How to Open a Savings Account in Canada
posted on November 30, 2017
“Learning how to manage your money can be challenging when moving to Canada. When you immigrate, you need to open a bank account, learn how to make bill payments, and build your credit from scratch.” – ratehub.ca
Many new Canadians start their life in Canada with low income. Therefore, saving money can be a difficult process. You need to have the right savings account to keep your money safe and secure.
In Canada, most often, a savings account is used to save cash, for deposits (paycheques) and withdraws. Savings accounts usually pay interests and include a monthly fee. There are also Chequing accounts. This account is most often used for day-to-day banking, including bill payments. There is also something called a Tax-Free Savings Account. “This type of account helps you save taxes on the interest or investment income you earn.”
“To open a savings account, start by choosing a financial institution. In Canada, you can open an account with any bank or credit union that does business in your province. You also don’t have to use the same bank you use for your chequing account.”
When looking for the right savings accounts, the first thing to do is to compare the interest rates. Then, look at all the features of each savings account. To open a Canadian savings account, you must be a Canadian resident. To learn more, visit this page.
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