Chequing accounts and savings accounts


While a current account serves for your daily transactions, a savings account offers you higher interests on your money.

Chequing accounts

You should expect at least a chequebook and a debit card from your chequing account. For those coming from Britain, Spain and several countries in South America you will find that a having a chequing account actually means paying for it (whether or not you setup the chequing account as the recipient of your payroll). Some chequing accounts made for students offer free online banking and many other services that otherwise you would have to pay for it.

Fees to serve your account vary based on the frequency of transactions you carry per month. Some accounts put a cap of 10 transactions per month while others do not have any limit. Some additional services for chequing accounts include overdraft protection, faster cheque clearing times, etc.

Fees for a basic chequing account are usually between CAD$2 and CAD$10 per month depending on the options that you want in your service.

Savings accounts

Savings accounts are a dependable low risk investment targeted to those wanting to have a proportion of their money in a secured and liquid form. If you are seeking high returns from a savings account, it will for sure not be in Canada. Currently the interest rates for deposits are in the lowest level they have been in decades and Canada’s legendary safe financial sector means that getting 2% from a savings account may be worth of a medal.

Further reading

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