There are many types of bank accounts out there, and you should know what your financial goals are and what services you might need in order for you to choose the right one for you or for one of your family members.
Here, we’re going to go over a few commonly used types briefly, to help you make an informed decision:
Do you want to save money for a business goal or a long vacation by the sea? Savings accounts will help you reach this by offering you interests from 0.5% to 2.75%. EQ Bank is a great example of that, it offers up to 1.50% interest rate with zero monthly fees! What is so great about these kinds of bank accounts is that their interests are much higher than what chequing accounts offer.
A chequing account (or checking account) allows you to do daily transactions. This is suitable for those who have daily payments like buying groceries, clothes, phone bills and more. Chequing accounts are easily accessible anytime you want using ATMs, so you don’t have to walk around carrying cash. Most of these types have small monthly fees. Choose one that suits your needs and lifestyle.
These accounts are for Canadians above 60 years old. You can get discounts and promotions offered by financial institutions. Also, it facilitates your post-retirement life and helps you be richer! Enjoy unlimited teller-assisted transactions and free certified cheques and live the life you want!
This is a great option if you are a full-time post-secondary student. It helps you save money with monthly fees-free. Student chequing accounts give you discounts and promotions like free movie tickets and more!
Do you want to improve/teach money management skills to your children? Are you thinking of their financial future and want them to save some money for future goals?
If your child is under 18, this is a great opportunity for you. You’ll be responsible for all transactions and monitor your child’s funds. Children’s accounts savings start from 10$ – 50$ which chequing accounts don’t offer. Also, it’s zero banking fees and has no minimum deposit.
After you checked all these types of bank accounts, what are you going to choose, and why? Tell us more in the comments section.