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In this wall we will be assessing the factors determining a customers choice of bank. At the end of this padlet you will be able to know what customers look for in a bank, what to not look for in a bank and what best suites your interest when looking for a bank.

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In this video Raminder breaks down how to choose which banks will best suite you and why to go with those banks. First he starts off the video talking about the 5 main banks in Canada BMO, CIBC, Scotiabank, TD and RBC. Raminder mentions TD being one of the better banks as for new customers they have the option for No monthly fees for 12 months, unlimited transactions, no TD fees to use ATMs in Canada and free transfers with interact E transfer. CIBC offers the same plans as well with RBC and BMO. Scotiabank does not offer what the other banks on this list do as there was no option for cash back and there may be fees unlike the other four banks. He mentions it is very important to make sure you see what all the banks offer and ultimately go with what plans suit your finical needs in your current situation. I choose this video because Raminder does an excellent job breaking down the five main banks in Canada and what they have to offer to Canadian people.

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How To Choose The Right Bank Account in Canada??

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In this video it does an excellent job of breaking down where to look for a bank and what to look for in a bank. the first topic was the two types of bank accounts you can have when opening a bank in Canada a checking account and a savings account. The video mentions location is very important as well as you need to be able to go to a bank which is accessible and easy to get to as it would get frustrating needing to commute a far distance just to get money from the bank. The other topic which was very important was if the bank has a good reputation. you can do this by simply reading reviews online or talking to neighbors seeing where they do there banking and what banks to stay away from. I chose this video because she does an excellent job of breaking down what you need to look for in a bank from customer reviews to accessibility.

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How to choose the BEST 🇨🇦CANADIAN🇨🇦 BANK ACCOUNT as a Newcomer

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In this video Feyi mentions the checking account and savings account in a further depth then the videos above. She mentions how these are two accounts anyone can have the moment they go to open a bank account anywhere in Canada however she mentions with the savings account you can earn interest on them it is very little but the more money you put in the savings account the more money you will get out of it at the end of the day. However she mentions if you use to many transactions on your having account you will end up getting charged. Not all banks will charge you for having to many transactions on your savings account but it is important to find out which banks will charge you when you go over your limit. I chose this video because it really did a great job of breaking down the checking and saving account and what you will get out of them.

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Banking in Canada, Watch this Before You Open a Bank Account in Canada |Newcomer Finance Series

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In this video it goes through all the differences with the banks from accessibility to the types of accounts and reputation. One of the first points made in this video was what he defined how to find the best bank and he said " most benefits for the least amount of money" this was an incredible point of view as you should always looking for what is going to give you the best return at the end of the day. He as well mentions a lot of people base what bank they go to by the distance it is to their house and the overall reputation of the bank. For example has there ever been a security breach is there account gets hacked what will the bank do etc. Overall he said the winner is Td as it was entirely free to open the checking and saving accounts and there E transfers where free for students and they had one of the best overall reputation for student bank accounts. I picked this video because overall it braked down the difference between all the banks and which one offers the best plan for students, new commers to Canada and what plans these banks offer.

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This website does an excellent job of breaking down how to choose a bank by seven simple steps. What are the fees, what is the highest interest rate you can get on a savings account, does your bank have physical locations, what is there customer service track record, how where you treated by customer service when asking questions, is there online banking robust and lastly what is the banks security level like. I choose this website because it summed up what to look for in a bank by seven simple points. The website was very straight forward and easy to understand and read. There was not too much information or to little information.

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Wondering how to choose a bank? If you're here because you're working towards a better credit score, getting out of debt and saving money, chances are you're looking a little bit more critically at the financial institutions you use. Maybe you've noticed you're paying a lot in service fees, or maybe there isn't a good high-interest savings account available to you. Whatever the case, changing financial institutions really isn't that hard, and choosing the right one can make turning your financial situation around that much easier.

