chequing or savings account for students?

[unledded]

I'm a student and I currently bank at TD with a value plus account(chequing account), I was wondering if it was better to have a chequing account or savings account. I know it depends on your needs, but I don't know which account suit which needs better.

[win-star]

It's better for you to stay with your Value Plus Chequing Account because you get 10 transaction when keeping the minimum balance.

If you go with the savings account and still stay with TD, their savings account needs minimum of $5,000 and only 1 transaction.

If you want to get a good free bank account, go with PC Financial, only problem it you don't have a tell to go into. But you don't have to have a minimum balance and free chequing & savings account and unlimited transaction.

[unledded]

It's better for you to stay with your Value Plus Chequing Account because you get 10 transaction when keeping the minimum balance.

If you go with the savings account and still stay with TD, their savings account needs minimum of $5,000 and only 1 transaction.

If you want to get a good free bank account, go with PC Financial, only problem it you don't have a tell to go into. But you don't have to have a minimum balance and free chequing & savings account and unlimited transaction.

I got their student discount, so there are no fees.

[liquidzyklon]

As a student with the Value Plus chequing account, you should have 20 transaction a month with no required minimum balance to waive the monthly fee. This is good if you use your account for paying bills (i.e. cell phone) or use debit card when dining out since you should have enough transactions to last a month.

TD's savings account loose all of this convenience for a little bit of interest (very low). So my recommendation is to look at both the Value Plus chequing and the Savings account you are interested in and compare them to what you need out of your bank accounts.

[brunes]

BMO has the best student banking plans on the market.

[Thalo]

You should have both a checking and a savings account. Both serve different purposes, it's never a question of either/or. Do not make the common misconception of thinking "chequing account" has anything to do with writing cheques.