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Savings accounts

Choosing a savings account Add to ...

Fees, features and interest rates vary from account to account. Shop around and compare before you choose an account.

3 types of savings accounts

1. Regular savings accounts

  • You earn a small amount of interest.

  • You can get your money quickly and easily.

  • There are often no fees.

2. Combined chequing and savings accounts

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  • You earn a small amount of interest – usually less than in a regular savings account but more than in a chequing account.

  • You can get your money quickly and easily.

  • You can write cheques. But you will often pay higher fees for writing them.

3. High-interest rate savings accounts

  • You earn a greater amount of interest than in other types of savings accounts.

  • You usually have to put in a certain amount (a minimum deposit).

  • You won't get cheques or bank books.

  • It may take longer to get your money out if it's an online bank.

 5 common account features

  1. Direct deposit – Your employer may be able to deposit your pay into your account.

  2. Pre-authorized debits (PADs) – Transfer money from your account automatically each month to pay bills or to save and invest.

  3. Debit card – Use it to pay for items or get cash when you shop in a store that displays the “Interac” logo. The money is taken out of your bank account.

  4. Bank machine/automated teller machine (ATM) access – Use your debit card at bank machines to make deposits, pay bills, move money between your accounts and get cash.

  5. Telephone banking and Internet banking – Contact your bank’s customer service centre and arrange a password to use these services.

Compare interest rates

Shop around and compare interest rates before you choose a savings account. Rates vary from account to account, and can change often. Use this Savings Account Selector Tool to compare savings accounts across Canada.

Content in this section is provided in partnership with Investor Education Fund, a non-profit organization founded and supported by the Ontario Securities Commission that provides unbiased and independent financial tools to help Canadians make better money decisions. To find out more, go to: GetSmarterAboutMoney.ca

Follow us on Twitter: @GlobeInvestor

 

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