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There are many factors to consider when deciding what bank to go to.
Some important factors are interest rates, fees, compounding intervals, limits and customer service. Although we have digital banking, it could still be important to go to a physical bank. People need to choose a bank that suits them best.

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Website #1 Refresh Financial: How to Choose a Bank in Canada

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Website #1 Refresh Financial: How to Choose a Bank in Canada

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This website provides a list of  important factors to keep in mind when choosing a bank. They are: charges, interest rates,
online and brick and mortar options, customer service and trust. It says to research charges, especially transaction fees, hidden fees, and monthly fees before choosing your bank because they can add up. Before choosing a bank, you could read testimonials and reviews to see how customers feel about their experience at the bank.

I chose this website because the layout was easy to read and the information was clear and easy to understand. The seven reasons covered most of the factors people need to think about. I learned that we need to be careful when choosing a savings account in particular because the fees might outweigh the interest that you are earning.

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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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The Big 5 Banking Institutions in Canada

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The Big 5 Banking Institutions in Canada

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This picture shows the big 5 banking corporations in Canada. They are highly regulated by the federal government and the Bank of Canada. People will usually go to one of these 5 corporations for their services. They are also oligopolies, which means the competition is limited in the banking industry in Canada.
https://nupge.ca/content/conservatives-let-banks-pick-own-arbitrators-disputes

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Image #2: Banking Choices for Canada's Consumers

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Image #2: Banking Choices for Canada's Consumers

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This image describes the options consumers have when it comes to Canadian banking. We can choose from in person to online and other electronic methods of banking. We can also use debit and credit cards from our local institutions. Consumers can choose 1 bank for 1 product or service and another bank for different products or services. The need for online banking is increasing and most banking institutions are recognizing that need.
Source: https://cba.ca/banks-and-consumers

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Video #1 - Five Questions To Ask When Choosing a Bank

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Video #1 - Five Questions To Ask When Choosing a Bank

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This video is about factors that are important for college students who are choosing a bank. The 3 main things to consider would be price of transactions, ease of banking, and special offers. This video demonstrates for people in college to choose their bank carefully because they will probably have a long relationship with the bank.

I chose this video because it was easy to understand and it was made for people at my stage in life. One thing I did find helpful was the consideration of free services when making your decision, like ATM transactions. This is important because college students don't have a lot of disposable income and they don't want to pay so much for these services.

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Five Questions To Ask When Choosing a Bank

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This video compares banks and credit unions. There are some unique differences between the two. Banks are for profit and will charge higher interest rates and fees so they can make more money. Credit unions are not for profit. They also provide the same services as a bank but with lower charges and interest rates. Credit unions are found in local communities and not across the whole country so they care about their clients more.

I chose this video because it was a good video to describe the differences. The video also used good visuals to make their points. I learned that credit unions don't care about profits as much compared to the big 5 banks. I never thought of using a credit union, but as a young student I would consider it now.

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In this video, the person went through the big 5 banks in Canada plus the 4 online banks and did comparisons. She compared the savings accounts they offered and their advantages and disadvantages. She also compared their chequing accounts and she showed the fees associated with each account. Then she explained the difference between the online only banks. Finally, she reviewed her choice which was Tangerine and why she chose it.

I liked this video was very informative and the comparisons were great. I also feel it would be easier to watch the video to compare than do all the research yourself. The video goes through everything you could possibly think of when it comes to chequing or savings accounts. I learned how to comparison shop in this category. I also learned that it is okay to go to a smaller bank that is owned by a larger corporation, like Tangerine which is owned by Scotiabank.

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Canadian Bank Reviews (Where to stash cash!)

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This video describes some of the issues with the biggest banks in Canada. All 5 big banks have been increasing their fees for customers so they can increase their profits. The two customers that told their story did not know about the fees changing, and they were disappointed in the way the bank treated them. To avoid this from happening, the video said you could take your business elsewhere to a credit union or an online bank.

I liked this video because it brings up the issues customers face on a regular basis. It shows the importance of checking our accounts frequently to make sure nothing unethical happens. It made me think about my own situation because I have been charged for fees that I do not deserve to have taken out of my account. I learned that I should check my account more frequently and to contact the bank quickly.

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New bank fees target kids' accounts, allow 'double-dipping'

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Website #2 - The best bank accounts for students

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Website #2 - The best bank accounts for students

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This website is devoted to student banking. It says that students are already in tough financial scenarios and that low or no fee accounts are good for them. It compares some of the big 5 banks plus the 4 online banks in Canada by showing the details of their student accounts.

