Which bank is best?

[three33]

I am currently looking for a new bank to open a savings/chequing account with. I used to have Royal bank, but then I switched to TD 2 years ago and they are starting to get on my nerves now. What I really need is just an account I can plop my extra money into and if I need pay a few bills using cheques or what not and a savings account where I can put any extra extra money. I heard CIBC wasn't too bad but I heard that they hold your money for 5 days after you put it in.Does anyone know which bank would let me deposit and withdrawal in the same day? Any help would be great. Thanks

[Gonthro]

CIBC only holds CHEQUES or cash deposited at the ATM, if you deposit cash at a teller you have access to it right away...

also i have mine set up so that within that 5 days before the cheque clears i can take up to $1000 out (the rest after 5 days), so its not really a huge issue for me.

CIBC also has a new bank account thing where you pay $13 a month and get unlimited transactions/cheques ect...


also gotta love the convenience of having a ATM in every 7-11 (that doesn't charge you $3)

i have been with CIBC for over 10 years and never a problem.

[lam-boy]

I'm pretty sure any bank lets you deposit and withdraw, you just have to do it at the tellers not through the machines.

[Skylinelover]

Scotia bank because my mom works there.

[girlRACER]

In my experience, Bank of Montreal has never held any deposits from me no matter how large the amount. For larger amounts though you have to deposit it in person and request that there be no hold. The only downside to BMO is that there are hardly any bank machines around and the debit cards never work at Superstore.

I know that ING Direct has a good interest rate for savings accounts too.

[91_Integz]

ATB Financial because I work there :nut:

[lam-boy]

Originally posted by Skylinelover
Scotia bank because my mom works there.

so whos gonan be first to bust out depositing/withdrawing jokes on thsi guys mom?

[roopi]

BMO offers ~2.25% on their Savings Account. Not bad for a savings account at all.

[Melinda]

ATB Financial has NEVER steered me wrong! :thumbsup:

[sputnik]

TD has been incredible for me... when I signed up I got...

- instant line of credit
- tripled the limit on my TD visa
- no holds on my cheques
- no limits on the amount of cash i can take out of the ATM

I also have my house and car insurance with them and my mortgage.

I was with CIBC before... and they were HORRIBLE. They wouldnt even give me a credit card with more than a $1000 limit.

[Dope Dealer]

I'm with TD and never had a complaint. They don't hold my checks even if I use the ATM machine. Always instant access to it, but I've had an account there since I was born.

[rice_eater]

i first got that student line of credit from TD because they are the only ones that accept you. They tied it into my checking acount and everything is free and no holds on any deposits (cheque/cash). They're pretty good to get along with and i never had a problem. The only thing i dont like is that they keep asking me to get a Visa with them every time i'm at the teller but that's a small price to pay.

[zhulander]

TD also has the best hours.

CIBC hours are from 10:30-3:30 which doesn't work for me.

[Gonthro]

Originally posted by zhulander
TD also has the best hours.

CIBC hours are from 10:30-3:30 which doesn't work for me.

depends on the branch, some are open saturdays, and most of them are 10-3:30, and most are open til 5 or later on fridays

[QuasarCav]

Originally posted by Skylinelover
Scotia bank because my mom works there.


I make nightly deposits all the time with no problem.

Except for that time your dad woke up but thats a different story;)

[Dope Dealer]

Originally posted by zhulander
TD also has the best hours.

CIBC hours are from 10:30-3:30 which doesn't work for me.

Plus 24hr Easy Line hours... And you can pay off your VISA online and other bills with their EasyWeb.

[Dope Dealer]

Originally posted by rice_eater
i first got that student line of credit from TD because they are the only ones that accept you. They tied it into my checking acount and everything is free and no holds on any deposits (cheque/cash). They're pretty good to get along with and i never had a problem. The only thing i dont like is that they keep asking me to get a Visa with them every time i'm at the teller but that's a small price to pay.

That's weird, they've never asked me but I got their TD Visa a week or so after I turned 18. They've only asked me to open a US Account because I kept bringing in US checks and theyh said it would be easier for me to just dump it in there and transfer when rates are good.

