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Compare Personal Accounts

HSBC Premier Chequing Account
$34.95
Monthly Fees
Unlimited
Number of Monthly Transactions
Unlimited
Interac e-Transfer
Get up to $1,000* in cash back and rewards when you switch to HSBC by December 28, 2020
Open Account
Open Account
HSBC Premier Chequing Account
Account Details
Account Type: Personal
Bank: HSBC
Key Infos

HSBC Premier Chequing Account

Get up to $1,000* in cash back and rewards when you switch to HSBC by December 28, 2020

  • $0 monthly banking fees* for 6 months
  • Unlimited account transactions including INTERAC e-Transfer® Fees¹ waived
  • Dedicated Premier Relationship Manager for all your financial needs
  • Emergency cash of up to US$2,000¹ at any HSBC branch worldwide
  • Unlimited ATM withdrawal fee rebates ($2.00 each) incurred at non-HSBC ATMs in Canada
  • $0 global wire transfer fees2 under $10,000
  • Free to open an international account of HSBC in other countries

$34.95 monthly fee will be charged if you do not meet the eligibility* criteria after six months of account opening


*HSBC Advance requires you to have an active HSBC Advance chequing account, and maintain combined personal deposits and investments with HSBC Bank Canada and its subsidiaries of $5,000 or hold personal HSBC Bank Canada residential mortgage balances of $150,000 or greater. Some exclusions apply. A monthly fee will be charged if you do not meet at least one of the eligibility criteria above six months after account opening. For full details regarding eligibility and any fees which may apply please refer to the Personal Service Charges/Statement of DisclosurePersonal Service Charges/Statement of Disclosure available at any HSBC Bank Canada branch or online at www.hsbc.ca


Issued by HSBC Bank Canada and HSBC Investment Funds (Canada) Inc. *Terms and Conditions apply.
¹Other regular transaction fees may apply. Exchange rates will apply.
²Agency/beneficiary bank fees may apply. Additional conditions apply.
®Trade-mark of Interac Inc. Used under license.
HSBC Advance Chequing Account
$25
Monthly Fees
Unlimited
Number of Monthly Transactions
Unlimited
Interac e-Transfer
Get up to $800* when you switch to HSBC by December 28, 2020.
Open Account
Open Account
HSBC Advance Chequing Account
Account Details
Account Type: Personal
Bank: HSBC
Key Infos

HSBC Advance Chequing Account

Get up to $800* when you switch to HSBC by December 28, 2020.

  • $0 monthly banking fees* for 6 months

  • INTERAC e-Transfer® Fees¹ waived

  • Unlimited account transactions

  • Free ATM withdrawals from HSBC ATMs or EXCHANGE® Network ATMs (over 3,500 locations across Canada).

  • 5 monthly ATM-Withdrawal-fee rebates ($2.00 each) from other bank ATMs in Canada

  • $0 global wire transfer fees2 under $10,000


$25 monthly fee will be charged if you do not meet eligibility* criteria after six months of account opening.


*Eligibility requirements apply. HSBC Advance requires you to have an active HSBC Advance chequing account, and maintain combined personal deposits and investments with HSBC Bank Canada and its subsidiaries of $5,000 or hold personal HSBC Bank Canada residential mortgage balances of $150,000 or greater. Some exclusions apply. A monthly fee will be charged if you do not meet at least one of the eligibility criteria above six months after account opening. For full details regarding eligibility and any fees which may apply please refer to the Personal Service Charges/Statement of DisclosurePersonal Service Charges/Statement of Disclosure available at any HSBC Bank Canada branch or online at www.hsbc.ca


Issued by HSBC Bank Canada and HSBC Investment Funds (Canada) Inc. *Terms and Conditions apply.
¹Other regular transaction fees may apply.
²Agency/beneficiary bank fees may apply. Additional conditions apply.
®Trade-mark of Interac Inc. Used under license.
CIBC Smart™ Account
$4.95
Monthly Fees
12 to unlimited transaction
Number of Monthly Transactions
unlimited
Interac e-Transfer
Enjoy worry-free banking - only pay for what you use.
CIBC Smart™ Account
Account Details
Account Type: Personal
Bank: CIBC
Key Infos
CIBC Smart™ Account offers a monthly fee that adjust to you starting at $4.95 capped at $14.95. You will pay no monthly fee  when your daily balance is $3,000 or more, and you make a recurring direct deposit or 2 pre-authorized payments each month. it also offers a free Interac e-Transfer service up to 12 to unlimited transaction depending on your needs.