Here is what to consider when thinking about how to choose a bank:

1. What are their fees?

It may take a translator and a magnifying glass to discover all the hidden fees, but you have to do it. Doing your homework here is going to save you some disappointing surprises later. Find out what the monthly fees are and what the extra service fees are. Do you have to pay to use an in-the-flesh teller? Do you have to pay a fee to use online banking or telephone support? What are the fees for using bank machines, whether they are your bank's machines or the machines of other institutions? These fees may sound small one at a time, but they build up quickly and can easily eat into the money you were saving. Find yourself an institution with limited fees and save your money instead.

2. What is the highest interest rate you can get on a savings account?

The institution you choose should offer a high-interest savings account that doesn't require a minimum balance. Make sure the interest rate is good enough to justify choosing that bank, especially if the account has fees. If it costs more to use your bank than you earn in interest, you're losing money on the whole deal.

3. Does your bank have physical locations?

Some institutions that offer high-interest savings accounts only offer over-the-phone or online banking, and that can get tedious real fast. If you ever use human tellers now, you'll likely use them in the future, and perhaps a bank without a physical location isn't the best option for you.

4. What is their customer service track record?

When I switched banks, one in particular stood out when I did my research. The comments were almost all praise in reviews online and when I spoke to other customers, they raved about the service. This absolutely helped me make my choice, because a place with great customer service is going to be more likely to take an interest in your financial goals.

5. How were you treated by staff when asking a few questions?

I've seen people head into a major bank and be turned away for a secured line of credit, only to be welcomed with open arms at a credit union. The way they treat you now is a good indication of how you will be treated in the future. Find a bank or credit union that takes an interest in you and your money. You have no idea how helpful this will be going forward.

6. Is their online banking fairly robust or bare bones?

Banks that offer feature-packed online banking systems, as well as easy to use apps for your smartphone, are going to be infinitely easier to deal with. Features like being able to deposit your cheques with a photo save you a tonne of time and are worth considering when changing banks.

7. What is the bank's security track record like?

Your money is only as secure as your bank is, so make sure that where you keep your dough is as strong as Fort Knox.

Some of these considerations are going to be more important to you than others and considering them will slowly reveal which institution is the best for you. Everyone is different, so don't just take someone else's recommendation. Really look closely at all the pros and cons - choosing the wrong bank can become a major pain in the you-know-what really quickly.

What are some of the most important things you consider when looking for a bank? Let us know in the comments!

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How to choose a bank in Canada - The Dime Turner

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If you're working towards getting out of debt and saving money, chances are you're wondering which bank is best. Today we help you with how to choose bank.

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This website does a really good job of learning about the history of the banks knowing which banks have been around the longest and which banks have the best reputation. BMO is Canadas first ever bank which opened in 1817 just off this information it shows that BMO has an excellent reputation as they have been in business for over 200 years. Getting to know the history of the banks is very important as banks which have been in business for a long time tend to have an excellent reputation. I choose this website because it is very important to have an understanding on the history of banks in Canada knowing which banks have been around for the longest period of time.

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Best bank in Canada | Banking in Canada | Moving2Canada

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Banking in Canada made easy for newcomers and immigrants. Your guide to choosing the best bank in Canada, including offers for newcomers.

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In this website it shows the customer reviews on all the banks in 2023. The bank with the best customer satisfaction rate is Motusbank it has 5/5 stars and the bank is known for there no fee checking accounts high interest rates on savings accounts and no transaction fees past $3300. The worst rated banks by customers was a tie between Scotiabank and national bank. they had 4/5 stars and this was because of there high transaction fees and low interest rates on savings accounts. I choose this website because it goes an excellent job of showing what customers rate the banks and what to look and not look for in a bank.

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Before you choose a place to bank, there are several differentiators that can help you decide where you conduct your financial business.

Fees

There are all kinds of fees that could come with a bank account. These include transaction fees, a monthly fee for keeping the account open on a monthly basis and transfer fees for moving money between accounts. There are also fees for overdraft protection, wire transfers, not maintaining a minimum balance and more. All banks have fees of some kind, the key is to pay fewer of them or sign up for a no-fee account that often comes with branchless banks.