[Skylinelover]

The only reason banks hold you money is...
1. They don't trust you.
2. You have commited bank fraud before.
3. Only sometimes.. If you deposit like 5 grand and it is unusual for you to deposit that amount.

[Gonthro]

Originally posted by Skylinelover
The only reason banks hold you money is...
1. They don't trust you.
2. You have commited bank fraud before.
3. Only sometimes.. If you deposit like 5 grand and it is unusual for you to deposit that amount.

it has nothing to do with trust you, it has to do with trusting the person that wrote the cheque

[Kamen]

I like BMO and HSBC.

[Redlyne_mr2]

You can never go wrong with a credit union. Best service, usually no or very minimal fees. Awesome to deal with

[Skylinelover]

it has nothing to do with trust you, it has to do with trusting the person that wrote the cheque
Huh? I am confused.
The person that sets up the acount has the power to check
Cash Back, Or to check..
No Cash Back.

[lam-boy]

Direct Deposit > you

[Ajay]

Reason why alot of banks hold onto cheques for a couple days is also based on your credit rating. At least that's the info I was given when I went in to check and see why a cheque my dad had given me for $1500 hadn't cleared in my account while it had cleared in his account the day after I cashed it.

Was told the hold is dependant on your credit rating and since mine is fairly new (not even...I'm 22 with amazing credit but my dad is 54 with insane credit) they hold the cheque for a certain period of time.

I'm with CIBC right now and I'm not happy with them. I'm not supposed to be charged service charges if I keep my balance above a set amount every month. I always do and I always get charged at least $25 in service charges a month. Still haven't had the time to inquire why this is. I'm gonna switch over to PC Financial in a couple days. Just need to get my ass moving and actually do it!

[sputnik]

Originally posted by Gonthro


depends on the branch, some are open saturdays, and most of them are 10-3:30, and most are open til 5 or later on fridays

5pm BARELY works for most people, and on the later days the lineups were insane.

I also found that the CIBC internet interface was pretty weak. I like having my chequeing account, mortgage, line of credit, visa and waterhouse statements all on one page and the ability to easily transfer money from one to another.

[Gonthro]

Originally posted by sputnik


5pm BARELY works for most people, and on the later days the lineups were insane.

I also found that the CIBC internet interface was pretty weak. I like having my chequeing account, mortgage, line of credit, visa and waterhouse statements all on one page and the ability to easily transfer money from one to another.

they have updated thier page and it now contains all of these things.

[RiCE-DaDDy]

Originally posted by roopi
BMO offers ~2.25% on their Savings Account. Not bad for a savings account at all.

Are u sure? their website says different.

All the big banks offer crap rates

[max_boost]

Yes BMO offers a 2% interest rate on Savings, it's their Premium Rate Savings Account. Presidents Choice Financial also offers 2% on their rates.

The best bank is subjective. You have to factor in, what's most convenient for you? You wouldn't want to make a far drive just to do your banking.

PC offers no fee banking with unlimited transactions, can't really go wrong there.

Whether the bank holds your money, and for how many days is dependent on your credit review from the bureau.

I know for RBC, I have their best plan. I have excellent credit and probably can get even more perks elsewhere but RBC is a 1minute walk from my restaurant.

[QuasarCav]

Originally posted by max_boost
Yes BMO offers a 2% interest rate on Savings, it's their Premium Rate Savings Account. Presidents Choice Financial also offers 2% on their rates.

The best bank is subjective. You have to factor in, what's most convenient for you? You wouldn't want to make a far drive just to do your banking.

PC offers no fee banking with unlimited transactions, can't really go wrong there.

Whether the bank holds your money, and for how many days is dependent on your credit review from the bureau.

I know for RBC, I have their best plan. I have excellent credit and probably can get even more perks elsewhere but RBC is a 1minute walk from my restaurant.


:werd:

I base it on convienence. Scotia has a branch close to my work and my house. They are open until 6pm on from wed-fri and they are open on saturday 10-3.

I'm only 21 and I can cash a 2G check and withdraw it right away, never had any problems with these guys.