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CIBC Everyday® Chequing Account
$3.9
Monthly Fees
12
Number of Monthly Transactions
A basic account with a low monthly fee.
CIBC Everyday® Chequing Account
Account Details
Account Type: Personal
Bank: CIBC
Key Infos
CIBC Everyday® Chequing Account offers a low monthly fee where you can make up to 12 transactions for $3.90 per month. Use CIBC online or mobile banking to transfer money, pay bills, make purchases and manage your money anywhere, anytime.


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CIBC Smart™ Plus Account
$29.95
Monthly Fees
Unlimited
Number of Monthly Transactions
Unlimited
Interac e-Transfer
Keep it simple with all-in-one banking for a flat monthly fee.
CIBC Smart™ Plus Account
Account Details
Account Type: Personal
Bank: CIBC
Key Infos

Combine your day-to-day banking and credit card needs into one full-service account. Get a full rebate of your monthly fee when you maintain a minimum daily balance of $6,000 in your account during the month

  • Unlimited transactions, including Interac e-Transfer® service
  • Premium CIBC credit card with fee rebate.
  • Unlimited ATM withdrawals in Canada, the U.S. and internationally

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RBC VIP Banking
$30
Monthly Fees
Unlimited
Number of Monthly Transactions
Unlimited
Interac e-Transfer
An all inclusive package that covers multiple bank accounts including unlimited transactions, a free premium Visa card and much more.
RBC VIP Banking
Account Details
Account Type: Personal
Bank: RBC
Key Infos

RBC VIP Banking offers unlimited transactions, credit card rebates and other premium features like :

  • Use Your Account as Often as You Need
  • No Need to Wait. Use Other Bank’s ATMs
  • Pay Your Friend Back with Interac e-Transfer
  • Link your card and instantly save 3¢/L on fuel and always earn 20% more Petro-Points at Petro-Canada locations.
  • Multiple Accounts Without Borders (Up to 2 additional Canadian dollar and 1 additional U.S. dollar accounts).
  • Get Credit Where Credit is Due (Up to $120 rebate on the annual fee of an eligible credit card)

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RBC Signature No Limit Banking
$15.95
Monthly Fees
Unlimited
Number of Monthly Transactions
Unlimited
Interac e-Transfer
An all inclusive banking account designed for customers with more complex financial management needs, including unlimited transactions, 3 Interac withdrawals, 2 cross border debits and much more.
RBC Signature No Limit Banking
Account Details
Account Type: Personal
Bank: RBC
Key Infos

An all inclusive banking account designed for customers with more complex financial management needs, including unlimited transactions, 3 Interac withdrawals, 2 cross border debits and much more

  • Up to $39 rebate on the annual fee of an eligible credit card.
  • Use Your Account as Often as You Need (Unlimited debits in Canada)
  • No Need to Wait. Use Other Bank’s ATMs (Interac access fees at non-RBC Royal Bank ATMs. 3 refunded / month, $2.00 each thereafter )
  • Unlimited Interac e-Transfer to Pay your friend.
  • Peace of Mind (No monthly overdraft protection fee)
  • Link your card and instantly save 3¢/L on fuel and always earn 20% more Petro-Points at Petro-Canada locations.

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RBC No Limit Banking
$10.95
Monthly Fees
Unlimited
Number of Monthly Transactions
Unlimited
Interac e-Transfer
A banking account that offers the freedom of unlimited transactions.
RBC No Limit Banking
Account Details
Account Type: Personal
Bank: RBC
Key Infos

RBC No Limit Banking offers the freedom of unlimited transaction.

