What you'll learn
- Compare chequing and savings accounts
- Understand deposits, withdrawals, and fees
Bank accounts help people store and manage money. A chequing account is often used for frequent transactions. A savings account is often used to set money aside and may pay interest, depending on the account.
Everyday account actions
- A deposit puts money into an account.
- A withdrawal takes money out.
- A transfer moves money between accounts or people.
- A fee is a cost charged for certain account features or actions.
Read account terms
Account features, fees, interest, and access rules can vary. Educational examples should not be treated as a product recommendation.
Example
Someone may keep bill money in chequing and move money for a future repair into savings so it is less likely to be spent accidentally.