit card if we literally go by the base line. However, debit card never builds your credit score. Credit card does irrespective of secure card. Even phones taken on contract build credit history. Some banks are yet okay to offer credit cards to students once they have credit history and proven track record of good payment pattern.
Hope it helps to understand the banking system here.
1. Chequing account (which comes with Savings account)
2. Number of ATMs (specially around your college and residence)
3. Cash Back Deals on purchases (which Most of the bank offer)
4. Several fees such as balance maintenance fee, ATM withdrawal fee from a non-bank ATM review
5. Line of Credit (credit card)
6. Interest on Savings account or GIC (In Canada, you don't get lucrative interest rates as India pakistan etc, and GIC of 10K CAD fetches you only 15 CAD at the end of the year, hence not worthy enough)
All the banks offer lucrative student accounts. When they compared, over all they all stand equal in a way some bank offers something and some banks offers something else.
Talking about credit cards now. RBC or CIBC or TD, these days majority of banks do not offer unsecured credit card to students and some don't offer credit card at all even when you secure PGWP and job (such as RBC won't offer credit card without deposit if you aren't PR).
Reason : We are the reason. There was a time when all banks used to offer credit cards to students and Temp Residents. But as we only exploited the system, misused the privilege, so we suffer rather the new comers suffer. Many people cheated banks while leaving Canada, took huge amount as line of credit, taken several phones on tab and didn't pay and left for their home countries. Day is not far when phones on TAB would also not be available to International student because of such activities. So no one to blame but International students.
Scotia bank still is okay offering Credit Card to students (particularly students holding GIC accounts with Scotia). Now, even a secure card is not a bad choice. Though it looks like a debit card if we literally go by the base line. However, debit card never builds your credit score. Credit card does irrespective of secure card. Even phones taken on contract build credit history. Some banks are yet okay to offer credit cards to students once they have credit history and proven track record of good payment pattern.
Hope it helps to understand the banking system here.
