August 08, 2018
As newcomers to Canada, opening a bank account is one of the items in your priority list to be completed.
But because there are lots of available banks in Canada, it is confusing which is the most suitable and ideal bank for your needs.
Below are the 3 banks I visited this week and have summarize the various bank offers with the hope that it helps you in one way or another.
1. BOM - Bank of Montreal (one of the oldest bank in Canada).
BoM offers as follows:
1. Free 1 year of banking (no monthly fees which is about 15$ a month) - it becomes free after they issue tou cash back after 3 months if you do 2 recurring deposits each month.
Interest rate at savings account (default rate) is 0.5%.
There are Higher interest rate is possible if you opt for year or more of lock-in period for your savings investment.
2. Free chequebook.
3. Free credit Card.
Tips: Check if you can earn 50$ if you open a savings account and deposit 5000$ in it. And apply for credit card and make the first payment of the credit card bill.
Also check if you can get additional 50$ is also if you open an Investor line or Smartfolio account with them.
Above tips can give you a net gain 100$ if you deposit 5000$ in the savings account with BMO.
1. Free one year worth of banking (14.95*12 = 179$ saved)*
2. 300$ cashback if you do 2 pre-authorized payments for next 3 months (like Mobile Bill, Electricity Bill, Credit card auto-payment) Or payroll is deposited into your CIBC account directly by your Employer
3. free Credit card whose limit can be 500-5000$ (limits depends on your eligibility)
4. Chequebook was paid and for about 60$ (not commonly used as people nowadays prefer online payment)
The above deal can give you cad 479 (300$+179$)
Is currently have 2 offers with free iPad.
1. Free Cheque book and free 6 months of banking.
2. Free credit card.
In this deal if you made at least 2 pre authorized payments, then you canget an iPad delivered to you 6 weeks from the date your 2nd pre-authorized payment.
All deals mentioned are subject to terms and conditions of the bank.