{"id":2614,"date":"2021-11-18T11:05:12","date_gmt":"2021-11-18T19:05:12","guid":{"rendered":"https:\/\/www.nerdwallet.com\/ca\/?page_id=2614"},"modified":"2024-12-16T14:40:06","modified_gmt":"2024-12-16T22:40:06","slug":"types-of-bank-accounts","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/ca\/banking\/types-of-bank-accounts","title":{"rendered":"Common Types of Bank Accounts in Canada"},"content":{"rendered":"\n<p class=\"\">There are two main types of bank accounts: chequing accounts and savings accounts. These come in various forms, such as business or student chequing accounts and high-interest or <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-a-tfsa\">tax-free savings accounts<\/a>.<\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"\">To find out which type of account works best for you, we\u2019ll explore their pros and cons and their unique characteristics.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\t<div class=\"c-block-table-of-contents nw-table-of-contents wp-block-table-of-contents \">\n\t\t<div class=\"c-block-table-of-contents__table-wrapper \">\n\t\t\t<h2 id=\"jump-to\"  class=\"c-block-table-of-contents__title\">Jump to<\/h2>\n\t\t\t<ul class=\"c-block-table-of-contents__links\">\n\t\t\t\t\n\n<li class=\"wp-block-nerdwallet-blocks-table-of-content-item c-block-table-of-contents__link\"><a href=\"#chequing\">Chequing accounts<\/a><\/li>\n\n\n\n<li class=\"wp-block-nerdwallet-blocks-table-of-content-item c-block-table-of-contents__link\"><a href=\"#savings\">Saving accounts<\/a><\/li>\n\n\n\n<li class=\"wp-block-nerdwallet-blocks-table-of-content-item c-block-table-of-contents__link\"><a href=\"#hybrid\">Hybrid accounts<\/a><\/li>\n\n\t\t\t<\/ul>\n\t\t\t<div class=\"c-block-table-of-contents__show-more--wrapper\">\n\t\t\t\t<span class=\"c-block-table-of-contents__show-more\">\n\t\t\t\t\t<label class=\"show-more-label\" for=\"c-block-table-of-contents__show-more\">Show more<\/label>\n\t\t\t\t\t<label class=\"hide-more-label\" for=\"c-block-table-of-contents__show-more\">Show less<\/label>\n\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"chequing\">Chequing accounts<\/h2>\n\n\n\n<h3 id=\"what-is-a-chequing-account\"  class=\"wp-block-heading\">What is a chequing account?<\/h3>\n\n\n\n<p class=\"\">A <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-a-chequing-account\">chequing account<\/a> is designed for your day-to-day banking needs, allowing you to send or receive money conveniently. With a chequing account, you can pay individuals and businesses via cheques, <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-interac-e-transfer\">Interac e-transfers<\/a> or a <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-a-debit-card\">debit card<\/a>, receive <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/direct-deposit-explained\">direct deposits<\/a>, and withdraw cash at a branch or <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-an-atm\">an ATM<\/a>. <\/p>\n\n\n\n<p class=\"\">Usually, chequing accounts earn little or no interest, as they are not intended for savings and generating interest. Instead, the <a href=\"https:\/\/www.nerdwallet.com\/ca\/p\/best\/banking\/best-chequing-accounts\">Canadian chequing accounts<\/a> are essentially banking products used to hold money you can access quickly for daily spending.<\/p>\n\n\n<div class=\"c-block-in-house-promotion is-advert-style__image-small is-style-horizontal wp-block-nerdwallet-blocks-in-house-ad\">\n\n\t\n\t<div\n\t\tclass=\"c-block-in-house-promotion__inner\"\n\t\tstyle=\"background-image: none;\"\n\t>\n\n\t\t\t\t\t<div class='c-block-in-house-promotion__image-wrapper'>\n\t\t\t\t<div class='c-block-in-house-promotion__image'>\n\t\t\t\t\t<img decoding=\"async\" class=\"c-block-in-house-promotion__icon-img\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/09\/Coast-Capital.png\" alt=\"Ad Icon\" \/>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\n\t\t<div class=\"c-block-in-house-promotion__content-wrapper c-block-in-house-promotion__no-image\">\n\t\t\t\n\t\t\t<h3 id=\"coast-capital-savings-chequing-account\"  class=\"c-block-in-house-promotion__title\">Coast Capital Savings Chequing Account <\/h3>\n\t\t\t\t\t\t\t<p class=\"c-block-in-house-promotion__content\">\n\t\t\t\t\t<strong>Free Chequing, Free Debit, and More Account\u00ae<\/strong><br>From August 13 &#8211; November 28, 2024: <strong><em>new members can get $150*<\/em><\/strong> when they open and use a Free Chequing, Free Debit and More Account<strong>\u00ae<\/strong>. *Conditions apply. See full terms and conditions.