TD Banking Mind Map

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Online Banking

Why is online banking useful?

Online banking has many benefits such as the TD my spend application available on Google Play Store and the App Store. This app helps track with spendings throughout the month or the week to give you a better visual understanding with the help of graphs of where and how much money is being spent towards what.

This benefits students in a variety of different ways as in it would give them a better understanding on what expenses need to be prioritized and helping them prioritize it. The TD my spend app includes à budget feature where it allows for you to enter your budget and help you to meet those requirements and preventing you from going over it.

It also gives you the ability to purchase things online so its saves a great deal of time.

Chequing Account

Opening a students chequing account can benefit the student in many different ways that can save you money for example you don't get charged for any monthly fees and the student has up till 25 free transactions per month.

Subtopic

Student Line of Credit

What is a student line of credit

A student line of credit is essentially small loans that help the student payoff some of their school expenses. This helps payoff expenses like rent if you decide to live on campus, books etc. Once students graduate they are required to make payments with interest to completely pay off their line of credit.

How would this help a student in Canada?

If the students don't have a lot of money to spend towards their school expenses their line of credit helps them into paying it off easier by covering their monthly costs such as Rent, school supplies, books etc.

TFSA and RESP

What is a TFSA and RESP?

A TFSA is basically a tax free savings account and RESP is a Registered Education Savings Plan. A TFSA serves the purpose of a savings account basically to put your money aside for later but there are many benefits to a TFSA such as you don't pay taxes on the investment income or growth which is earned from your TFSA, Tax free withdrawals and as of 2019 you can save up to $6000 in your TFSA account. In a RESP annual contributions from $500 to $2500 are matched at 20% but this is only useful if you plan on having a education in Canada otherwise the 20% from the annual contributions are taken back. There are also no taxes payable on the money earned till it is Withdrawn

How would this help a Student in Canada?

This would help students in Canada as it will inform them into choosing more effective ways of saving their money for example creating a TFSA to increase growth in savings as there are no taxes for those accounts. Or opening a RESP to help pay for education if planning a education in Canada.