#Basics Of Banking For Students How To Manage Your

Learn the basics of banking in Canada and discover all our special offers and.3. How to choose the best trading platformEnjoy no-fee banking & apply for a student GIC or student credit card. They offer valuable services that students can benefit from like check cashing, debit cards, online banking, balance alerts, personal loans, direct deposit, financial education and some offer identity theft protection. Banks are more than money in a vault. Utilize Your Bank Account.

Imagine that youвЂ™re just about to open a checking account. Answer the reflection questions. As a class, engage in a banking role-play.

Online brokerages also offer different levels of customer service via phone, email and/or chat to answer basic questions.If youвЂ™re thinking about investing through a self-directed trading account, there are a few pros and cons to consider.Pros: If youвЂ™re confident in your personal judgement and understand exactly what youвЂ™re paying in commissions and fees, online brokerages can be less expensive than traditional brokerages. Some require a minimum balance to open an account, but others donвЂ™t.Online trading platforms offer additional features to help self-directed investors (and especially beginners) navigate the markets, such as real-time quotes, stock screening and comparison tools, educational articles and tutorials, and market data and research. Many discount brokers charge a flat commission per trade, while others offer commission-free trading on stocks or ETFs.

Basics Of Banking For Students How To Manage Your

Other investments such as mutual funds, bonds, GICs, international equities, options and precious metals have their own fees and commissions.HereвЂ™s a quick overview of CanadaвЂ™s best online brokerages. Note that the trading fees listed below are just for stocks and ETFs. Best trading platforms in CanadaThere are more than a dozen online trading platforms in Canada to choose from. If you donвЂ™t have the time or knowhow to manage your own investment portfolio, or if you just arenвЂ™t interested, check out the services of a robo-advisor or a full-service brokerage. You might save money by not paying someone else, but youвЂ™re also responsible for commissions, fees and taxesвЂ”as well as gains and losses. Many online brokerages also let you start small with a low (or no) minimum account balance.Cons: Online brokerages donвЂ™t provide professional advice or oversight, so itвЂ™s important to do your research and know your risk tolerance.

Stocks and ETFs by name or symbol, or filter by вЂњmost active,вЂќ вЂњtop gainersвЂќ and вЂњtop losers.вЂќ Currently, Wealthsimple Trade is only available as a mobile app on your smartphone or tablet. The platform has a minimalistic interface that lets you search Canada and U.S. The only fee youвЂ™ll pay is for currency exchanges when trading U.S.-listed securities, which is the daily corporate rate + 1.5%.

Accounts containing $50,000 are eligible for portfolio management services (at a cost) through BMO InvestorLine adviceDirect.Types of accounts: TFSA, RESP, RRSP, RRIF, LIRA, LRSP, LRIF, LIF, cash and margin accounts.Minimum account balance: $5,000 (no minimum balance for TFSAs or RESPs).Pricing: $9.95 per trade for stocks and ETFs.Customer service: Email, phone. You can also create watch lists and receive regular personalized notifications about your account. BMO InvestorLineKey features: The Bank of MontrealвЂ™s self-directed trading platform has tools and research available for new investors, including bi-weekly educational emails, online demos and tutorials and webcasts from industry experts. When trading on American markets, a currency exchange fee of the daily corporate rate + 1.5% is charged.Customer service: Email, phone.

Student and active trader pricing available.Customer service: Email, phone, online chat. Receive expert insights in your inbox, including market reports from Recognia and Thomson ReutersвЂ™ daily Morning News Call newsletter.Types of accounts: TFSA, RRSP, RESP, RRIF, LIRA, LRSP, LRIF, PRIF, cash account (individual, joint or corporate), margin account.Pricing: $6.95 per trade for stocks and ETFs. It also has watch lists and alerts that monitor stocks and price movements, and pre-built or customizable screeners to filter investment products by criteria such as sector, industry, market cap and price change percentage.

RBC Direct InvestingKey features: The Royal Bank of CanadaвЂ™s online brokerage offers in-depth research reports, analysis, charting and screening tools to help you choose the right investments. Active trader and young investor (age 18 to 30) pricing available.Customer service: Email, phone. Qtrade also offers a selection of 100 commission-free ETFs. Qtrade also offers planning tools and calculators to set and track financial goals, including a health check that grades your portfolioвЂ™s risk exposure across five financial dimensions.Types of accounts: TFSA, RRSP, RESP, LIRA, LRSP, RRIF, LIF, cash or margin account.Pricing: $8.75 per trade for stocks and ETFs.

(Unlike in real life, if you make a mistake, you can always start over).Types of accounts: TFSA, RRSP, RESP, margin account, cash account, non-personal corporate, partnership, trust or estate, or investment club accounts.Pricing: $9.99 per trade for those who make less than 150 trades per quarter. ThereвЂ™s also the option to open a practice account, which gives you a pretend money to simulate trading on the iTrade platform. Scotia iTradeKey features: ScotiabankвЂ™s Scotia iTrade has thorough market research and analytical tools for the do-it-yourself investor. For newbie investors, its educational materials will help grow your confidence.Types of accounts: TFSA, RRSP, RESP, RRIF, cash and margin accounts, non-personal corporate, investment club and partnership accounts.Pricing: $9.95 per online trade for stocks and ETFs, or $6.95 per trade if you make 150+ trades per quarter.Customer service: Email, phone, online chat.

And global investing options. Discount broker TD Ameritrade, so itвЂ™s big on market research and data and has strong U.S. TD also owns and operates the prominent U.S. It offers new and experienced traders the choice between basic and more detailed platforms. TD Direct InvestingKey features: Owned by TD Bank, TD Direct Investing has the distinction of being CanadaвЂ™s first self-directed online platform. ThereвЂ™s also around 50 commission-free ETFs.Customer service: Email, phone.

Locked-in retirement income fund (LRIF) Registered retirement income fund (RRIF) Registered education savings plan (RESP)

Registered disability savings plan (RDSP)You can also open non-registered cash accounts (personal, joint or corporate) or a margin account, which lets you buy securities with funds borrowed from the broker in exchange for cash or assets as collateral.