Personal Accounts
FCAC oversees federally regulated financial institutions to make sure they comply with federal consumer protection laws, such as your right to open a basic account at a bank. Other deposit-taking institutions, such as credit unions and caisse populaires, are regulated provincially and may have different regulations. For more information, see Banking: Your rights and responsibilities
The most common types of bank accounts are chequing accounts and savings accounts. You can also open an account at different types of financial institutions, such as a credit union, caisse populaire or trust company.
Before opening an account, find out:
- What charges or fees, if any, will there be on the account? Federally regulated financial institutions must tell you the charges applicable to the account.
- Is the financial institution a member of the Canada Deposit Insurance Corporation (CDIC) or other provincial deposit insurer? Deposit insurance protects your savings in case a financial institution fails.
- How does the financial institution handle complaints? Federally regulated financial institutions must have a complaint-handling process in place.
- How much interest, if any, will you earn on the money in your account? A bank or a federally regulated trust or loan company must tell you the interest rate payable on the account and how the interest will be calculated.
You may also decide to switch your personal account from one financial institution to another. Most financial institutions have processes in place to help you with the administrative side of the move, such as arranging for your old financial institution to transfer all of your pre-authorized debits arrangements to your new account. Keep your old account open and check your statements from both financial institutions until you’re sure that the new one is running smoothly and that payments are not being duplicated. Remember to cut old debit cards and cheques in half to prevent fraud.
- Savings accounts
How to help your money grow - Chequing accounts
Managing your day-to-day banking transactions - Low-cost accounts
Save money on monthly banking fees - Joint accounts
What you should know before opening an account with someone else - Debit cards
How to save on fees when using your debit card
Related Resources
- Savings Account Selector Tool
Compare interest rates and other features of different savings accounts - Banking Package Selector Tool
Compare features and find the banking package that best suits your needs - Budget Calculator
Plan your budget to help achieve your financial goals - Financial Basics
A financial literacy workshop - The City
A financial life skills resource
- Can a financial institution refuse to open a personal bank account for me?
- Can a financial institution ask for my social insurance number when I open an account?
- Can I open a bank account in Canada even though I am not a citizen and I reside in another country?
- If I haven't changed the address on my driver's licence to my new address, is it still considered to be a valid piece of identification for opening an account?
- Bank legislation refers to both retail deposit accounts and personal deposit accounts. Are these the same?
- When can my financial institution add new fees, or increase existing fees?
- I can't afford expensive service fees, but I still need a bank account. What are my options?
- Banking Rights and Responsibilities
Learn more about your banking rights and responsibilities - Deposit Insurance
- Other Payment Options
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