Great video, it might be nice to include some of the completely free accounts with no minimum balance offered by credit unions and some of the smaller banks.
2:59 that is actually a misunderstanding. It means if you dont have above $4000 by the end of the month (last day of the month) then you will have to pay
Less than a year, thousand of miles, and finally the topic of banks has appeared. Please make videos showing a conversation with bank employees on various topics. Thank you so much for all great videos you've done.
Hey teacher Mark! Thank you so much for this video. Very useful. And perfect pronunciation too, I didn't need to put captions on. Just moved to Canada one week ago, I'm still learning English! Looking forward to your next videos :)
I've got a account with Scotia, I set it up 4 years ago. I mean I did not know how things worked out in Canada then. If I saw this Video in 2015, I would have go for TD. Thanks for this Video. Great Video Excellent stuff.
I've been with RBC student banking for two years. They also have a student free chequing service as many other Canadian banks do, but after my graduation they've just switch my account to NO Limit one without noticing me, and I paid $15.95 of monthly fee for 3 months. This is just another example of quiet nickel-and-diming by RBC. Save your money, go with TD or other bank.
The account is for students and you are no longer a student. If you would of read the fine print and check your statements more often, you would have avoided this completely or been prepared for it. Be more attentive and responsible next time.
@@liamwelsh5565 Students in Canada are spoiled rotten... less than 50 bucks compared to all he has saved while being a student through discounts nearly everywhere... yeah, no compassion here.
@@aba192 That's because businesses know that students are broke and help support the future generation. I don't think there's anything wrong with that.
Every one of these banks has great student banking accounts, and they are almost the same with minor differences (say one offers some money, another offers scene points etc). But yes, for normal accounts for regular people, definitely TD seems like the best option for chequing account. Thank you for such wonderful informative videos. I just discovered you. Watched a bunch of your videos one by one, and subscribed too. Keep up the good one with informative videos.
Hi, Mark. Interesting information and English vocabulary. By reading some of the comments I can tell that you are not only famous internatioanally, but in Canada as well. The train of thought well presented and understood. Great teacher!
Best options for checking account are online banks like Tangerine. If you want a physical bank, the RBC offer a rebate if you have 2 services with them (TFSA, Mortgage, Credit card etc).. Having a minimum balance tied in a chequing account is not a good idea, since you will never use that money, unless you pay a monthly fee. Better deposit that amount in your RRSP/TFSA in a good ETF
There's no min monthly balance in RBC for a reason. The $4 monthly fee is waved if you have a CC and an investment acct (TFSA, RRSP, etc.) with them. That's the best deal among all other major banks, and I looked into every single one
Thank you for making this informative video, Mark. I have been with TD, on student account for four years. I don't have to pay monthly fees. That's good. But I am graduating next year. I don't think I can still be on student account after graduating. Your video gives me a thought what account I should choose if I am not on the student account anymore.
FYI BMO has free banking for students (postsecondary) and under 18 clients. td gives 25 transactions BMO gives 30. for newcomers to Canada the other banks give 6 months free banking, BMO gives one year free banking with unlimited transactions.
6:56 Hahahahaha I literally physically loled. That's because you're describing me here. 6:56 Thanks for the useful video and it really helped me as a new immigrant! Thanks Mad English TV!
~13:26 the RBC multi-account rebate means you'd need at least two different products with RBC. For example, Having a credit card, and having for instance a TFSA account open with RBC would rebate the monthly fee.
Hi mark, thank you for the great video, I just wanna say RBC also has student account with no monthly fee. And please make a video about how to buy stock in Canada.
All big 5 have student accounts, and kids account. For newcomers, there are newcomer plan too, most of banks offer 1 year free banking for newcomer. Previous BMO practice plan can rebate the fee if keep the minimum balance of 2000 dollars, they changed it last December. I am expecting TD will change it too. But seniors can get senior discount, most of time it is 4 dollars. BMO premium plan can waive BMO Elite Master Card fee too. And BMO provides CDCB program for DND, military, polices. Scotiabank Scotia One is changing, it will increase to 15.59 per month, but still only 4000 dollars to get monthly fee rebate , unlimited etransfer this time. Also waive CC fee and can get bonus interest rate for saving account and investment. I don’t know how to get the conclusion that TD bank account is the best. Everybody may have different needs.
Great video. It will be really helpful if you make a video specifically for international students because we don’t know which bank to choose when we arrive in Canada plus we are new to Canadian banking system.