\t\t\t\t<\/p>\n\t\t\t\t\t<\/div>\n\n\t\t<div class=\"c-block-in-house-promotion__cta wp-block-button\"><a href=\"https:\/\/www.nerdwallet.com\/ca\/go\/11551\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" class=\"nw-cta track-click-mon wp-block-button__link wp-element-button\" data-placement=\"Promotional banner\">APPLY NOW<\/a><\/div>\t<\/div>\n<\/div>\n\n\n\n<h3 id=\"who-is-a-chequing-account-for\"  class=\"wp-block-heading\">Who is a chequing account for?<\/h3>\n\n\n\n<p class=\"\">Chequing accounts are ideal for Canadians who want to <a href=\"https:\/\/www.nerdwallet.com\/ca\/p\/article\/credit-cards\/how-to-pay-bills-with-credit-card\">pay bills<\/a>, make purchases and have easy access to cash to cover their everyday expenses.<\/p>\n\n\n\n<h3 id=\"types-of-chequing-accounts\"  class=\"wp-block-heading\">Types of chequing accounts<\/h3>\n\n\n\n<p class=\"\">There are many kinds of chequing accounts, including:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Accounts<\/strong><\/td><td><strong>Purpose<\/strong><\/td><\/tr><tr><td>Joint chequing accounts<\/td><td>Accessible by more than one person.<\/td><\/tr><tr><td><a href=\"https:\/\/www.nerdwallet.com\/ca\/p\/best\/banking\/best-student-bank-accounts\">Student chequing accounts<\/a><\/td><td>For those in post-secondary school, often with reduced fees or perks.<\/td><\/tr><tr><td><a href=\"https:\/\/www.nerdwallet.com\/ca\/p\/best\/banking\/best-senior-bank-accounts-in-canada\">Seniors chequing accounts<\/a><\/td><td>Offer banking privileges to seniors.<\/td><\/tr><tr><td>U.S. dollar chequing accounts<\/td><td>To facilitate U.S. dollar transactions.<\/td><\/tr><tr><td><a href=\"https:\/\/www.nerdwallet.com\/ca\/p\/best\/banking\/best-business-bank-accounts\">Business chequing accounts<\/a><\/td><td>Keep business and personal transactions separate.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 id=\"pros-and-cons-of-chequing-accounts\"  class=\"wp-block-heading\">Pros and cons of chequing accounts<\/h3>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-pros-cons c-block-pros-cons\"><h4 id=\"pros\"  class=\"c-block-pros-cons__pros-title\">Pros<\/h4><ul class=\"c-block-pros-cons__pros-values\"><li>Easy and fast access to cash via cheque, debit, branch or <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/how-to-use-atm\">ATM withdrawals<\/a>.<\/li><li>Ability to conduct daily banking transactions like paying bills and making purchases.<\/li><\/ul><h4 id=\"cons\"  class=\"c-block-pros-cons__cons-title\">Cons<\/h4><ul class=\"c-block-pros-cons__cons-values\"><li>May incur monthly fees as high as $30, especially if you don\u2019t keep the minimum balance.<\/li><li>May charge fees to use ATMs that aren\u2019t owned by your bank.<\/li><\/ul><\/div>\n\n\n\n<h3 id=\"questions-to-ask-your-bank-about-chequing-accounts\"  class=\"wp-block-heading\"><strong>Questions to ask your bank about chequing account<\/strong>s<\/h3>\n\n\n\n<p class=\"\">Before <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/how-to-switch-banks\">switching banks<\/a> or <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/how-to-open-a-bank-account\">opening a new chequing account<\/a>, consider asking your financial institution these important questions:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">What are the monthly maintenance fees?<\/li>\n\n\n\n<li class=\"\">Is there a minimum balance requirement to waive monthly fees?<\/li>\n\n\n\n<li class=\"\">Are there charges for <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-overdraft\">overdraft<\/a> or <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-nsf-fee\">non-sufficient funds<\/a>?<\/li>\n\n\n\n<li class=\"\">What are the <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/bank-fees-and-charges\">bank fees<\/a> for additional services?<\/li>\n\n\n\n<li class=\"\">Are there limits on the number of monthly transactions?<\/li>\n\n\n\n<li class=\"\">Does the account earn any interest?<\/li>\n<\/ul>\n\n\n\n<h3 id=\"personal-considerations-before-opening-a-chequing-account\"  class=\"wp-block-heading\">Personal considerations before opening a chequing account<\/h3>\n\n\n\n<p class=\"\">When comparing chequing account options, think about factors such as:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\"><strong>Transactions:<\/strong> Figure out how many transactions you\u2019re likely to make each month. Look for institutions that offer ample free transactions, and low fees if you exceed that limit.<\/li>\n\n\n\n<li class=\"\"><strong>Fees and limits: <\/strong>Consider <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/online-banks-explained\">online-only banks<\/a> and credit unions, which often provide low-more free or <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/best-no-fee-chequing-accounts\">no-fee chequing account options<\/a> than mainstream banks, usually with no limits or minimum balance requirements.