Understanding the different types of bank accounts helps you choose the right one for your needs and avoid unnecessary fees.
Chequing Accounts
Your everyday banking account for paying bills, withdrawing cash, and making purchases.
Features
- ✓ Unlimited or limited transactions per month
- ✓ Debit card for purchases and ATM withdrawals
- ✓ Bill payments and e-transfers
- ✓ Direct deposit for paycheques
- ✓ Cheques (if needed)
Typical Fees
- • $4-$30/month depending on features
- • Often waived with minimum balance ($3,000-$5,000)
- • Free options available at online banks
Best Chequing Accounts
- Tangerine – No fees, unlimited transactions
- Simplii Financial – No fees, free Interac e-Transfers
- EQ Bank – No fees, but limited features (no debit card)
- RBC/TD – Full-service, but $15-30/month unless minimum balance met
Savings Accounts
For storing money you don't need immediate access to. Earns interest.
Features
- ✓ Earns interest (usually 0.05% - 0.5% at big banks)
- ✓ Limited transactions (1-2 free withdrawals/month)
- ✓ No debit card (transfers only)
- ✓ CDIC insured up to $100,000
Typical Fees
- • $0-$5/month (often free)
- • Fees for exceeding transaction limits
High-Interest Savings Accounts (HISA)
Like a regular savings account but with much higher interest rates. Best for emergency funds and short-term savings.
Features
- ✓ Interest rates: 2.5% - 5% (as of 2026)
- ✓ No fees at online banks
- ✓ Easy access to your money
- ✓ CDIC insured
Best HISA Options
- EQ Bank – 3.00% (promotional rates often higher)
- Tangerine – 2.75% base, 5%+ promotional rates for new customers
- Simplii – 2.50% with promotional bonuses
- Motive Financial – 3.25% consistently high
Pro Tip: Use a HISA for your emergency fund instead of a regular savings account. You'll earn 10-50x more interest with the same safety and accessibility.
Joint Accounts
Shared account for couples, roommates, or family members. Both parties have equal access.
Features
- ✓ Both account holders can deposit, withdraw, and transfer
- ✓ Useful for shared expenses (rent, groceries, bills)
- ✓ Can be chequing or savings
Important Considerations
- ⚠️ Both parties are equally responsible for overdrafts
- ⚠️ Either person can withdraw all funds
- ⚠️ Requires high trust between account holders
Student Accounts
Special accounts for students aged 18-25 (or enrolled in post-secondary). Usually fee-free.
Features
- ✓ No monthly fees while enrolled
- ✓ Unlimited transactions
- ✓ Free debit card and e-transfers
- ✓ Often includes credit card offers and rewards
Best Student Accounts
- TD Student Chequing – No fees, $25 signup bonus
- RBC Student Banking – No fees + rewards program
- Scotiabank Student Banking Advantage – Scene+ points
- BMO Student Account – No fees + cash back credit card
Important: Student accounts convert to regular accounts after graduation or when you turn 25-29 (varies by bank). Fees will start unless you switch to a no-fee option.
Which Account Do You Need?
- Chequing – For everyday spending, bills, and direct deposit
- HISA – For emergency fund (3-6 months expenses)
- Regular Savings – Usually not needed if you have a HISA
- Joint Account – For shared expenses with a partner or roommate
- Student Account – If you're in school, take advantage of free banking
Most Canadians need at least two accounts: a no-fee chequing account for daily use and a high-interest savings account for emergency savings.