I like how the format of this website works because it is easy to read and compare the information. It shows special promotions and features for each bank. It does not have an opinion as to which one is the best. I learned that there were student accounts that I didn't even know about. I would consider looking into these to see if I should make a switch. I would now consider doing online only banking. I didn't know that there were bonuses available and I would consider signing up for a new student account to get a reward.

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Post-secondary students should look at traditional student accounts, as well as low- or no-fee online bank accounts, with enough free transactions to cover their monthly banking activity.

With the cost of tuition and books-not to mention rent, food and transportation-students bear a significant economic burden. To ease the financial strain, savvy Canadian students take advantage of student discounts offered by many major retailers, on some modes of transportation, and on some services or attractions, like gyms and museums.

For a long time now, traditional banks have also offered student accounts, which charge lower fees and come with different perks than regular accounts. The emergence of online banks has also been a boon to cost-conscious students; though they don't tend to offer accounts specifically for students, many offer attractive, low-cost options with features similar to traditional student bank accounts.
Rates and fees current as of July 14, 2020.
The best bank accounts for students in Canada

People looking to open a student account often turn to the major banks, which offer special accounts available only to registered students. Big banks are also established and secure, and frequently offer valuable promotions or rewards.

Money's tight for students, so having a full-featured account that commands no fees is a top priority. The Scotiabank Student Banking Advantage plan gives students unlimited debit transactions and Interac e-Transfers while boosting their buying power by allowing them to earn either SCENE or Scotia Rewards points.

For those most interested in movies, food and entertainment, SCENE Rewards offer great value-and if you go for the SCENE Student Banking Bundle (the Student Banking Advantage Plan plus a SCENE Visa card plus a Momentum Plus Savings Account), you can earn up to 12,500 additional reward points.

Students looking to collect flexible Scotia Rewards points they can redeem for travel, merchandise and gift cards are in luck, too. Just like SCENE collectors, they can earn points on their everyday purchases, and redeem them in the category of their choice.
Learn more about the Scotiabank Student Banking Advantage Plan*
RBC Student Banking Account

This is another strong no-fee option and very well-suited to those already banking with RBC. There's a tasty welcome bonus of 5,000 RBC Rewards, plus the ongoing perk of a discount of $0.03 per litre and accelerated earn rate on Petro-Points when you fill up at Petro-Canada-perfect for car commuters. And, for those also using a Signature RBC Rewards Visa or WestJet RBC Mastercard, a reimbursement of the $39 annual fee could be on your way. Although this package doesn't offer unlimited transactions, the first 25 per month are free and the account includes unlimited Interac e-Transfers, which should cover the spending habits of most students.

CIBC Smart Account for Students

The CIBC Smart Account for Students includes unlimited transactions and Interac e-Transfers for no monthly fee for as long as a student is in school-plus six months more after graduation. Holding this account also automatically enrolls students in the rewards program, which offers deals and discounts to top brands like American Eagle, Foot Locker, and Apple. Sweetening the pot is a cool $60 back when students make three Visa debit purchases in the first two months-a welcome boost to a cash-strapped student. And account holders are eligible to enter a massive contest to win $35,000 towards tuition costs .
Compare the Best Student Bank Accounts in Canada
The best online bank accounts for students in Canada

In recent years, online banks have been gaining traction with Canadians. While they require a certain level of comfort with using the internet and web-based apps, accounts at online banks frequently offer good rates and options with lower or no fees. While the concept of a "student account" is the domain of traditional banks, these accounts at online banks have a lot to offer students as well.

Simplii No Fee Chequing Account

Though not marketed as a student account specifically, the Simplii No Fee Chequing Account has lots to love for folks on a budget. There are zero monthly fees and unlimited free transactions, even for international transfers-a bonus for international students. New account holders who also open a High Interest Savings Account and transfer at least $50 per month for three months will receive $50. An extra $150 is available to those who set up a payroll direct deposit and receive at least $100 per month for three months.

The main selling point with this account is its everyday high interest rate of 2.00%, a much higher return than most banks are offering. For those with large deposits (such as student loans disbursements), this could be a winning feature, but the account also offers affordable international money transfers through a partnership with TransferWise-an attractive perk for international students.

EQ Bank doesn't offer debit card or ATM access, so this account works best to hold savings. Students can easily link an account at another bank and make free, unlimited transfers between the two.
Learn more about the EQ Bank Savings Plus Account*
Motusbank No Fee Chequing Account

This chequing account will appeal to students for its free unlimited transactions and Interac e-Transfers and its interest rate (0.25% on every dollar) that will put scant funds to their best use. Account holders can digitally deposit cheques, and the first 25 paper cheques are free.
Compare the Best Chequing Accounts in Canada
What is a student bank account?