<\/li>\n\n\n\n<li class=\"\"><strong>Access to cash:<\/strong> Think about how often you\u2019ll need to withdraw cash. If you choose a chequing account at an online bank, make sure it has ATMs or shares an <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/free-atm-withdrawals-in-canada\">ATM network<\/a> with other banks. Alternatively, check if your bank reimburses fees for domestic ATM withdrawals.<\/li>\n\n\n\n<li class=\"\"><strong>Minimum balance requirements: <\/strong>Before opening an account with a minimum balance requirement, consider what else you could do with that money rather than letting it sit unused in chequing. Could it earn interest in a different type of bank account or an investment?<\/li>\n\n\n\n<li class=\"\"><strong>Offers and promotions:<\/strong> Look for <a href=\"https:\/\/www.nerdwallet.com\/ca\/p\/best\/banking\/best-chequing-account-offers\">chequing account offers<\/a> for introductory promotions,\u00a0rewards or rebates. Some accounts include bonuses on other bank products, such a credit card or a <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-a-high-interest-savings-account\">high-interest savings account (HISA)<\/a> that may complement your lifestyle and needs.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"savings\">Savings accounts<\/h2>\n\n\n\n<h3 id=\"what-is-a-savings-account\"  class=\"wp-block-heading\">What is a savings account?<\/h3>\n\n\n\n<p class=\"\">A <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-a-savings-account\">savings account<\/a> is another kind of bank account where you can let money grow by accumulating interest. Unlike chequing accounts, savings accounts are not intended to be as liquid, meaning they don&#8217;t usually provide instant access to funds for daily spending.<\/p>\n\n\n\n<p class=\"\">Savings accounts usually don\u2019t have monthly maintenance fees, but they tend to limit the number of monthly transactions. In some cases, you may only be allowed one withdrawal or transfer per month. Exceeding these limits can result in high fees.<\/p>\n\n\n\n<h3 id=\"who-is-a-savings-account-for\"  class=\"wp-block-heading\">Who is a savings account for?<\/h3>\n\n\n\n<p class=\"\">Savings accounts are a good choice for people who are <a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/how-to-save-money\">saving money<\/a> for a specific financial goal and looking to accelerate their progress by  earning interest on their deposits. These are also smart places to stash <a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/what-is-an-emergency-fund\">emergency funds<\/a>, providing a financial safety net you can access when needed.<\/p>\n\n\n\n<h3 id=\"kinds-of-savings-accounts\"  class=\"wp-block-heading\">Kinds of savings accounts<\/h3>\n\n\n\n<p class=\"\">There are many kinds of savings accounts in Canada \u2014 many more than chequing accounts, in fact. Types of savings accounts include:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Accounts<\/strong><\/td><td><strong>Purpose<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/best-high-interest-savings-accounts\">High-interest savings accounts (HISAs)<\/a><\/td><td>Earn a higher rate of interest than regular savings accounts.<\/td><\/tr><tr><td>Children\u2019s savings accounts<\/td><td>Provide a way for minors to start saving early.<\/td><\/tr><tr><td>Joint savings accounts<\/td><td>Accessible by more than one person.<\/td><\/tr><tr><td><a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/best-high-interest-tfsa\">Tax-free savings accounts (TFSAs)<\/a><\/td><td>Allow tax-free withdrawals and growth on your registered savings.<\/td><\/tr><tr><td><a href=\"https:\/\/www.nerdwallet.com\/ca\/p\/best\/banking\/best-high-interest-rrsp\">Registered retirement savings plans (RRSPs)<\/a><\/td><td>Hold tax-deductible contributions and aid retirement planning.<\/td><\/tr><tr><td><a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/about-business-bank-accounts\">Business savings accounts<\/a><\/td><td>Keep business and personal savings separate.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"\"><strong>\u00bb MORE:<\/strong> <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/tfsa-vs-rrsp\">How to compare TFSAs vs RRSPs<\/a><\/p>\n\n\n\n<h3 id=\"pros-and-cons-of-savings-accounts\"  class=\"wp-block-heading\">Pros and cons of savings accounts<\/h3>\n\n\n\n<h4 id=\"pros\"  class=\"wp-block-heading\">Pros<\/h4>\n\n\n\n<ul class=\"\">\n<li class=\"\">Earning interest can help your savings grow faster.<\/li>\n\n\n\n<li class=\"\">Certain savings accounts can help you accumulate money tax-free.