chazcanning

Hi everybody
We're good to go in just under 9mths we now have are pr visa's . A question for all you new arrivals . What banks would any of you recommend. also i've been looking at charge cards APR looks a bit high dont you think ? and having to pay an annual fee is a bit much. at present my charge card isn't linked with my bank would this be the norm in canada also. regards chaz

BristolUK

Presidents Choice banking is free without the condition of maintaining minimum balances.

The only problem with them is depositing cash/cheques. They have no branches as such and you use CIBC banks...but only the machines. Deposits going through the machines take longer to clear than if they were done over the counter.

But that's a small price to pay - especially as it doesn't cost anything.

Their credit card may also be free.

Judy in Calgary

BristolUK gave you good information. There is some more info in the Wiki called Banking-Canada.

The cost of banking in Canada is higher than it is in the UK. There are more service fees, etc.

Credit cards may be, but don't have to be, related to your bank.
x

MarkG

I use PC Financial too, though we also have a joint account at the bank where we got our mortgage.

The other downside of their links to CIBC is that I've read news stories claiming that CIBC have been hit by the US subprime mortgage problems, though it's quite possible other Canadian banks have and no-one's realised yet. It's hard to figure out quite what the link between PCF and CIBC actually is, and how much risk there might be if CIBC got in trouble.