Opening a bank account

[Likewise]

Hello everyone, I have a quick question.

I recently got my very first part-time job (a tad delayed at the age of 17, but better late than never) and now I'm looking to open a bank account somewhere, but I don't know which bank I should sign up at or what kind of account I should open.

Would anyone here be able to help me out, as well as give me some financial advice on saving my money and using it effectively so I don't blow through it within 5 seconds?

Thank you.

[rampage]

Just a heads up, they all suck.

[Danthecanucksfan]

Well I am too 17 years old and currently have a youth account as well as a savings account at TD Canada.

The Youth account lasts until you are either 18 or 19, and basically you are exempt from any debit card charges, account fees etc.

What I do to save money (which I havent been doinf very well lately) is that I got the bank to set up a process in which every month they take $5 and insert it into my savings account, as well as everytime I use my debit card 50 cents is transferred to my savings account.

The savings account has a slightly higher interest rate which is why it doesnt hurt to have, plus it helps you save money when you have an account dedicated to saving and the youth account dedicated to spending.

Also im sure there are a few other banks who have similar accounts available.

Hope this helps. Cheers.

[Pavel Burrows]

Rbc!!!!!

[MJDDawg]

You can find a no-fee account at any number of banks or credit unions.

Set up your paycheque to be credited electronically to your bank account.

Set yourself up on your bank or credit unions online banking service.

Start saving right away. Set up an electronic transfer to transfer 10% of each paycheque to a separate savings account. It's called pay yourself first before you spend the money.

Pay cash for everything. Credit cards might help build your credit, but they can be evil and lead to overspending.

Read The Wealthy Barber and The Wealthy Barber Returns by David Chilton.

[King Heffy]

Credit unions>>>>> banks

No fees even after you turn 18.

[Hobbes!!!]

I use coast capital. It has no fee accounts.

[ilduce39]

go with the one that will give you the visa with the highest credit limit... no way that will come back to haunt you!

[Likewise]

go with the one that will give you the visa with the highest credit limit... no way that will come back to haunt you!

[KFBR392]

Saving money and spending habits is a frame of mind. There's no trick to it, you just have to do it. Either you're content on blowing your cash immediately at the risk of being broke for the next 13 days or youre not.

I've been broke and lived paycheck to paycheck before, and I hated every minute of it. That fear makes me more rational when spending money. I don't buy big ticket items unless I have twice the cost minimum saved up. I don't nickel and dime my money away on little things (eating out constantly, trips to the mall etc).

That being said, youre young and probably have no financial responsibilities to worry about. Being broke probably isn't a huge deal to you, but nows the time to train yourself proper spending habits. You'll set yourself up for success in the future if you figure it out now.

[Rey]

Just a heads up, they all suck.

[King Heffy]

I use coast capital. It has no fee accounts.

[Weber's Playoff Beard]

Surprised nobody has said it yet but...

PC Financial.

Until you get credit cards (which you'll actually need to learn to budget properly for), you can just save 10% of everything you earn in a separate "savings" account. The rest you can blow it on whatever you want. (or if you're motivated, save for college).

When you turn 19, assuming you're from BC, move those savings into a TFSA NOT FROM THE BIG5 banks (TD, RBC, BMO, CIBC, Scotia). You can google and find lots of information.

This probably isn't the best forum for financial advice since it's a hockey forum (meaning people here are willing to spend hundreds to watch their favourite team... meaning they're baller and don't need to budget). There's lots of forums out there for financial advice.

[King Heffy]

Surprised nobody has said it yet but...

PC Financial.

[SkeeterHansen]

Bank of Montreal.

[Monty]

Surprised nobody has said it yet but...

PC Financial.

Until you get credit cards (which you'll actually need to learn to budget properly for), you can just save 10% of everything you earn in a separate "savings" account. The rest you can blow it on whatever you want. (or if you're motivated, save for college).

When you turn 19, assuming you're from BC, move those savings into a TFSA NOT FROM THE BIG5 banks (TD, RBC, BMO, CIBC, Scotia). You can google and find lots of information.

This probably isn't the best forum for financial advice since it's a hockey forum (meaning people here are willing to spend hundreds to watch their favourite team... meaning they're baller and don't need to budget). There's lots of forums out there for financial advice.

[Offensive Threat]

Savings accounts, including tax free savings accounts are a bad way to save your money for any amount over a couple thousand dollars. They pay practically no interest so the tax free part of the tax free savings is useless as well.

Savings account pays 1.2% to 1.5%. This will barely if even cover inflation. So you are making nothing on your money. Investing in the TSX is easy and can bring 9-10% yield without too much difficulty. Christ even corporate bond yields are over 6% and rock solid. Pay capitol gains taxes on 6% or "Tax free" on 1.5%. Its an easy choice.Over the years the difference will multiply with the savings account still treading water and the investments paying interest on the interest on the interest.

Go to a bank or credit union that has a financial dept. Ask to talk to someone there about long term investments and savings goals. You can talk to a professional for free.. Banks like 17-18 year olds because they see a possible lifetime client who will be looking for a mortgage and investment options down the road.

I bank at TD Canada Trust and trade through TD Waterhouse. Go to a TD bank that has a waterhouse dept and ask to talk to someone. They can be quite helpful.

[King Heffy]

Savings accounts, including tax free savings accounts are a bad way to save your money for any amount over a couple thousand dollars. They pay practically no interest so the tax free part of the tax free savings is useless as well.

Savings account pays 1.2% to 1.5%. This will barely if even cover inflation. So you are making nothing on your money. Investing in the TSX is easy and can bring 9-10% yield without too much difficulty. Christ even corporate bond yields are over 6% and rock solid. Pay capitol gains taxes on 6% or "Tax free" on 1.5%. Its an easy choice.Over the years the difference will multiply with the savings account still treading water and the investments paying interest on the interest on the interest.

Go to a bank or credit union that has a financial dept. Ask to talk to someone there about long term investments and savings goals. You can talk to a professional for free.. Banks like 17-18 year olds because they see a possible lifetime client who will be looking for a mortgage and investment options down the road.

I bank at TD Canada Trust and trade through TD Waterhouse. Go to a TD bank that has a waterhouse dept and ask to talk to someone. They can be quite helpful.

[ahzdeen]

Yep, best way to go right here. All the debit transactions you want, no minimum balance. Once you turn 18, the big banks won't give you that kind of deal.

[Sindarin]

I personally use TD Canada. They are open 7 days a week and have great hours, plus if you have enough money they may even give you a free gift for going with them. I think we have unlimited transactions, everywhere for like $20 a month.

DO NOT GO WITH THE SCUM OF THE EARTH RBC... They are the most retarded, stupid, money hungry bank in Canada. I opened up a saving account for some charity money (to hold while we were raising it) and I was very adamant that I wanted no fees as this was for charity. Guess what, the very first month they started charging me fees, even though I had distinctly asked for no fees, and it was agreed upon. Setting up the account and cancelling it were both a PAIN IN THE BATOOKA!

I would not go with PC, or ING as there are not really any physical locations you can go into. Also, Credit Unions in other Cities do not count as a Credit Union to your Credit Union. (if you know what I mean) So be careful if you decide to use them.