Banking

Shop Around for the right bank that fits your needs.  Many banks will offer no fee banking options for students or with a minimum account balance. Although we all know, the more money you have, the more negotiation abilities you have with your bank.

BMO offers a no fee chequing account when you maintain a minimum $5000 balance.  They also offer a no fee account that teams up with Sobeys.

Canadian Western Bank offers a no fee chequing account when you maintain a minimum $5000 balance.  They also offer a no fee student account as well as a child account over $2000.

CIBC offers a no fee chequing account on the CIBC Everyday Solutions account if you maintain a $1000 balance although the transactions are limited.

HSBC offers a no fee chequing account when you maintain a minimum $4000

POINTS, POINTS, POINTS – Collecting points is one of my favourite hobbies.  If it fits with my shopping experience, I want to receive my points!  If you are a low maintenance banker and don’t mind doing your banking online and over the phone I highly recommend the no fee banking offered at PCFinancial

It does not appear that the Royal Bank offers a no fee chequing account

It does not appear that Scotiabank offers a no fee chequing account

TDCanada Trust offers a no fee chequing account when you maintain a minimum $3500 balance.

Investing

Start early contributing to your child’s RESPs.  Take advantage of the Federal Government’s CESG (Canada Education Savings Grant) where they will contribute 20% of your contribution up to a total of $500.00.  Also investigate if you qualify for any Provincial Government (Alberta & Quebec) contributions as well.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s