Thanks 🙏🏼 for good information are you great mark i am from italy and i like canada and i applied for a Canadian visa i am whetting answer from the Canadian embassy.take care 👍🏼
The RBC rebate comes from having one investment of 500 bucks or more and 1 credit card. It will reduce the bank fee of any bank account they have by 11 bucks. Meaning the first two accounts are free with no minimum balance. (well i guess 500 if you consider your investment). Fees are rebated because if you have zero dollars they make money on the overdraft.
Well, TD is pretty good bank but many banks also offer the same benefit of student and youth accounts. I agree TD and BMO are reasonable banks. I have had all bank accounts expect for RBC. You did good research.
Hi, dear teacher Mark. I had checked so many English programs on RU-vid but no one had fulfil my expectations until I discovered Mad English Tv and decided to stick with it. The reason why I made such a great decision is because METV is so philosophical so critical of the language. So keep it up! I hope you reach a million subscribers soon.
I find it cruel that banks are allowed to waive monthly fees for people who have money. The people who don't need that monthly fee waived and can afford to pay it without issue. Compare that to a minimum wage worker who barley can put food on the table. That $15 a month is an extra meal or two for their family. In my opinion, there should be a law for this. Either make it illegal for banks to waive monthly fees for a certain balance or make it to where banking is free for anyone below a certain balance or income. Income would be better as it would prevent people from just not depositing money to avoid the monthly payment.
10:55 is your answy. They use your money to make money. If person A has no money they have nothing to win with you. So, they charge you. They fight for the rich because the monthly fees are insignificant for what they provide. Someone using a bank with no money is the same as going to a restaurant and ordering water. Remove the monthly fees, and banks will be inaccessible to the less fortunate, because they will lose money by paying staff to serve someone who brings them 0$. It's a private business - they are allowed to refuse providing services to you, but that's immoral so "fine! You want me to deal with you and make little money? I'll safeguard your money but pay 15$/month"
The way it's explained feels like it's intended for immigrants, non-native speakers or perhaps people new to banking. Perfect "Banking For Dummies" series in a good sense. Also I did my research and looked up each bank's chequing plans after the video. Looks like your list is outdated in 2021.
Thank you so much for this very informative video! I have an account with TD and I am happy with my account too! It is a TD unlimited checking account where the monthly fee is $15.95, but is rebated for a minimum balance of $4000. When I just arrived in Canada, I did not have that much money. However, they waived my fees off for the first six months! I am also having unlimited transactions on my debit card and unlimited etransfers. I could also opt for a cashback credit card without any annual fees!
In Quebec we have Desjardins, with 1,5k in your checking account you can do 12 transactions a month and unlimited transfer transactions within your different accounts, for example to pay your mortgage etc. Very interesting this video about banks !
Alex Nezhynsky you’re right they’ve been hacked lately, I’m one of the 2,5 millions they’ve been hacked. Desjardins pay a 5 years protection with equifax, and a full refund in case of problems with this event, we don’t have worry about it even if some of my personal information could have been sold to dishonest persons.
You believe that bank shouldn't charge the monthly fees.OK but for running their services they must pay for servers, electricity, programms, wages to people who run all these services and taxes of course. So banks do have great expenses. So I believe it is pretty fair paying something for the convenience you have thanks to banks. By the way I pay very little per year and TINY amount a month for statement messages.
RBC has a better student account in my opinion I moved to RBC as they offer unlimited transactions, no monthly fee and also the students get access to RBC rewards.
You didn't mention the free bank accounts that are online accounts such as Simplii Financial or Tangerine. Any chance you'd like to discuss those kinds of accounts?
It'd have been nice if you mentioned 100% online Tangerine bank. As far as I know, there are no branches, so they don't charge all those stupid fees. And they use a network of ScotiaBank ATMs if you need a withdrawal.
One dollar is better than zero That you get from a savings account I personally don’t like the idea of just leaving money in a checking account. If I had 4000 in there I’d rather put it somewhere work at least get free money even if it’s small
Multiproduct rebate makes RBC the Best (One GIC 1000 Dollars locked in, 100 dollars a month sent to stock investing to avoid inactivity fees or a Visa you use) Free day 2 day banking. With No limit Banking add a mortgage and it's free. (In this case Minimum balance is 500 dollars on a GIC likely 1000 and one active Visa) With No minimum balance So really 500 bucks and a RBC rewards card to have day to day banking for free Best Kid account is the RBC Leo young Savers