A saving account is a bank account into which you deposit money that you don’t necessarily need to use right now. Generally, interest on this type of account is higher than what you’d get with a chequing account. Although it is generally not possible to write a cheque from this kind of account or make a debit card transaction into it, the funds deposited in a savings account remain accessible, since they can be transferred to a checking account, or withdrawn at any time. Use our comparison of Canadian savings accounts to ensure you get the best interest rate.

Checking account definition

A chequing account is a bank account that is used on a regular basis. It’s a convenient place to keep money that you plan to use for your daily expenses or to pay short-term bills. Read more

Credit card definition

Credit cards are payment cards associated with high interest rates. However, people who pay their credit card balance in full each month don’t pay interest charges, so credit cards can be beneficial to them. Read more

Mortgage definition

Mortgages are loans used to purchase a property such as a house, a condo or a cottage. Read more