Learn more about Canada’s top banks rates, rules and the latest news – read on!
Latest News
The best high-interest savings accounts in Canada for 2024 + MORE Dec 3rd
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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The best GIC rates in Canada for 2024 Dec 30th
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigat.... More »
Looking for a mortgage in B.C.? Don’t limit your options to the big banks Nov 9th
At last, interest rates are coming down again. For Canadians who are in the market for a new home, facing renewal of their mortgage in the foreseeable future, or feeling unsatisfied with their current home loan, this poses two choices: do you pounce now, or stay on the sidelines in the hope that rat.... More »
The best high-interest savings accounts in Canada for 2024 + MORE Dec 16th
Savings comparison tool
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate mo.... More »
What Canadian investors can learn from the BlackBerry story + MORE Nov 10th
If you missed the acclaimed movie BlackBerry in theatres, it’s airing on CBC and streaming on CBC Gem as a three-part series—with additional scenes—beginning November 9. The limited series chronicles the making and unmaking of Canada’s global technology champion of the early 21st century. En.... More »
Chequing vs. Savings Account: What’s the Difference?
– canadianfinanceblog.com
When it comes to managing your finances, using the correct type of bank account is very important. But while the differences between a chequing account and a savings account may seem obvious to some, you would be shocked at the number of people who use their savings accounts for daily transactions or who keep piles of money in their chequing account earning zero interest.
During my banking career, I encountered numerous clients who paid hundreds of dollars in unnecessary banking fees just because they used the wrong type of bank account.
In this article, I explain the differences between chequing and savings accounts to clear up any confusion.
What Is a Chequing Account?
A chequing account is meant for daily banking transactions, including writing cheques, direct deposits, bill payments, ATM cash withdrawals, and debit card purchases.
Most banks charge a monthly chequing account fee, which can be waived if you maintain a minimum balance throughout the month. Depending on the bank, students and seniors may qualify for free banking up to a certain number of monthly transactions…
During my banking career, I encountered numerous clients who paid hundreds of dollars in unnecessary banking fees just because they used the wrong type of bank account.
In this article, I explain the differences between chequing and savings accounts to clear up any confusion.
What Is a Chequing Account?
A chequing account is meant for daily banking transactions, including writing cheques, direct deposits, bill payments, ATM cash withdrawals, and debit card purchases.
Most banks charge a monthly chequing account fee, which can be waived if you maintain a minimum balance throughout the month. Depending on the bank, students and seniors may qualify for free banking up to a certain number of monthly transactions…
