Are savings accounts free???

[EllasMum]

I've been thinking about setting up a savings account for DD. I went to the TD CanadaTrust website (where I do all my banking) and went over their accounts. They seem to have a youth account that would be suitable, but I can't figure out if it has a monthly fee. Banks charge a fee for *everything* - surely savings accounts are not free? Anybody have any experience??

[torontomom]

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[EllasMum]

That sounds like what I'd like to setup for DD. I guess I'll just have to break down (and wait on hoooooooooooollllldddd.....) and call TD!

Thanks!
Susan

[torontomom]

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[Piglet]

We do all of our banking at First Calgary - no fee for any of our accounts. DS1 has a youth account that is no fee until he turns 25! In fact, I even had a youth account when I first got married, LOL! I really love ING for their interest (about 3%) and no fees - that is where we have our real savings account. Most banks have such lousy interest you might as well keep you cash under your mattress.

[pampamz]

We have TD accts for both DC and they are free of service charges. Go into a local branch and they will set it up and give you some freebies.
FYI -- the interest rate is like .0001% per annum so whenever you get some money move it into a CSB or similar.

[EllasMum]

Woohoo! I'm always up for freebies! I'll go in there and get an account setup for DD. I'll remember that about the CSBs too - although I rather like Marina's suggestion about the mattress. :)

[pampamz]

CSBs are coming up for sale soon, just an FYI. So, if you have some DC $$$ you might consider buying some now and then starting the Youth Acct.

With TD, I just tell my banker to buy a $XXX amount CSB from the kids account whenever they come up for sale and it is easy-peasy.

[marshmallow]

Our little guy has a TD account and RESP. No fees.