Perhaps you want to introduce banking to the young ones in your life. Consider these options and reach out to me or my team for more information. We’re always happy to connect with you.

 

The chequing account: a flexible option

This is the most basic bank account that allows you to deposit money, make bill payments, withdraw cash and more. Chequing accounts are convenient because they provide easy access to your money when you need it. Most chequing accounts offer various features and benefits, so it’s important to compare your options before opening an account.

 

Make sure to have your personal identification (e.g., a driver’s license or passport) and proof of address (e.g. a utility bill) with you when you’re ready to open a chequing account. You may also require a minimum deposit to open an account.

 

Most chequing accounts come with a monthly fee. Consider that the fee may be waived if you meet certain conditions (e.g. maintain a minimum balance or make a certain number of monthly transactions). Read the terms and conditions carefully before opening an account to avoid any surprises down the road.

The savings account: for short- and medium-term financial Goals

If you’d like to set aside money for short- or medium-term goals and want easy access to the funds, consider a savings account.

With a savings account, you can earn interest on your deposits. Interest is calculated based on the amount of money in your account and is paid out periodically (e.g. annually or semi-annually). This can help you reach your savings goals sooner. In addition, many savings and chequing accounts offer online and mobile banking features, which make it easy to track your progress. For these reasons and more, savings or chequing accounts are an effective way to save money and perform your everyday banking transactions.