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Banking
Banking

Bank Accounts Explained

Understand chequing, savings, fees and statements.

5 minutesBeginnerReviewed July 23, 2026Lesson 4 of 15

A bank account stores money and records deposits, purchases, transfers and withdrawals. Teenagers most commonly use chequing and savings accounts.

Chequing versus savings

Chequing is usually for debit purchases, e-Transfers and bills.

Savings is for money not needed immediately and may pay interest.

You may use both: chequing for spending and savings for goals.

Read the account terms

Check the monthly fee, included transactions, e-Transfer fees, ATM fees, minimum-balance rules and interest rate.

Eligible youth aged 18 or younger and students may qualify for no-cost accounts, but features vary.

Check transactions

Review activity regularly and report anything unrecognized.

Try this

  1. 1Find your current balance.
  2. 2Find your latest deposit and latest purchase.
  3. 3Identify any fee on the statement.
  4. 4Flag any unfamiliar transaction.
Check your understanding

3 questions

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Questions completed: 0 of 3

Question 1 of 3
Which account is designed for everyday purchases and transfers?
Question 2 of 3
Before opening an account, which detail matters most to check?
Question 3 of 3
You see a transaction on your statement that you do not recognize. What should you do first?

Official sources

Educational content only. TaxLoophole.ca provides general educational information and does not provide personalized tax, legal or financial advice. Rules may change and may differ based on your province, territory and circumstances. Verify important decisions with the Canada Revenue Agency, another appropriate government source or a qualified professional.

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Debit Cards and e-Transfers