And their internet banking kicks ass.

[Skylinelover]

And their internet banking kicks ass.
:werd:

[Gonthro]

thats why i LOVE cibc, there is an atm in every 7-11 :D

[redec]

I recommend PC/CIBC and BMO....they're really good....I switched to them from Royal/TD/HSBC, and there's no comparison, I'll never go back

[Weapon_R]

BMO for me. Really good for students.

No fees for transactions, and telephone and web banking are included. Also, your BMO mastercard/mortgage/line of credit are all incorporated into your chequing account online, so it makes it super easy to pay off bills.

[GTS Jeff]

u are all fools. ALL banks will hold your deposits if they arent sure about them. if u deposit at a teller, the teller will hold or not hold based on your history, funds, and the cheques amount and source. the holds placed on your atm deposits are set differently for everyone again based on their history, background, and worth.

if u have full holds on everything, its cuz the bank knows that u suck. if u have no holds at all, its cuz the bank loves and trusts u. end of story.

[three33]

I think I will try CIBC.Does anyone know how hard it is to get a credit card with them.As of now I have no credit and have no idea really how to build some up.

[illeagle]

Originally posted by three33
I think I will try CIBC.Does anyone know how hard it is to get a credit card with them.As of now I have no credit and have no idea really how to build some up.

first step do not go with CIBC. and if you do, and decide to get a CIBC visa, make ALL payments through the teller.

to build credit, start with a credit card. DO NOT go over half of your maximum limit.. it makes you look like you depend on credit and not what you earn from your job.. and if you want a loan, make sure your credit card is %75 or less of what your maximum is for 3 monthes...

[googe]

Originally posted by illeagle


DO NOT go over half of your maximum limit.. it makes you look like you depend on credit and not what you earn from your job.. and if you want a loan, make sure your credit card is %75 or less of what your maximum is for 3 monthes...

Where did you get this info? At least half of this I know isnt true, the other half I doubt is.

[RiCE-DaDDy]

Originally posted by max_boost
Yes BMO offers a 2% interest rate on Savings, it's their Premium Rate Savings Account. Presidents Choice Financial also offers 2% on their rates.

The best bank is subjective. You have to factor in, what's most convenient for you? You wouldn't want to make a far drive just to do your banking.

PC offers no fee banking with unlimited transactions, can't really go wrong there.

Whether the bank holds your money, and for how many days is dependent on your credit review from the bureau.

I know for RBC, I have their best plan. I have excellent credit and probably can get even more perks elsewhere but RBC is a 1minute walk from my restaurant.

It says only %1.850 for premium savings

[dezmarez]

go back to TD there good cause there open late
thats the only reason i go to them but weekend there only open till 3 :(

[kenny]

Originally posted by illeagle
to build credit, start with a credit card. DO NOT go over half of your maximum limit.. it makes you look like you depend on credit and not what you earn from your job.. and if you want a loan, make sure your credit card is %75 or less of what your maximum is for 3 monthes...

It doesn't matter how much credit you use, it all depends on how long it takes for you to repay your debt. The best way to build your credit rating is to get a secured credit card. Even if you don't qualify for a credit card, you can get a secured credit card--its when you goto a bank and give them $1000 or whatever and they'll give you a credit card with $1000 credit.

Use it, and pay your bill on time, each and every time. Credit histories follow you for 7 years so don't fuck up! :)

[rice_eater]

Originally posted by Dope Dealer


That's weird, they've never asked me but I got their TD Visa a week or so after I turned 18. They've only asked me to open a US Account because I kept bringing in US checks and theyh said it would be easier for me to just dump it in there and transfer when rates are good.

well if you already have visa :nut: ...

[Gondi Stylez]

I was with TD for 5 Years and after about 3.5-4 Years I was EXTREMLEY DISAPPOINTED to say the least! The only reason why I didnt close my account sooner is because I stopped using the bank besides for direct depost and WD's! Now im with BMO and I couldn't be happier. awsome interest rates, investments, and awsome for students! also got the mosiac MC and its sweet besides the 18.4% interest! but hey, that is still not to bad!:thumbsup: to BMO!