Big 5 banks, newcomer accounts, TFSA, RRSP, credit scores, and managing your money in Canada.
• RBC: Largest Canadian bank. Best newcomer program.
•
TD: "America's Most Convenient Bank." Long hours.
•
BMO: Bank of Montreal. $0 newcomer account.
•
Scotiabank: Strong international presence.
• CIBC: Good
student/newcomer accounts.
• EQ Bank: Highest savings rate (~4%). No-fee.
• Wealthsimple
Cash: Interest on deposits. Free investing.
• Simplii
Financial: CIBC-backed. No fees.
• Tangerine:
Scotiabank-backed. No fees.
• Neo Financial: Cashback rewards.
• Documents: Passport, visa/PR card, SIN
• Newcomer
packages: All Big 5 offer 1-year free banking
• Can open before
arriving: RBC, HSBC offer pre-arrival accounts
• Debit
card: Interac debit (used everywhere)
• First credit card:
Secured card recommended
• Range: 300-900 (good: 650+, excellent: 750+)
•
Agencies: Equifax, TransUnion
• Check free: Borrowell
(Equifax), Credit Karma (TransUnion)
• Build credit: Get credit card,
pay on time
• New to Canada: No credit history initially