Savings and Chequing Accounts
What is a Savings Account?
A savings account is a deposit account held at a financial institutions with the purpose of saving money. You can earn interest on deposits, allowing you to grow your savings.
What is a Chequing Account?
A chequing account is a deposit account held at financial institutions with the
purpose of facilitating everyday purchases.
Camparison between Savings and Chequing Account
Savings and chequing accounts typically have varying terms offered between banks. Some accounts may have higher interest rates while others have more limitations. However, they inherently have some main differences:
Features | Savings | Chequing |
|---|---|---|
Purpose | Primarily for saving money | Primarily for daily
transactions and expenses |
Interest | Earns interest on most
accounts | Usually no interest given |
Withdrawals | Could have limits
depending on institution | Generally no limits |
Card Access | Typically comes with a debit
card to facilitate payments | Typically no associated
cards |
While these are general guidelines, financial institutions will offer savings and checking accounts all with slightly different terms and features. Contact us to learn more!
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