  • Use Your Account as Often as You Need (Unlimited debits in Canada)
  • Unlimited Interac e-Transfer to Pay your friend.
  • Link your card and instantly save 3¢/L on fuel and always earn 20% more Petro-Points at Petro-Canada locations.
  • Save on Fees (Save on your monthly fees with our MultiProduct Rebate)


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RBC Day to Day Banking
$4
Monthly Fees
12
Number of Monthly Transactions
A basic banking account that offers value and convenience to those with less than 15 transactions per month.
RBC Day to Day Banking
Account Details
Account Type: Personal
Bank: RBC
Key Infos
A basic banking account that offers value and convenience to those with less than 15 transactions per month.
  • Use Your Account as Often as You Need (12 debits / month; $1.25 each thereafter)
  • Unlimited Interac e-Transfer to Pay your friend.

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TD All-Inclusive Banking Plan
$29.95
Monthly Fees
Unlimited
Number of Monthly Transactions
Unlimited
Interac e-Transfer
Unlimited transactions and premium banking benefits.
TD All-Inclusive Banking Plan
Account Details
Account Type: Personal
Bank: TD Canada Trust
Key Infos
Experience premium banking benefits with TD's All-Inclusive Banking Plan. Save on monthly fees on your chequing account, annual fees on select credit cards, and experience premium banking perks, like a small safety deposit box and personalized cheques, at no extra cost.

What's in it for you?
  • Get monthly fee rebates if you keep $5000 at the end of each day of the month2
  • Annual credit card fee rebate on select TD credit cards3
  • No TD fees at TD ATMs or Foreign ATMs


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TD Unlimited Chequing Account
$16.95
Monthly Fees
Unlimited
Number of Monthly Transactions
Unlimited
Interac e-Transfer
Peace of mind that comes with unlimited transactions
TD Unlimited Chequing Account
Account Details
Account Type: Personal
Bank: TD Canada Trust
Key Infos

TD Unlimited Chequing Account

Plan Features

  • Unlimited transactions1
    No transaction fees no matter how many times you take money out of your account
  • Monthly fee rebate
    No monthly fee if you have $4,000 or more in your account at the end of each day in the month2

ATM

  • No TD fee to use any ATM in Canada
    Use any ATM in Canada with no TD fee

e-Transfer

  • Free to send or request money using Interace-Transfer®
    Pay your friends back or chip in for pizza using Interac e-Transfer®

Fraud Prevention

  • TD Fraud Alerts
    With TD Fraud Alerts, suspicious transactions on your TD Access Cardcan be blocked and unblocked in real time8

 

Benefits of banking with TD

TD app

The TD app lets you bank and trade securely whenever it's comfortable for you. 

TD MySpend

Paired with the TD app, use TD MySpend to keep track of your monthly spending and help improve your spending habits. 

TD Mobile Deposit

Deposit cheques as soon as you receive them so you can spend more time doing the things you want. 

Direct Deposit

Instant access to your paycheque or pension with no holds on your money. 

Overdraft Protection

Never worry, you're covered against temporary cash shortages.

Simply Save Program

Automatically help grow your savings every time you use your TD Access Card. 


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TD Every Day Chequing Account
$10.95
Monthly Fees
25
Number of Monthly Transactions
A budget-friendly account for everyday banking
TD Every Day Chequing Account
Account Details
Account Type: Personal
Bank: TD Canada Trust
Key Infos
TD Every Day Chequing Account offers no transaction fees on your first 25 transactions in a month, additional transactions are $1.25 each. Free Interac e-Transfer® transactions. Enjoy EasyWeb® View Cheque service, and paperless record keeping or online statements and no monthly fee if you have $3,000 or more in your account at the end of each day in the month.

