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I am opening a bank account for my kids. I had one at CIBC its a long story but I will not be dealing with them in the future. So, I'm looking around for the best options. What is a good rate? Any deals out there -- if you open an account you receive _______.
Thanks!
Our son's was at our local credit union. No fees, no charges for anything - not until he was 18.
Scotiabank offers free bank accounts for students up until they are done college / university (just have to provide proof). I know ING offers cash incentives, but you have to have cheques to sign up.
Desjardins Credit Union had some prizes for students to apply to tuition but they or their folks had to be Desjardins clients.
http://www.desjardins.com/en/particu...es/programmes/
https://www.tdcanadatrust.com/produc...unts/youth.jsp
http://www.rbcroyalbank.com/products...t-banking.html
http://www.meridiancu.ca/personal-ba...s/default.aspx
http://www.bmo.com/home/personal/ban...count?kid=true
http://www.scotiabank.com/ca/en/0,,14,00.html
My son's was also at local credit union.
I know my parents signed me up with TD Canada Trust just because they were with that bank and it just made life easier. I'm still with TD and although I suppose there isn't any sort of incentive to joining, I didn't have to pay for anything unless I wanted a cheque book. I'm now over 18 and I still don't pay for anything (probably because I'm a student). I know a lot of my friends have a limit of the # of times they can use their debit which I thought was very odd when I first heard that because I have an unlimited use.
I like RBC because they were the only one that would offer a bank book. LOL.
A few years ago my son signed up at Royal Bank and got a bonus $5 deposit right away. Not sure if they still have that? We live closer to a TD bank, now and we both just switched. No fees. (And I'll be getting a free Samsung tablet just for switching. :D)
Most banks offer free banking for youths under 18 and then still free as long as you're a student. It'd probably be easier if you bank at the same institution...unless you bank with PC because of the lack of service. If that's the case I'd recommend whoever is closest to your house for his convenience because it'd be free for him.
we had accounts with TD but when the money earns 1 cent a month in interest the kids learn nothing about saving so we switched to ING. I wanted them boys to learn the concept of saving and being rewarded for it. ING pays 2% for kid accounts and since I have an account already it was super easy. It also makes the transfer of the saved amount of their money simply. We also opened them when a promo was on &\I think they each received 25.00 for the account.
But with ING you have to send them a physical cheque to open an account with them right? How did your kids get their own account without having another account somewhere else? We ran into that problem because with CIBC they had savings accts, no cheques available, they would not even issue a one time counter cheque so we opened PC no fee accts first, then used the free cheques from PC to open their ING accts. Seems like a hassle, but glad now that we did it.Quote:
Originally Posted by lilo0003
I opened our ING savings about 12 yrs ago so it was easy to open for the kids as I opened them in thier names and linked to my account. I only sent a check when I first opened the account for me and then was able to link to my other account. You need to send the check in order to link and that it how you can move your money between accounts.Quote:
Originally Posted by walkonby
Last year I got a BMO account for my daughter-came with a 25 free deposit and a discount SPC card which we have used a few times. Not sure if they offer such a deal this summer