Banking in Canada?
By breepeace
@breepeace (3014)
Canada
March 15, 2007 2:31pm CST
I'm a former employee of CIBC, but I quit early this year and my staff benefits run out in a few months, so I'm thinking about switching banks.
I have a savings account with RBC, although that doesn't garner any interest with less than $1000, have another savings account with ING (who I like but they only do savings accounts) but other than that, my experience with other banks is limited.
I've asked over the years what banks people prefer, so I guess I'll ask here and see if there's a consensus.
2 people like this
2 responses
@Anakata2007 (1783)
• Canada
19 Mar 07
With a Scotiabank money master account I have 3% interest. However, they do charge you for taking money out, so really this shoudl only be for savings. If you happen to live in the Prairies where there is Assiniboine Credit Union, they have an online bank called outlook financial. You probably don't even need to live here to join up because it's all online. go to www.outlookfinancial.com. they offer 4.1% interest on savings account.
2 people like this
@BarBaraPrz (51811)
• St. Catharines, Ontario
16 Mar 07
I've been with PC Financial for 12 years now... I signed up just after they came on the scene. I'm quite happy with them.
1 person likes this
@breepeace (3014)
• Canada
16 Mar 07
My roommate is with them, but she said they place a restriction on how much of your money you're allowed to access. Not how much you deposit that they'll hold for the 5-10 days, but how much of your actual available money you're allowed to take out per day.
I think that's ridiculous.
I can understand you placing your own limit for security purposes, but I want to be able to take out as much of my own money as I want to per day. It's mine.
1 person likes this
@BarBaraPrz (51811)
• St. Catharines, Ontario
16 Mar 07
Other banks do, too. It's so they don't lose too much money should you go into overdraft and then bail. The amount depends on how much money you have and/or make when you open the account, the source of income (is it reliable?), what limit you actually want for overdraft, and probably the time of day and weather... (just kidding about the last two.)
1 person likes this
@BarBaraPrz (51811)
• St. Catharines, Ontario
16 Mar 07
Oh, and because PC Financial is a "virtual" bank, as opposed to a bricks and mortar one, you can only withdraw your money through an ATM, so that would have a lot to do with it, too -- those machines only hold so much money, they don't print it ;o)
1 person likes this