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Premium Chequing Account
$30
Monthly Fees
Unlimited
Number of Monthly Transactions
Unlimited
Interac e-Transfer
Our Premium Chequing Account lets you be in control and manage your finances easily and effectively.
Premium Chequing Account
Account Details
Account Type: Personal
Bank: BMO
Key Infos

Our Premium Chequing Account lets you be in control and manage your finances easily and effectively. It’s ideal for busy people with a number of goals for themselves and their families. 


Get a Premium Banking experience with the most benefits

  • Unlimited worldwide non-BMO ATM withdrawals
  • $150 annual fee rebated yearly with a BMO World Elite Mastercard
  • Identity Theft Protection at no charge - saving you over $175a year
  • Get a Preferred U.S Exchange Rate when you transfer funds between your Canadian and USD accounts (both ways)!

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Performance Plan
$15.95
Monthly Fees
Unlimited
Number of Monthly Transactions
Unlimited
Interac e-Transfer
Our most popular account offers unlimited everyday banking transactions for a competitive price.
Performance Plan
Account Details
Account Type: Personal
Bank: BMO
Key Infos
Our most popular account offers unlimited everyday banking transactions for a competitive price. Earn $100 plus access to an exclusive 2.00% savings rate. Enjoy unlimited Interac e-Transfer® transactions and mobile cheque deposit with any BMO plan. $4,000 Minimum balance to waive fee. And  also offer OnGuard Identity Theft Protection at no charge.

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Plus Plan
$10.95
Monthly Fees
25
Number of Monthly Transactions
Unlimited
Interac e-Transfer
A lower fee plan that is ideal for those with only moderate transaction needs.
Plus Plan
Account Details
Account Type: Personal
Bank: BMO
Key Infos
The Plus Plan is a perfect lower cost option for those with only moderate transaction needs. It also makes a great first bank account for kids, teens or students, offering 25 transactions per month and no monthly fee for these groups.

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AIR MILES®† Plan
$15.95
Monthly Fees
Unlimited
Number of Monthly Transactions
Unlimited
Interac e-Transfer
Get AIR MILES®† Reward Miles with unlimited everyday banking transactions, and add additional accounts at no extra fee.
AIR MILES®† Plan
Account Details
Account Type: Personal
Bank: BMO
Key Infos
Get AIR MILES®† Reward Miles on your everyday BMO Debit Card purchases with a BMO AIR MILES Chequing Plan. With multiple ways to get Miles, everyday banking has never been this rewarding! Offers Unlimited Transactions per month.
  • 1 Mile per $30 spent on debit purchases
  • N/A Minimum balance to waive fee 

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Practical Plan
$4
Monthly Fees
12
Number of Monthly Transactions
Unlimited
Interac e-Transfer
A low fee chequing account for basic banking needs, including 12 transactions per month
Practical Plan
Account Details
Account Type: Personal
Bank: BMO
Key Infos
The Practical Plan is a low-cost option that offers 12 transactions per month, and only costs $4.00 if that’s all you use. Enjoy unlimited Interac e-Transfer® transactions and mobile cheque deposit with any BMO plan.
  • Free Premium Rate savings account
  • N/A Minimum balance to waive fee

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Ultimate Package
$30.95
Monthly Fees
Unlimited
Number of Monthly Transactions
Unlimited
Interac e-Transfer
Spend, save, and invest, all from one package
Ultimate Package
Account Details
Account Type: Personal
Bank: Scotiabank
Key Infos

Spend, save, and invest, all from one package. No monthly account fee by maintaining a minimum daily closing balance of $5,000 in your Ultimate Package, or a combined balance of $30,000 across your Ultimate Package and your MomentumPLUS Savings Account

Top features:

  • Unlimited debit transactions & Interac e-Transfer transactions
  • Up to $139 annual fee waiver each year on select credit cards
  • Earn up to 2.10% on your MomentumPLUS Savings Account
  • Unlimited free Global non-Scotiabank ABM withdrawals

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Scotia Rewards Points Program

SCENE Rewards

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Preferred Package
$15.95
Monthly Fees
Unlimited
Number of Monthly Transactions
Unlimited
Interac e-Transfer
Our most popular features packaged for your everyday banking needs
Preferred Package
Account Details
Account Type: Personal
Bank: Scotiabank
Key Infos
Our most popular features packaged for your everyday banking needs. No monthly account fee by maintaining a minimum daily closing balance of $4,000 for the entire month.

