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What kinds of bank accounts are there?
Generally, there are 3 types of personal accounts: savings, chequing and combination. There are also small business accounts.
Your bank can help you decide which type of account you need. You may want to get more than 1 type of account.
- Savings accounts are for storing money and getting some interest.
- Chequing accounts are for day-to-day financial needs, like paying bills or taking out money.
- Combination accounts are for saving and day-to-day needs.
- Small business accounts are for managing the transactions of your small business.
Before choosing an account, think about what you need the account for and how often you plan to access the money. If you need to make frequent transactions, look for an account with low service fees per transaction. If you want to save the money, look for a good interest rate.
Ask your bank about their accounts and compare your options. Most banks also offer special discounts for youth, seniors and students. Some banks have special accounts for newcomers.
For More Information
- Account Selector Tool - Ask yourself these questions before choosing an account. From the Financial Consumer Agency of Canada.
- Your Rights and Responsibilities: Accounts - This guide has information about who can open a bank account and what to do if a bank refuses to open an account for you. From the Financial Consumer Agency of Canada.
- Newcomers to Canada - Banking information for newcomers from the Canadian Bankers Association.
October 27, 2015