Savings Accounts

What is the difference between a savings account and a chequing account?

A chequing account is good for people who need money day to day, to pay bills or get cash — as opposed to a savings account, which is a good choice if you don't need access to your money very often or you aren't going to make many transactions on your account.

Some savings accounts allow you to write cheques, but usually charge high fees to do so. If you plan to write cheques, a chequing account may be a better option.

You can also get an account that combines the features of both a chequing and a savings account. A chequing/saving account allows you to write cheques, but usually pay a lower interest rate than a savings account. However, with some accounts, the interest rate may increase if you can keep a certain amount of money in your account.