Top features:

  • Unlimited debit transactions and Interac e-Transfer transactions
  • First year annual fee waiver (up to $139) on select credit cards
  • Earn up to 2.05% on your MomentumPLUS Savings Account
  • Your choice of SCENETM or Scotia Rewards®

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Basic Bank Account
$3.95
Monthly Fees
12
Number of Monthly Transactions
2
Interac e-Transfer
A basic bank account that covers your minimal financial needs
Basic Bank Account
Account Details
Account Type: Personal
Bank: Scotiabank
Key Infos
A basic bank account that covers your minimal financial needs.
  • 12 free transactions  per month.
  • 2 free Interac e-Transfer transactions per month.

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No Fee Daily Chequing Account
$0
Monthly Fees
Unlimited
Number of Monthly Transactions
Unlimited
Interac e-Transfer
Make every dollar count, get a 2.50% savings rate when you open your first Savings and Chequing Accounts.
Open Account
Open Account
No Fee Daily Chequing Account
Account Details
Account Type: Personal
Bank: Tangerine
Key Infos
Experience no-fee daily chequing and earn interest on every dollar in your Account.
  • No fees for daily transactions
  • Free Interac e-Transfer®
  • Free access to 3,500 ABMs
  • Overdraft Protection (requires application)
  • Get your first cheque book of 50 cheques for free. Additional cheque books are just $20 each.
  • Up to 0.65% Interest rate.

Interest rate tiers

If balance is Rate
$0 - $49,999.99 0.15%
$50,000 - $99,999.99 0.55%
$100,000 or more 0.65%


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 Tangerine Credit Cards

Basic Plus Bank Account
$10.95
Monthly Fees
25
Number of Monthly Transactions
10
Interac e-Transfer
A basic account with value-added features.
Basic Plus Bank Account
Account Details
Account Type: Personal
Bank: Scotiabank
Key Infos

A basic account with value-added features. No monthly account fee by maintaining a minimum daily closing balance of $3,000 for the entire month

Top features:

  • 25 free debit transactions3 per month
  • 10 free Interac e-Transfer transactions per month

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TD Minimum Chequing Account
$3.95
Monthly Fees
12
Number of Monthly Transactions
An account for those with minimal banking needs
TD Minimum Chequing Account
Account Details
Account Type: Personal
Bank: TD Canada Trust
Key Infos


TD Minimum Chequing Account:
An account for those with minimal banking needs. $2,000 Minimum monthly balance for fee rebate. No transaction fees on your first 12 transactions in a month (including up to 2 transactions completed in a TD branch or through EasyLine Telephone banking). Enjoy EasyWeb® View Cheque service, and paperless record keeping or online statements. You can Bank online from the comfort and convenience of your home.

No monthly fee for:

  • Seniors (60 years or older) collecting Guaranteed Income Supplement.
  • Registered Disability Savings Plan  beneficiaries.
  • Students enrolled full-time at a college or university.
  • Under the age of majority in their province of residence.


Plan Features


Included transactions
No transaction fees on your first 12 transactions in a month (including up to 2 transactions completed in a TD branch or through EasyLine Telephone banking), additional transactions are $1.25 each2

Additional account benefits
Enjoy EasyWeb® View Cheque service, and paperless record keeping or online statements

EasyWeb® Online banking
Bank online from the comfort and convenience of your home

Mobile Banking
Download the TD app to view your balances, transactions, make bill payments, locate a TD branch and more



Benefits of banking with TD

TD app

The TD app lets you bank and trade securely whenever it's comfortable for you. 

TD MySpend

Paired with the TD app, use TD MySpend to keep track of your monthly spending and help improve your spending habits. 