A student bank account is a chequing or savings account offered to students-usually those enrolled full-time in a post-secondary institution. They typically carry reduced fees and may have special features or perks tailored for students. These could include membership in points programs, access to special discounts, rebates or higher interest rates.

What do you need to open a student bank account?

When opening a student bank account, the applicant has to provide some sort of proof of their status. These requirements vary between institutions and can be as simple as showing a student card; some banks require a declaration, including expected graduation date. Students should check with the institution prior to applying.

For accounts at online banks, there is no proof of student status required, as these are open to everyone. Students can simply open an account online, in minutes.

How to choose the best student bank account for you

Which is the right student account? The answer depends largely on the student. Those wanting to earn points or perks will be interested in the student accounts tied to the big banks, while those seeking to capitalize on higher interest rates may prefer to look to online institutions.

If your number-one concern is finding a no-fee account, neither type has the edge, but online banks have a slight advantage in that they do not require proof of student status so won't expire or be converted to a different (and possibly less attractive) account on or after graduation.

That said, students with an existing relationship to a big bank might be able to bundle services for big savings and perks; be sure to ask before you sign up.
Compare the Best Savings Accounts in Canada
MORE ABOUT BANKING FOR STUDENTS:

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The best bank accounts for students in Canada 2020 | MoneySense

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Post-secondary students should look at traditional student accounts, as well as low- or no-fee online bank accounts, with enough free transactions to cover their monthly banking activity. With the cost of tuition and books-not to mention rent, food and transportation-students bear a significant economic burden.

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Website #3 - Low cost and no cost accounts

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Website #3 - Low cost and no cost accounts

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This website goes through banks that have low cost bank accounts and the conditions for getting one of these bank accounts. The government suggests that these accounts charge no more than $4 a month. You can get one of these accounts if you meet certain criteria like being a student or youth. They also list the services that would come with these, such as getting a debit card, making deposits and debit transactions. All major banks and some smaller banks carry these services.

I like how this site is a government site because it is reliable. The layout of the website is easy to read and it's just the right amount of information. I did not know that the government had a deal with these institutions to protect citizens from paying too much for banking each month. They are trying to protect people with low incomes such as students and seniors.

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banking; consumer protection; personal finance; financial institutions; fees; banks; savings; consumers

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Low-cost and no-cost accounts - Canada.ca

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Low-cost accounts, no-cost accounts, what services and transactions they offer, information you must receive, and where to get a low-cost account. Compare low-cost accounts

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Website #4 - Focus: Banks and Consumers (Canadian Banking Association)

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Website #4 - Focus: Banks and Consumers (Canadian Banking Association)

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This websites provides an overview of how consumers use banks in Canada. It goes through credit cards, services, mortgages and technology. There are facts on how many Canadians pay banking charges, mortgages and their credit card balances. According to this website, $100 billion has been spent on information technology enhancements for banking. The Canadian banking industry helps the economy grow because it contributed to 3.3% of the GDP.

I like this website because it is recent and the information is really useful. The website shows that Canadians have confidence in their institutions and that they are satisfied with them. I learned that the banking sector has a significant impact on GDP. I also learned how much money the major banks in Canada have spent adapting to new technology and growing.

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In this research assignment, I learned a lot about my topic on assessing factors to choose a bank. I learned that people want low fees, convenience and good customer service. People are becoming more interested in Internet banking because it is convenient and cheaper. Some of the other factors are stage of life, location and which products and services banks have to offer. The big 5 banks are trusted by a lot of Canadians, although their services are expensive because they are for profit. Credit unions are non profit and they offer lower fees for the same services.

There are many ways this topic was relevant or interesting to me. From the research I did, I found that the smaller banks such as Tangerine are cheaper and better than the big 5. Therefore, I would consider switching my money over to a smaller bank although it can be a hassle at the beginning. I would also be interested in looking at credit unions to place my money because they do not make a profit and I feel it would be suited towards me. This is how I found the topic to be informative.

The most important thing for me to pass on to people is the fact that people should compare before choosing a bank. They can compare fees, products and services and convenience. They might consider choosing a credit union because they are not for profit. Most of the big 5 competitors are similar with similar ways of doing business. Some better options are credit unions and online banks like Tangerine or Simpli.            