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I was with Scotia Bank for over 2 years with minimum limit on credit card ($500) while they hold $600 for security reason (I was new to the country so I accepted this just to start building my credit history). After 2 years and with Full Time job and good income I asked them to increase my limit and to free the $600. After discussion they agreed to increase the limit to $1000 but securing $1000 on my saving account! This was really unacceptable, I told them that they will lose me soon. Anyway, I applied for two other credit cards and I got $9K limit and $12K with other banks I never being a customer of. So, I am cancel this scotia credit card.

This was about my credit story. Now, let's talk about the chequing account. While searching around, I found that ING Direct and PC Financial has NO FEE chequing account. I said why I am paying fee or having a minimum limit while I can have 0 limit and pay no fee and get points as well! Yes, I opened a new chequing account with PC Financial and took benefit of the following:

NO FEE, Free Cheques, First Direct Deposit = 10,000 points, Refer someone = 20,000 points (up to 5, 20,000 = $20) and can use PC Finacial and CIBC ATMs unlimted for free, earn points while using the debit card).

And currently I am waiting for the credential from Poeples Trust regarding my TFSA.

I redirected all the direct deposits to the new account and upon confirming the new payments will close the scotia bank chequing and saving accounts.

For the saving account, can save up to $25,500 in TFSA and the rest will go to another account with at least 2% interest (Haven't decided which one yet, as there are 2 – 3 of them out there).

Hope this be informative for you.