TD Mobile Deposit

Deposit cheques as soon as you receive them so you can spend more time doing the things you want. 

Direct Deposit

Instant access to your paycheque or pension with no holds on your money.

Overdraft Protection

Never worry, you're covered against temporary cash shortages.

Simply Save Program

Automatically help grow your savings every time you use your TD Access Card. 


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What is a Checking Account?

 

A checking account, also spelled chequing, is a bank account designed for everyday use and spending. Because checking accounts are meant for daily use, they tend to have very little limitations. There is a catch as these benefits are not free, a checking account typically comes with monthly fees. A checking account is primarily used for things such as paying bills, direct deposits from your employer, grocery shopping and cash withdrawals.

 

Types of Checking Accounts

 

  • Personal Accounts. This account typically comes with a monthly fee and a set number of allowable monthly transactions. Despite these small drawbacks, a personal account is the most commonly used type of checking account.

 

  • Student or Youth Accounts. This type of checking account is designed for students or individuals under the age of eighteen who need a low cost, daily use bank account. To qualify for this type of account, you will need to meet the criteria, more specifically age and education requirements.

 

  • US Dollar Accounts (or Other Currency). Do you travel to the United States or other countries often? Do you use another currency frequently? If so, a checking account in US currency or another currency can help you save on exchange rate fluctuations and other foreign currency handling fees.

 

  • Cash Back. Wouldn’t it be nice if you could make money while you spend? The good news is, you can with a cash back chequing account! While this type of checking account is rare, it is not impossible to find one.

 

  • Most checking accounts do not earn interest on the money in the account, but it is possible to find an account with interest benefits. It is important to note that the interest rate will likely be lower than the interest you’d get on a savings account.

 

  • No-fee. Checking accounts with no fees are available on the market. However, to get one, you may need to switch banks and abide by stricter restrictions.

 

Advantages & Disadvantages of Checking Accounts

 

As with all things, there are pros and cons associated with checking accounts. If you use a checking account for its intended purpose, you can make the most of the advantages and offset the disadvantages. Let’s explore the advantages and disadvantages below.

 

Advantages

 

  • Flexibility and Convenience. Easy to access your money and move it around as you please.

 

  • Multiple, Easy to Use Payment Methods. Checking accounts come with a linked debit card that you can use to purchase items and withdraw money. In addition, you can also order cheques to make payments if you need to.

 

  • Link to Other Bank Accounts. The majority of financial institutions allow you to link your checking account to your savings accounts, or other accounts. This link allows you to easily transfer money between accounts free of charge.

 

  • Record Transactions. Using a checking account helps you keep a record of your expenditures. The spending records you keep are valuable as they can help you budget.

 

Disadvantages

 

  • No Earned Interest. Any money stored in a checking account usually does not earn interest.

 

  • Minimum Balance Requirements. Some financial institutions offer checking accounts with fees that only become applicable when you do not satisfy the minimum balance requirements. For example, you would only pay fees if you did not have $1,000 in your checking account throughout the month.

 

  • Withdrawal or Access Fees. To access your money, you may need to pay fees at times. For example, some ATM withdrawals will have a small fee to take out cash.

 

  • Choosing the Wrong Account. If you choose an account with the wrong features for your lifestyle, you could end up paying unnecessary, pricey fees.

 

  • Optimization of Limited Transactions. If you don’t monitor your activity, it’s easy to go over your set limit of transactions each month or fail to meet other limitations. Try your best to optimize each transaction. For example, getting cash back when you make a purchase or have your pay cheque deposited into your savings account. This way, you’ll hit two birds with one stone!

 

Picking a Checking Account for Your Needs

 

There is no “one fits all” checking account solution. The reality is, everyone’s everyday banking needs are different and unique. The checking account that works for you may not work for someone else. To help navigate through your options and find the best account for your individual needs, ask yourself the below list of questions.

