Which of the following banks is better for student savings? Explanation would be appreciated.

Question

I'm under 18, and I found a part time job where I earn around 100-200 dollars a week. I save it and once a month I withdrawl around 250 dollars. I'm trying to find a good bank that is easy and hopefully has high interest and little/no fees for withdrawls and stuff. I currently use CIBC but I think the interest is too low. Its only 6 cents a month if you have 380 dollars although it is free withdrawl and deposit.

Anyways the banks that are within walking distance to me are:

Bank of Montreal

CIBC

HSBC

RBC

TD bank

IMG Direct

Scotia Bank

I live in Vancouver, Canada.

Answer 1

You don't just have to worry about interest, most of the Brick and Mortar banks won't offer good interest. So go with whomever offers free student banking.

I know RBC has a no fee student banking package. If CIBC has no fees and you like it you may just as well stick with them.

You can have your cheques deposited into that account, and then transfer a certain amount into an ING Direct high interest account for your emergency fund. I've found it can takre a day or two to transfer money from the ING account, so it's ok for emergencies but unsuitable unless you live within walking distance of one of their ATMS.

Good luck!