Accounts and Services

What accounts are available and what financial services can you get? Banks can offer all the financial services mentioned in the previous section, but that doesn't mean all of them do. Pick a bank that offers services that most strongly align with your spending and banking habits that you partake in on a regular basis.

Interest Rates

Find a bank offering interest rates that will grow your savings as fast as possible by giving you high APYs on savings accounts and investment vehicles like GICs.

Account Minimums

If your bank offers accounts that require a minimum balance to bypass a particular fee, make sure you can actually meet the minimum balance required or that there are other options where no minimum is required.

Customer Service

Some banks leave it to you to largely manage your own financial affairs with little to know customer service, this is especially true of branchless banks. Therefore, if you prefer more support, pick a bank known to have good customer service.

Convenience

It's a good idea to be able to access your money from anywhere, so choose an account with a large ATM network, so you don't have to go far from home just to withdraw your cash. Banks that offer online banking, telephone banking and mobile banking, including mobile cheque deposit or mobile payment will also give multiple ways to manage your account and conduct everyday banking operations without visiting your local branch.

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What are the best banks in Canada? You may be surprised to learn that the list does not stop at the Big Six Banks in this country.

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In this website Astrid mentions if English' is not your first language it is important to find a bank which is bilingual so if you ever have any questions and English is not your first language they can be answered in what your first language may be. You can do this by going onto banks websites seeing which language the website offers and if you have in person questions you can call the bank and see what workers they have which can speak your language. I choose this article because this is very important for any new comers to Canada if they do not speak English as there first language it is important they get there questions answered in whatever language they are comfortable in speaking.

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One of the first things you're going to have to do when you move to Canada is open a bank account. I talked about it briefly in the Newcomer's Guide to Toronto, but in this article, we'll go into more detail to answer the question that comes up so often in my Instagram posts ( by the way, if you haven't already, follow me!): how do you choose your bank in Canada?

Some information about banks in Canada

Before getting to the heart of the matter, I'd like to share with you a few things you need to know about banking in Canada:

1. If you want to transfer money from your bank account in your country of origin to Canada (or elsewhere) you can use Wise and with this link you can have an initial transfer of 500€/850CAD free of charge.

2. You'll be able to obtain bank documents in French from any bank - it's compulsory, just ask.

3. The same goes for customer service on the phone, you'll have the option of French or English when you call. In general, the French line is slower (fewer resources), so you'll have to be patient!

4. The same applies to cash dispensers: you can select French.

5. Checkbooks are not free in Canada, but you may be able to negotiate this with your bank advisor. When I checked last year with Scotiabank, it was $50 for 50. I might as well tell you that I turned my apartment upside down to find the ones I had already bought in 2017 and couldn't find. For the record, I found them!

6. You will be charged if you withdraw money from another bank or from a mobile ATM

7. You'll often hear about "interac" or "e-transfer". It's a way of sending money between 2 accounts. You'll need the person's phone number or email address, and you'll need to ask a question and share the answer with the recipient (or not, if the person opposite has autodeposit). You can even use it sometimes to buy on a market, for example, and it's free (check with your bank advisor).

If you'd like more information on money in Canada, I've got a video on Youtube available: 11 things to know about money in Canada.

The 5 biggest banks in Canada

Now that we've seen some essential information about banks in Canada, let's talk about these famous banks, starting with Canada's 5 biggest:

Scotiabank / Banque de Nouvelle-Écosse

RBC - Royal Bank of Canada / Banque Royale du Canada

CIBC - Canadian Imperial Bank of Commerce / Banque canadienne impériale de commerce

TD - Toronto-Dominion Bank / Banque Toronto-Dominion

BMO - Bank of Montreal / Banque de Montréal

In addition to these banks, you also have other options like these. I invite you to discover the full list accessible here:

HSBC (foreign bank)

Banque Nationale du Canada (more present in Québec)

La banque Laurentienne / B2B Bank

Desjardins (more present in Québec)

CS Alterna Bank

And then there are the online banks, I'll just mention the 3 that seem to be the best known according to my research (I only knew about the first one before preparing this article!).

How to choose a bank in Canada?

