Shop Around

• 1). Shop around to find the bank that best suits your needs. The Canadian Bankers Association website provides a comprehensive list of banks in Canada, including Royal Bank of Canada, Bank of Montreal and Toronto Dominion Bank (TD). "Virtual banks," such as President's Choice Financial and ING Direct, offer all-online banking. Visit bank websites and compare the range of services offered, factoring in the method you'll use for most of your banking. If you live outside Canada, look for a bank with extensive online services. If you like to bank in person, look for a bank with nearby branches. Most banks offer in-branch, telephone and Internet banking services.
  
  
• 2). Note and compare all charges and fees. Some virtual banks boast no-fee banking. If you prefer "brick and mortar" banks, low-cost accounts charge a maximum of $4 per month, and students and seniors may have some or all of their fees waived. Consider all fees, whether one-time, monthly or other.
  
  
• 3). Ready two pieces of current identification, such as a Canadian passport, birth certificate, Social Insurance Number (SIN) or Old Age Security card. Or use one of those and one foreign passport, Canadian credit or bank debit card, employee I.D. card or Canadian National Institute for the Blind card.
  
  

Open Up

• 1). Open an account online by selecting "Apply Now" on a bank's website. Fill out the form and submit it, then wait for an email notification and confirm your banking request. Mail or fax the requested identification.
  
  
• 2). Call the telephone banking customer service number of the bank of your choice to open an account. Give the banking adviser your name, date of birth and the answers to eligibility criteria questions. Visit a branch, mail or fax the required identification to the accounts department.
  
  
• 3). Call to set up an appointment to open an account at a bank branch. Discuss options with the financial adviser, fill out the forms and show your identification. Keep a copy of your banking agreement and refer to it in case of any discrepancies, questions or concerns.