 

  • What is a must have feature of a checking account that I cannot live without?
  • Are the applicable fees worth what I get in return?
  • Am I willing to switch banks to get a better checking account offer?
  • What will I use my checking account for?
  • Do I need a high amount of transactions each month? Or can I get away with a low amount?
  • Where do the majority of my banking transactions take place? In person? Over the internet? By phone?
  • Do I have enough money to satisfy “minimum balance” requirements? Am I willing to lose earned interest by putting that money into checking instead of savings?
  • Do I need easy access to US currency or other currencies?
  • Is it important to me to earn interest with my checking account?

 

How to Open a Checking Account

 

Now that you’ve decided you want a checking account and have found the right fit, it’s time to actually open the account you want. Every financial institution varies slightly in their procedures, but below are some general requirements and documentation you can expect to incur when opening an account.

 

Requirements to Open an Account

 

  • You will likely need to be a citizen or permanent resident to open an account where you currently live. This includes having a valid, local address. If you’re a temporary resident, be prepared to present your passport and immigration papers.
  • Age of Majority. To open an account on your own, you need to be eighteen years of age, or the age of majority where you live. If you’re not the age of majority, you will need to have a parent or guardian co-sign on the account.

 

Necessary Documentation

 

  • SIN Number. Your social insurance number is needed to apply for a bank account.
  • Basic Personal Information. You will need to present personal information, including (but not limited to) your full name, address, email and phone number.
  • Valid Identification. To apply for a bank account you need two pieces of legitimate government issued ID. For example, a passport, driver’s license and health card.

 

Once you’ve provided all the necessary information and documentation to open an account, your account will be ready to use. Depending on the bank, the account could be open the same day you apply or you may need to wait a few business days. When the account is ready, you’ll get a confirmation package in the mail along with your debit card. Debit cards usually require activation, instructions to do so will be included in the package you receive. After all that, you can start using your checking account as you wish!

 

Other Bank Accounts to Consider

 

A checking account is merely one type of bank account you will use in your lifetime. You will likely want to do other things with your money, such as save for a big purchase or start a retirement fund. Below are different bank account types, their purpose, and corresponding benefits and drawbacks.

 

Savings Account

 

Arguably the second most common type of account after a checking account, a savings account is used to save money, just as the name implies. A savings account is an excellent place to store an emergency fund or save for a big ticket purchase. Savings accounts have low fees and earn interest on the balance. This means you can make money on your idle savings. Lastly, savings accounts do not come with a debit card and withdrawals are quite limited.

 

Joint Account

 

A joint account is the exact same thing as a checking account but you share access to the account with one or more persons. Joint accounts are commonly used by individuals who live together and share a lot of expenses. Unfortunately, you are responsible for the spending of the other people who have access to the account. If they over spend, that becomes your obligation too.

 

Registered Retirement Savings Plan (RRSP)

 

Set up by the Government of Canada, a registered retirement savings plan allows you to put money into a special account for retirement purposes while also reaping tax benefits annually. The money in the account is tax free until you withdraw from it.

 

Tax Free Savings Account (TFSA)

 

Also set up by the Government of Canada, a tax free savings account allows individuals over 18 years old to set aside money, tax free, throughout their lifetime. Similarly to an RRSP, once money is withdrawn from a TFSA, it is considered income that will be taxed. Unlike an RRSP, there are no annual tax benefits to using a TFSA.

 

Investment Account

 

If you have some extra money saved up, you may want to invest it somewhere to make money on your money. There are ample investment accounts available, be prepared to do some research before selecting one that works best for you. Investment accounts will likely have fees just like checking accounts do.

 

Make Banking a Part of Your Life, Not Your Whole Life

 

Checking accounts, among other bank accounts, are supposed to compliment your lifestyle and make everyday banking easy. Choosing the right account will make banking a part of your life, not your whole life. If you choose the wrong account, it can become extraordinarily difficult to manage your finances and cause unnecessary stress. Before making any bank account decisions, consider your options, financial goals and current spending lifestyle. That way, you’ll pick the most ideal account for you!