Does the bank have branches near you?

The first thing I recommend you do is look at the banks available in your town and neighbourhood. Choosing a bank that isn't available in your area will make things a little more complicated. You won't be able to get there to meet your advisor, or to come and ask your questions if there's a problem. I know that most of the online content about Francophones in Canada comes from people based in Quebec, and that's often how you'll prepare yourself. But if I could give you one piece of advice, it's to really look for the bank that will be in your province, because things change quite a bit when you leave Quebec. For example, Desjardins is a fairly large bank in Quebec, but only has a few branches in Ontario.

The number of ATMs available in your city/neighborhood

This second point ties in with the first. Knowing that you'll be charged for withdrawals from other banks' ATMs, it's important to have your own bank's ATMs nearby.

After these 2 steps, you'll already have an idea of which banks to look at in greater depth.

Compare newcomer offers from Canadian banks

Banks in Canada offer newcomer packages. What can you expect from these offers? A fee waiver for the first year, for example, a second credit card on a joint account with no fees. Or maybe a gift like a pair of AirPods. Shop around and find the offer that suits you best.

This step can make the difference between two banks that are on the same level on other elements.

Ask if they have someone in the branch who speaks your language

When you've identified several banks that meet your criteria: ask them if they have someone in their branch who speaks your language. It's always nice to be served in a language you're more fluent in. If the branch closest to you doesn't have someone who speaks your language, ask if they have someone in another branch nearby.

Compare bank fees

Here are a few fees to keep an eye on when choosing a bank in Canada:

Fees for ATM/ATM withdrawals outside your bank

Fees for interac transfers

For payments abroad

Management fees

Cheque requests

Fees for exceeding the number of transactions included with your debit card)

Interest charges.

Read customer reviews

I'd tell you not to believe everything you read. Unhappy people are often more vocal than satisfied people. Do some research to see what the Internet has to say about this bank. This will help you find out more, so you don't miss out on important information or a big problem they've had recently, for example.

Personally, I've already tested TD Bank and Scotiabank and I'm pleased with both my experiences.

Make an appointment at a branch

At this stage of your research, you should have narrowed down the list of potential banks. The next step is to go to a branch, which you can visit with or without an appointment. Sometimes they are available and can see you quickly. In all cases, the aim is to see how you're received, how you feel and whether you connect with your contact. Ask all your questions, and ask for more time if you need it. Don't rush, and above all, don't let anyone rush you.

The credit card

The last step: ask them if they'll give you a credit card right away. It's really hard to know why some banks and advisers give credit cards quickly, and others don't. So don't expect to get one straight away, but it doesn't hurt to ask! So don't expect to get one straight away, but it never hurts to ask!

I'll talk more about the difference between a debit card and a credit card. What having a credit card entails, the advantages and dangers in a future video on Youtube and an article here.

I hope this article has helped you! Feel free to watch the accompanying Youtube video for even more information.

See you soon,

Astrid

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How to choose your bank in Canada? - Fringinto

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One of the first questions you will have if you are moving here: how to choose your bank in Canada? In this post I'll tell you everything!

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This image does an excellent job breaking down what to look for in a bank by 5 simple steps. What type of bank are you looking for and which best suites your needs. Fees and interest rates that bank offers. What type of discounts can you obtain for becoming a customer. The security that bank offers and lastly do they have an app for a mobile device and how well does that app function.

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This image is very important as it gives you idea what to look for when you may need a bank partner and seeing what the bank can offer you in return.

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1. What we learned from about the factors when it comes to a customers choice of bank which surprised us the most was that banks offered different types of plans and banks have different interest rates. We thought that the major 5 banks would have the exact same type of accounts with the same rates but different banks all have different interest rates transaction fee charges and more.

2. A real life example how this topic is relevant is when new commers come to Canada they need to know where to put there money as money is essential to survive, they will look for what bank offers what is best for them and what will ultimately give them the best return.

3. If we could pass our knowledge on to a fellow classmate or family member we would recommend to do your research before just going to a bank to become a customer, make sure your bank is local to you and there security is up to date.