<\/li>\n\n\n\n<li class=\"\">Usually do not charge monthly maintenance fees.<\/li>\n<\/ul>\n\n\n\n<h4 id=\"cons\"  class=\"wp-block-heading\">Cons<\/h4>\n\n\n\n<ul class=\"\">\n<li class=\"\">Typically allow very few withdrawals each month.<\/li>\n\n\n\n<li class=\"\">Exceeding allowable withdrawals can result in high fees.<\/li>\n\n\n\n<li class=\"\"><a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-interest-rate\">Interest rates<\/a> at major banks can be low and not conducive to growth.<\/li>\n\n\n\n<li class=\"\">Interest earned on certain savings accounts is taxable.<\/li>\n<\/ul>\n\n\n\n<h3 id=\"questions-to-ask-your-bank-about-savings-accounts\"  class=\"wp-block-heading\">Questions to ask your bank about savings accounts <\/h3>\n\n\n\n<p class=\"\">Seek answers to these important questions before opening a savings account:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">What is the interest rate?<\/li>\n\n\n\n<li class=\"\">How often is the interest rate calculated and <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-compound-interest\">compounded<\/a>?<\/li>\n\n\n\n<li class=\"\">How often is earned interest paid into the account?<\/li>\n\n\n\n<li class=\"\">What fees are associated with this account?<\/li>\n\n\n\n<li class=\"\">How many transactions are allowed per month?<\/li>\n\n\n\n<li class=\"\">What are the available types of transactions?<\/li>\n<\/ul>\n\n\n\n<h3 id=\"personal-considerations-before-opening-a-savings-account\"  class=\"wp-block-heading\">Personal considerations before opening a savings account<\/h3>\n\n\n\n<p class=\"\">When choosing a savings account, it\u2019s worth comparing various account features:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\"><strong>Interest rates:<\/strong> Interest rates for savings accounts in Canada can vary widely, so it\u2019s crucial to compare interest rates from different financial institutions, such as Canada\u2019s <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/big-5-big-6-banks-canada\">Big Six banks<\/a>, <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-a-credit-union\">credit unions<\/a>, other local and virtual banks.&nbsp;<\/li>\n\n\n\n<li class=\"\"><strong>Transactions: <\/strong>Review how many banking transactions you\u2019ll likely need each month. Since many savings accounts limit the included free transactions per month and charge steep fees for additional withdrawals or transfers, select an account that accommodates your needs.<\/li>\n\n\n\n<li class=\"\"><strong>Access to cash:<\/strong> Think about how you\u2019d like to access your money. If you choose an online bank without ATMs, withdrawing funds might take longer or incur additional fees.<\/li>\n\n\n\n<li class=\"\"><strong>Bonuses and promotions: <\/strong>Look for savings account offers with introductory promotions or bonuses that align with your lifestyle and boost your savings growth.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-lightest-green-background-color has-background\" style=\"padding-top:var(--wp--preset--spacing--50);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--50);padding-left:var(--wp--preset--spacing--40)\">\ud83e\udd13 <strong>Nerdy Tip:<\/strong> Lesser-known banks, credit unions and online institutions often have lower operational costs, which may translate to higher interest rates and low or no-fees for their account holders.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"hybrid\">Hybrid bank accounts<\/h2>\n\n\n\n<p class=\"\">Hybrid accounts are designed to work like a chequing and savings account in one. They may combine the higher interest rates of savings accounts with the daily banking flexibility of a chequing account. <\/p>\n\n\n\n<p class=\"\">In Canada, hybrid accounts are mainly offered by online-only banks and are often fee-free or come with lower fees than traditional accounts. However, many of these neo banks don\u2019t have ATMs. That means you may have to transfer your money to an external chequing account to withdraw cash.<\/p>\n\n\n\n<p class=\"\">Some <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/best-online-bank-accounts-in-canada\">online bank accounts<\/a>, however, reimburse ATM fees when those fall within the limits set by the financial institution.<\/p>\n\n\n\n<h2 id=\"how-to-choose-the-right-type-of-bank-account\"  class=\"wp-block-heading\">How to choose the right type of bank account<\/h2>\n\n\n\n<p class=\"\">The best way to ensure you select the right type of bank account is to think carefully about how you will use it.