What fees may I have to pay for my savings account?
1. Transaction fees
You may be charged when you make purchases with a debit card, withdraw cash, or pay bills. These charges can add up if you use the account a lot.
Fees for using a bank machine (ATM) are often cheaper than using a teller in a branch. However, if you use an ATM from a different bank, you may pay extra fees.
Some savings accounts don't charge any transaction fees. Or, if you have a lot of transactions each month, you may save money if you pay a set monthly fee
2. Service fees
You may be charged service fees to move money between accounts, update your balance, or get a monthly statement in the mail. Check the service fees before you decide on the type of account you want. Don't pay for services you don't need.
With some accounts, your financial institution may not charge regular service fees if you keep a minimum balance.
Some accounts will pay you a higher interest rate if you keep more than the minimum balance in your account.
Remember: Financial institutions compete to get your business
They do this by charging different rates and service fees. Shop around to find the best type of savings account for you. The best thing is to decide on the services you need, and then compare the packages offered by the different banks and the fees that they charge.
The : This calculator from Canada's Office of Consumer Affairs compares monthly service charges for chequing or saving accounts at various Canadian financial institutions.
Financial Consumer Agency of Canada?s : After you answer some questions about your banking habits, it will give you a list of institutions with banking packages that may meet your needs.
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.