Canada’s banking: Where do you begin?
Moving to a new country can be overwhelming, especially when it comes to setting up your finances. Banking in Canada is likely to be different from banking in your home country, but don't worry, we're here to help you navigate through the process. In this article, we'll walk you through the basics of banking in Canada and help you understand the different types of accounts you'll need.
Step 1: Understand the Difference Between Chequing and Savings Accounts
In Canada, there are two types of personal deposit accounts: chequing accounts and savings accounts. A chequing account is an account used for regular, daily transactions, such as paying bills and making purchases. On the other hand, a savings account is used for setting aside money you don't need right away, like saving for a home or a vacation.
When looking for a chequing account, it's important to find one that suits your needs. Some accounts come with a monthly fee and a fee for transactions, while others offer unlimited transactions. Look for an account that includes the right number of monthly transactions you think you will need. Additionally, consider whether the account offers features such as overdraft protection, which can protect you from fees if you accidentally overdraw your account.
For savings accounts, it's important to choose an account that offers a high-interest rate. This will allow you to earn more money on the money you save. TD Bank offers three different types of savings accounts, each with its own benefits.
- TD Every Day Savings Account: The TD Every Day Savings Account is a great option for those who want a simple and easy-to-use savings account. This account offers competitive interest rates with no minimum balance required, making it an accessible option for all Canadians. This account also has no monthly fees, so you can keep more of your money in your pocket.
- TD ePremium Savings Account: The TD ePremium Savings Account is a high-interest savings account that is perfect for those who want to earn more interest on their savings. This account offers a higher interest rate than the TD Every Day Savings Account, making it a great option for those who want to maximize their savings potential.
- TD High-Interest Savings Account: The TD High-Interest Savings Account is designed for those who want to save for a specific goal, such as a down payment on a home or a vacation. This account offers a high-interest rate and no monthly fees, making it a great option for those who want to save money quickly.
Step 2: Apply for a Canadian Credit Card
A credit card is an essential tool for building credit in Canada. When you open a credit card account, your credit card company gives you a set credit limit. Based on that limit, your credit card allows you to borrow funds to make purchases and pay for them later. By using your credit card regularly and paying it off each month, you can build a good credit history, which will help you in the future when applying for loans or renting a home or apartment.
When looking for a credit card, it's important to consider the perks and rewards that come with each card. Some cards offer cashback on purchases, while others offer travel rewards or points that can be redeemed for merchandise. TD Bank offers a wide variety of credit cards with different rewards and perks, so be sure to choose one that suits your needs.
Documentation Needed to Open a Bank Account in Canada
To open a bank account in Canada, you will need to provide some basic forms of identification, including a passport, driver's license, or another form of government-issued ID. You may also need to provide your landing papers, study permit, or work permit. Additionally, you will need to provide your Canadian address and phone number to complete your account profile.
Setting up your banking in Canada can be a daunting task, but by understanding the different types of accounts and credit cards available, you can make the process much easier. Consider your needs and choose accounts and credit cards that will help you achieve your financial goals. By taking the time to set up your finances properly, you can start your new life in Canada on the right foot.
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