&nbsp;<\/p>\n\n\n\n<p class=\"\">If you usually shop with a debit card, make frequent withdrawals, and want quick access to cash, you\u2019ll need a chequing account. Figure out how many transactions you expect to make each month and how you feel about maintaining a minimum balance to avoid maintenance fees. These considerations will help you determine the most suitable chequing account. <\/p>\n\n\n\n<p class=\"\">If you\u2019re saving up for a specific goal or want to earn interest instead of leaving your cash dormant in a chequing account, you may want to open a savings account. For more tax-efficient growth, you could explore a tax-free savings account.&nbsp;<\/p>\n\n\n\n<p class=\"\">No matter the type of account, you can choose to have multiple bank accounts. If you\u2019re comfortable with <a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-digital-banking\">digital banking<\/a>, you may want to take advantage of the lower fees and higher interest rates offered by many digital banks.<\/p>\n\n\n\n<div class=\"nwb-authors nwb-authors__footer wp-block-nerdwallet-blocks-authors-card\">\n\t<div class=\"nwb-authors__wrapper\">\n\t\t<h4 id=\"about-the-author\"  class=\"nwb-authors__title\">\n\t\t\tAbout the Author\t\t<\/h4>\n\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sjahagirdar\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/Headshot_Siddhi-Jahagirdar-100x100.jpg\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Siddhi Bagwe photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sjahagirdar\">\n\t\t\t\t\t\t<strong>Siddhi Bagwe<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Siddhi Bagwe is a content management specialist at NerdWallet Canada. Treating content marketing as an educational medium for readers, Siddhi believes in empowering them with the knowledge of personal finance&hellip;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sjahagirdar\" title=\"Read more about Siddhi Bagwe\">\n\t\t\t\t\t\t\t<span>Read more about Siddhi Bagwe and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\t<section class=\"c-block-card-grid container\"\n\t\t\t>\n\t\t\t\t\t<h4 id=\"dive-even-deeper\"  class=\"c-block-card-grid__title\">\n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t<div class=\"c-block-card-grid-scroll column-four\">\n\t\t\t<div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-1893\" class=\"c-block-card post-1893 page type-page status-publish has-post-thumbnail hentry content-classification-banking topic-banking-basics cluster-online-banking\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/online-banks-explained\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"191\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/09\/GettyImages-665585020-e1632585207625-460x191.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"How Does an Online Bank Work?\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"how-does-an-online-bank-work\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/online-banks-explained\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tHow Does an Online Bank Work?\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Online banks typically charge lower fees and deliver better interest rates on savings than traditional brick-and-mortar financial institutions, but may lack certain products and services.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sjahagirdar\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/Headshot_Siddhi-Jahagirdar-e1648746969870-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Siddhi Bagwe<\/a><a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Sandra-MacGregor-e1626212852416-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Sandra MacGregor<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-1893 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-270\" class=\"c-block-card post-270 page type-page status-publish has-post-thumbnail hentry content-classification-banking topic-banking-basics cluster-banking-services\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/direct-deposit-explained\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"192\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/GettyImages-913438978-e1625175010220-460x192.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"How Direct Deposit Works and How to Set It Up in Canada\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"how-direct-deposit-works-and-how-to-set-it-up-in-canada\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/direct-deposit-explained\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tHow Direct Deposit Works and How to Set It Up in Canada\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Direct deposit is a fast, convenient alternative to waiting for a paper cheque to arrive in the mail, and it requires no work on your end after the initial setup.