Sep
25
Marketing of banks
Posted by: tonyteng | September 25, 2010 | Leave a Comment
Hi, everyone, back to my weekly marketing blog post. I do write private blog but I would like to share my opinions on the method of bank marketing.
Up to now, I have 3 bank cards, RBC, BMO and the latest one, TD Trust. I opened an account in TD Bank due to the promotions it had for students. Guess what? I can receive 50 CAD for opening an account, applying Visa and use the service of Simply Save (which transfers money to saving account automatically every time you use money from chequing account.
So what do I do with three banks? Let me list out the benefits of each bank and why do I open account in the following bank?
BMO: This is the 1st bank I had in Canada. For some reasons, I don’t know why I choose this bank. It is probably due to the convention that all my seniors having accounts atBMO despite the low interest offer. But the only attraction is the 2 free interact emails that it offers to account holders. Seriously, interact email provides a lot of convenience to users. I applied for a SPC Mastercard at BMO too. Mainly it is because it is the bank where my sponsor deposit most of my money in BMO as well as the convenience of having CC.
RBC: I wanted to have GIC initially or term deposits but all the banks offer so so rate. RBC has an high interest saving account is 1.15%. Because I do not have SIN, I can’t have TFSA (Tax free savings account). But the 1.15% is as good as it with the difference of 0.1%. In short, I love the high interest rate offered.
TD Trust: It offers great Visa card cash rebate rate. It is 1% for 3000CAD worth of purchase above otherwise 0.5% instead of BMO’s 0.5%. Well, this is only 0.5% but for people like me who use CC to pay residence (here goes most of my allowance) and it definitely makes a lot of difference on that. Well, I am attracted to the marketing of TD bank. I felt the 50 CAD is most attractive of everything. Which bank can offer that? Other banks can only offer competitive advantage in terms of different services but nothing is more practical than 50 CAD. It entails the students to apply for VISA card but I feel it offers the best rate among all oother banks. Most importantly, it is without annual fees which is very practical for students like me. I am actually enticed to switch my main bank to TD but some bureaucracy prevents me from doing so.
That’s all for now. TD bank is really great. I encourage everyone to apply for TD’s bank account and receive the 50 CAD!! It is a really successful marketing strategy, what do you guys think?