Choosing a savings account
Fees, features and interest rates vary from account to account. Shop around and compare before you choose an account.
3 types of savings accounts
1. Regular savings accounts
- You earn a small amount of interest.
- You can get your money quickly and easily.
- There are often no fees.
2. Combined chequing and savings accounts
- You earn a small amount of interest – usually less than in a regular savings account but more than in a chequing account.
- You can get your money quickly and easily.
- You can write cheques. But you will often pay higher fees for writing them.
3. High-interest rate savings accounts
- You earn a greater amount of interest than in other types of savings accounts.
- You usually have to put in a certain amount (a minimum deposit).
- You won’t get cheques or bank books.
- It may take longer to get your money out if it’s an online bank.
5 common account features
- Direct deposit – Your employer may be able to deposit your pay into your account.
- Pre-authorized debits (PADs) – Transfer money from your account automatically each month to pay bills or to save and invest.
- Debit card – Use it to pay for items or get cash when you shop in a store that displays the “Interac” logo. The money is taken out of your bank account.
- Bank machine/automated teller machine (ATM) access – Use your debit card at bank machines to make deposits, pay bills, move money between your accounts and get cash.
- Telephone banking and Internet banking – Contact your bank’s customer service centre and arrange a password to use these services.
Compare interest rates
Shop around and compare interest rates before you choose a savings account. Rates vary from account to account, and can change often. Use this Savings Account Selector Tool to compare savings accounts across Canada.
Other options for short-term savings
Learn more about other short-term savings options.
Key point
High-interest savings accounts offer higher interest rates than regular savings accounts. But it may take longer to get your money out if it’s with an online bank.
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