When we think of a bank, we tend to put all banks under one umbrella, and we assume they all offer the same blanket range of services and fees. However, that’s not the case. Banks operate independently, with each of them establishing policies and procedures for how they conduct business.
In this review, we’ll be examining the differences between two of the biggest banking giants in Canada; HSBC and BMO.
With HSBC, you get access to 4-types of checking accounts and 3-types of savings accounts. For mid-term savings vehicles, HSBC offers three-term options for CD’s; 6, 12, and 24-months.
Fortunately, the minimum deposit for savings accounts is $1, making it possible for anyone to open a bank account, provided they meet the legal requirements. For CDs, you’ll need a minimum investment of $1,000 to start.
Businesses services on offer from HSBC include savings and checking accounts, as well as Loan and credit card services. Corporates can register accounts with the bank, and there are different types of cash management models available to suit your business. (more…)