Depending on your age, your banking options will change. You will need a bank account to suit your needs at different stages of your life.
As a parent I think you should start instilling your children to be fiscally responsible at a young age. Children from ages 3 to 10 could set up jars in their room labeled: spending, savings, and charity. When your child receives money, they should put some in each jar with you helping to guide them.
Starting at 10 to 12 years old you should have a chequing and savings account at a bank. You can open a no fee bank account at all banks. You can easily manage these accounts online or with an app.
No fee accounts stop being no fee at the age of 24 years old. At this time, I would suggest you use a no fee account. The accounts at big banks are only no fee if you maintain a certain amount of money in your account, sometimes $3,000 or more. Otherwise, these accounts charge a monthly fee to hold your money. For example, the Scotiabank “Basic Plus Bank Account” charges you $11.95 a month or it’s free if you have a balance above $3,000.
Now, I don’t know about you but I would rather not pay a monthly fee for a bank to hold my money. There are a variety of options for no fee accounts. I use Simplii financial and do most of my banking online. For withdrawing and depositing money I can use CIBC ATMs. Take a look at the different accounts offered at Simplii and Tangerine.
If you’re financially able to maintain high enough balance in your account to avoid monthly fees there are a variety of options that come with different perks.
The options are below and you can click on the links to find a bank account that will suit your needs:
Click on the link below to review the budgeting process:
Budgeting is the Key to Financial Success
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