Canadians: What is the best Canadian bank?

Question

I'm a student and my father wants me to open an account so he can send me a little money every month. I need a bank that won't take whatever money he sends me due to "interest fees" or some such nonsense. If I put the money in the bank, I need it to stay there. I need my father to be able to transfer money into my account if he is with another bank. Any suggestions?

Answer 1

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National Bank of Canada is the other major one, Sparky... ;)

Most of the big six have Student Accounts, which waive all or most of the monthly charges. I prefer Royal Bank, although TD has the most convenient hours and branches.

If your father banks at one of the big banks, he can do an Interac Money Transfer from his account online, and you can receive it electronically at your bank.

If he is in a foreign country, he will need to do an International Wire Transfer, which will cost both of you a pretty penny ($30+ for him, $10+ for you...)

Answer 2

These are the major banks in Canada:

Bank of Nova Scotia

Bank of Montreal

Royal Bank of Canada

Toronto Dominion

Canadian Imperial Bank of Commerce

I think I've forgotten one...

These banks all charge fees of one sort or another, but most of them back discount financial institutions that don't charge fees unless you go into overdraft or something.

In addition to these banks, there are Credit Unions in most provinces, and Caisse Populaires in the French speaking regions.

As for transfers, you'd have to contact the financial institution to ask them about their own policies, especially if the funds are coming from a foreign source.

Answer 3

If you open a savings account at any bank they won't have a service charge... There's no interest fees.. Interest is what YOU get from the bank. So your money will grow.