snowcandy

Quick question...any recommendations on the best bank account for a just turned 18 Grade 12 student, graduating this summer but not off to Uni until 2013. She will be working in her year off so won't be able to open a Student account until enrolled for Uni in 18 months or so.

The Youth accounts seem to be for under 18's only and Student accounts obviously for Uni students.

Hasn't been a problem until now as she wasn't able to work here until she turned 18 last month and she always spends her allowance so hasn't needed anywahere to put it!

Now armed with her work permit has just been paid by cheque for babysitting so needs to get something sorted now.

Thanks

Former Lancastrian

The bank of Dad gets pretty rave reviews. Very low interest rates and generous repayment options.
Can usually be contacted by phone 24 hours a day.
Oh you said account I thought you meant best bank.

justkidding

What about PC Financial? Mostly online banking and no fees. My 14 year old son has this type of account. Works well for him.

BristolUK

Has PC changed its rules about age then? Two or three years ago it had to go in an adult's name for someone under 19 or 18. My step daughter went with CIBC - a free young person's account or whatever it was called - until she was old enough for PC.

I must admit I can't see it on the website, but it used to be there.

justkidding

I'm not sure about that because I do have a chequing account with PC for the only reason that the convenience store down the street has a CIBC banking machine. It's handy for when I need actual cash.

I think the OP's daughter should be able to open one up on her own though. She is 18 and that is the legal age of majority in Alberta.

Siouxie

If you look at the various bank's 'savings accounts' most of them have an under 19 account of which some have unlimited debits and no monthly fee's. She could upgrade to one of the student account when she goes to Uni:

TD http://www.tdcanadatrust.com/product...sp=acctadvisor and then http://www.tdcanadatrust.com/product...ife/stplan.jsp

Scotia have a similar set up - under 19 then change to student. http://www.scotiabank.com/ca/en/0,,61,00.html

RBC http://www.rbcroyalbank.com/products...s-account.html

A quick google search will bring up a lot more

snowcandy

Thanks everyone.

I have bank accounts coming out of my ears, just trying to save a bit of time as she is snowed under with schoolwork and it gets left to poor old mum as usual to sort it out

wolstie

Isn't PC Financial just an arm of CIBC?

BristolUK

I'm not sure. I just know that my step daughter had some sort of youth account with CIBC that was free, but she was too young to have something in her own name with PC. Then when she was too old for the youth account, she was old enough to apply at a Pavillion for a free PC account in her name.

It wasn't just a convenient transfer.

Novocastrian

Once upon a time I had a similar problem. The solution was to open an account jointly (either signature) with the son and myself (TD but I'm sure anywhere would do it).

Pluses included my being able to monitor online all his financial transactions, there being no overdraft facility and a trivially easy way to transfer money to him immediately if I felt like it. Sometimes I did and still do.

SivoxII

This link should clear up this query!
http://cibc.intelliresponse.com/public/en/index.jsp?requestType=NormalRequest&source=4&id=24 37&question=How+is+President's+Choice+Financial+re lated+to+CIBC

.. and personally, President's Choice was the obvious choice for my banking when I first arrived in Western Canada.

All the best,
Siv