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BBI10 – Finance

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									                                             BBI10 – Finance
                                       Banking – Savings – Investing


A. Select two of the following institutions would consider doing business with: CIBC, Royal Bank of
   Canada, TD Canada Trust, Scotia Bank
   http://cibc.com/ca/personal.html
   http://www.rbcroyalbank.com/personal.html
   http://scotiabank.com/cda/index/0,,LIDen_SID19,00.html
   http://www.tdcanadatrust.com/


B. In addition to the two above selected chartered banks, select one of the two online banks:
    INGdirect Canada or PC Financial
   http://www.ingdirect.ca/en/
   http://www.pcfinancial.ca/

C. Create a chart in which you will outline your research to the questions below. (See the attached
   chart) Answer the questions in full sentences. Note: Not all the banks (i.e. online banks) will
   necessarily offer all the types of products and services outlined below. Indicate this fact if it applies in
   your chart.

1. Review and compare the chequing accounts. Chequing accounts may be referred to as Transaction
   accounts. Note the different features, benefits and fees. Which bank would you select to open a
   chequing/transaction account with? Why?

2. Review and compare the different types of savings accounts. Note the different features, benefits
   and fees. Which bank would you open a savings account with and why?

3. How many credit card options does the financial institution offer? Review the student credit card
   and compare it with the no fuss standard credit card offered by the institution. What is the
   difference? Which bank would you seek to obtain a credit card with? Why?

4. If you were a 30 year old, married, working full-time with no kids, which credit card would you
   prefer and why? Outline the features, benefits and costs of it.

5. Review the different types of GIC’s and the given rates. Select 3 GIC’s types that you interest
   you for each bank. State the terms, conditions, and interest rate. Which bank would you obtain a
   GIC with?

6. Review the different types of mortgages offered by the bank. What is the current Bank of Canada
   Prime Interest rate? If you were purchasing your fist house, which type of mortgage would you be
   interested in and why? State the terms, conditions and interest the bank might be charging you.
   With which bank would you prefer to get a mortgage?

7. Review the bank’s RESP link. What is an RESP? What types of RESP investments does the financial
   institution offer?

8. What is the TSFA account? Briefly outline the types of savings and investment choices the bank
   offers individuals desiring to open an TSFA.

9. If you had to choose to do most of your financial business with only one of the 3 banks researched
   above, which bank would you select and why?
                              BBI10 – Finance
                       Banking, Savings, and Investing

                      Bank #1                  Bank #2   Bank #3


1. Chequing Account




2. Savings Account




4. Credit Card




5. GICs




6. Mortgage




7. RESP




8. TFSA

								
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