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/kurt-woock\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2023\/07\/kurt-woock-40x40.jpeg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Kurt Woock<\/a><a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/barry-choi\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/BarryChoi-e1626212860872-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Barry Choi<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-270 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-277\" class=\"c-block-card post-277 page type-page status-publish has-post-thumbnail hentry content-classification-banking topic-banking-basics cluster-banking-glossary\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-a-bank-statement\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"192\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/GettyImages-919384672-e1625174994162-460x192.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"What Is a Bank Statement?\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"what-is-a-bank-statement\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-a-bank-statement\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tWhat Is a Bank Statement?\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>A bank statement is a document that summarizes account transactions over a set period of time, usually a month.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/barry-choi\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/BarryChoi-e1626212860872-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Barry Choi<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-277 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-1910\" class=\"c-block-card post-1910 page type-page status-publish has-post-thumbnail hentry content-classification-banking topic-type-of-banking-accounts cluster-other-types-of-bank-accounts\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-a-no-fee-bank-account\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"192\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/09\/GettyImages-1227563496-e1632949989924-460x192.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"How No-Fee Bank Accounts Save You Money\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 id=\"how-no-fee-bank-accounts-save-you-money\"  class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-a-no-fee-bank-account\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tHow No-Fee Bank Accounts Save You Money\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>No-fee bank accounts typically offer unlimited transactions with no monthly fee, making your everyday banking more affordable.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sjahagirdar\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/Headshot_Siddhi-Jahagirdar-e1648746969870-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Siddhi Bagwe<\/a><a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Sandra-MacGregor-e1626212852416-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Sandra MacGregor<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-1910 -->\n<\/div>\t\t<\/div>\n\t<\/section>\n\n","protected":false},"excerpt":{"rendered":"<p>Choosing the right type of banking account \u2014 whether chequing or savings \u2014 can help you manage your finances and grow your money.<\/p>\n","protected":false},"author":12,"featured_media":2617,"parent":100,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/article-sidebar.php","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":"[\"https:\\\/\\\/news-api.apple.com\\\/sections\\\/258a2d7c-962b-47be-93aa-4e3a3f4b4a02\"]","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":"","_nw_pros_cons_block_schema":"{\"@context\":\"http:\/\/schema.org\",\"@type\":\"Product\",\"name\":\"Common 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with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Common Types of Bank Accounts in Canada - NerdWallet Canada<\/title>\n<meta name=\"description\" content=\"There are many types of bank accounts available in Canada, but most fall into the categories of either chequing or savings accounts. Here\u2019s how they work.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/types-of-bank-accounts\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Common Types of Bank Accounts in Canada - NerdWallet Canada\" \/>\n<meta property=\"og:description\" content=\"There are many types of bank accounts available in Canada, but most fall into the categories of either chequing or savings accounts. 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