Two accounts, two jobs. Mixing them is why savings disappear.
Chequing is money moving through. Savings is money staying put. Tap between them.
- Built for
- Day-to-day spending and getting paid
- Debit and e-transfers
- Yes — this is the account they come from
- Interest earned
- Little or none
- Watch out for
- Monthly fees and per-transaction charges once you pass the included limit
What you are actually agreeing to
Opening an account is signing an agreement: the bank holds your money, gives you ways to move it, and charges for some of that. In Canada, eligible deposits at member institutions are protected by deposit insurance within published limits — that protection is one of the reasons a bank account is not the same as cash in a drawer.
- Youth and student accounts often waive monthly fees — you have to ask for them.
- Deposit protection has limits and conditions; it is worth knowing they exist.
- The account agreement lists every fee. It is dull and it is the only place they are all written down.
One month of a real chequing account
Tap every line. Three of them are fees — find them before you scroll.
Fees found: 0 of 3
Tap each line. Three of them are fees.
Quick check
Answering every check in this lesson completes it automatically.
What routine fees cost in a year
None of these are unavoidable. All of them are automatic.
Youth and student accounts often waive the monthly fee, and using your own bank's machines removes the surcharge. Both are one conversation, not a lifestyle change.
Priya keeps everything in one account
Priya's pay, her spending and the $400 she is saving for a laptop all sit in the same chequing account. The balance never feels like savings, and twice she has spent into it.
Check your understanding
Answering every check in this lesson completes it automatically.
What opening an account actually involves
Tap each one.
One more
Answering every check in this lesson completes it automatically.
Two accounts, two jobs — and every fee on the statement has a name you can ask about.
0 of 3 checks answered