The newcomers should always think about opening a bank account. This account will help you to withdraw your money easily and also to pay for different services and goods.
In addition, the majority of employers ask for chequing accounts salaries deposit.
Banking services often come with important fees of transfer. Besides, you can live a nightmare with their services if any malfunction occurs. So it’s preferable to put your money in a place where you can check it.
The banks in Canada offer:
- combination accounts.
Before opening your account, you have to take into consideration the different services offered by Canadian banks. For instance, some banks give high-interest savings or no-fee chequing accounts. Thus take the necessary time to guarantee that you profit from the best offer.
You have the possibility to possess many types of accounts at the same time in addition to different baking options. For managing your account you can choose to do this via the bank or by using the ATM or by your phone.
Managing an account becomes something normal and easy. You don’t need to move from your sofa or to leave the house everything can be controlled at a distance and online.
You may now establish an account as a new client online if you satisfy the following criteria:
- To be at least sixteen years old
- Have a Canadian residency or be a worker or a student
- Open the account with your name
There is another option if you want to link other persons to your account you need to go to the branch to get help from the bank’s representative otherwise you can use the online method where things won’t take you more than five minutes to get the account.
Before going online the following information will be needed to complete the process:
- Full name of the applicant
- The address appearing on you ID card
- The birth’s date
- The business or the work of the applicant
- The number of the social insurance
Before starting transferring money the bank needs to verify your ID with a credit bureau. If the operation of verification isn’t possible by Scotia you need to go to the branch for a verification which will not take more than five minutes by the representative of the bank.
As you can notice the process of opening an account is very simple and what you need to think about now is the type of account that you wish to open.
Single or joint account?
One of the questions that you need to ask is whether you want a single account or join one. The first option is for singular use where this account can be accessed by one person, while by using the second option you can add different users to the joining account.
The single account is suitable for clients who want only to access their funds.
The joint account is suitable for married couples by which they can use it to share expenses or they can use it for payment. This account is also useful for those who share business, for instance, you can track the costs for maintenance if you have a cottage with other members of your family. Or you may manage your parent’s account where you can pay their bills and do the grocery.
The things that you should consider before the joint account opening is the degree of trust between you and the co-holder and also to be comfortable with your co-holder, and don’t forget to agree about the withdrawals and the contributions rules.
- You can also have the possibility to have and keep a single one for yourself while you can have a joint one where you can share it with others.
- Choose between a savings account or a chequing account.
- So the question is whether you opt for a chequing or a savings account or you may opt for the two options.
You can choose the type of account online where you can apply for the chequing account and you have the possibility to add a savings one or you may do this later.
The chequing account is suitable for getting paid by the employers, or for day-to-day operations and also you can use it for paying the rent and groceries. The limit of the transaction is very high.
On the other hand, a savings account is ideal for putting money aside for a short or medium-term purpose, such as a down payment or vacation. You may earn a lot of money on your balance, but there are restrictions on how much you can do with it or you’ll have to pay a charge.
The methods you use to finance your accounts.
If you have the cash you need to move to a branch where you can supply funds to your account or you can fund your account online.
- Use smartphone apps to deposit cheques
- Transfer your money between chequing and savings account
- Use interace E-transfer for family and friends