{"id":90548,"date":"2024-11-12T13:06:13","date_gmt":"2024-11-12T18:06:13","guid":{"rendered":""},"modified":"2025-08-06T10:52:37","modified_gmt":"2025-08-06T14:52:37","slug":"chequing-vs-savings-accounts-which-one-do-i-need","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/chequing-vs-savings-accounts-which-one-do-i-need\/","title":{"rendered":"Chequing Vs. Savings Accounts. Which One Do I Need?"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/chequing-accounts\/\">\n\t\t\t\t\t\t\t<span>Chequing Accounts<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Chequing Vs. Savings Accounts. Which One Do I Need?<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Royal Bank of Canada<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/jpgToxlsx-1731101397579-Zz0xYmU2ZjAxYzljNmQxMWVmYTZjY2EyNmE5ODI4Y2RmOQ__.jpg_21ccf3.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Colleagues cooperating while working on laptop in the office\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/jpgToxlsx-1731101397579-Zz0xYmU2ZjAxYzljNmQxMWVmYTZjY2EyNmE5ODI4Y2RmOQ__.jpg_21ccf3.jpg 6000w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/jpgToxlsx-1731101397579-Zz0xYmU2ZjAxYzljNmQxMWVmYTZjY2EyNmE5ODI4Y2RmOQ__.jpg_21ccf3.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/jpgToxlsx-1731101397579-Zz0xYmU2ZjAxYzljNmQxMWVmYTZjY2EyNmE5ODI4Y2RmOQ__.jpg_21ccf3.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/jpgToxlsx-1731101397579-Zz0xYmU2ZjAxYzljNmQxMWVmYTZjY2EyNmE5ODI4Y2RmOQ__.jpg_21ccf3.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/jpgToxlsx-1731101397579-Zz0xYmU2ZjAxYzljNmQxMWVmYTZjY2EyNmE5ODI4Y2RmOQ__.jpg_21ccf3.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/jpgToxlsx-1731101397579-Zz0xYmU2ZjAxYzljNmQxMWVmYTZjY2EyNmE5ODI4Y2RmOQ__.jpg_21ccf3.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Chequing Vs. Savings Accounts. Which One Do I Need? &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/chequing-vs-savings-accounts-which-one-do-i-need\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/chequing-vs-savings-accounts-which-one-do-i-need\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published November 12, 2024 \u2022 9 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr  mar-b-hlf\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>A chequing account is a bank account you use every day to buy essentials, pay bills, and receive a paycheque.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>A savings account is a great place to park money you want to set aside as you earn interest on your balance.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p>Having both a chequing and a savings account can help you manage your money, budget for expenses, and save for a goal or a rainy day.<\/p>\n\n\n\n<p>If you\u2019re new to the world of\u00a0<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/index.html#new-to-rbc\" data-dig-id=\"LP-90548-16bf1264\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"bank accounts in Canada\" class=\"rbc-link-format\">bank accounts in Canada<\/a>, you may have heard about chequing accounts and savings accounts. But it may not be clear which one you need and what each type of account is used for. Here, we explore chequing accounts versus savings accounts, the benefits of each and how they can work together to help you manage your money.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-a-chequing-account\">What is a chequing account?&nbsp;<\/h2>\n\n\n\n<p>A<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/chequing-accounts.html\" data-dig-id=\"LP-90548-d412de31\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\" chequing account\" class=\"rbc-link-format\"> chequing account<\/a> is a bank account you can use every day. Whether you\u2019re buying essentials like gas or groceries, paying a cell phone bill or getting paid by cheque or direct deposit, your chequing account is the place where all of this will happen.&nbsp;&nbsp;<\/p>\n\n\n\n<p>You can open a chequing account at a bank or a credit union,&nbsp;and depending on where you open it, the account may have a different name. &#8220;Chequing account,&#8221; for instance, is a North American term (in the U.S., it is spelled &#8220;checking&#8221; account). In England, India, China or Australia, these accounts may be called &#8220;current accounts&#8221;a. Deposit accounts or transaction accounts are also names that reflect what the account is used for and are used in various countries around the world.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-do-i-use-a-chequing-account-for\">What do I use a chequing account for?&nbsp;<\/h2>\n\n\n\n<p>A chequing account is used for your basic money needs. For instance, you would use a chequing account to deposit money, whether you receive a physical paycheque from a job or get paid by direct deposit. The same goes if you receive government benefits, or cheques or transfers from family or friends \u2013 your chequing account would be the place where you receive this money.<\/p>\n\n\n\n<p>On the flip side, you would also use your chequing account to spend money. For example, should you want to withdraw cash, pay a bill, make purchases using your debit card, send money to family or friends or write a cheque, you would use your chequing account for these types of transactions.<\/p>\n\n\n\n<p>Your chequing account is where money goes in and money goes out as needed \u2013 it is the hub of your everyday money management.<\/p>\n\n\n\n<div class=\"wp-block-group  mar-b-hlf has-rbc-bright-blue-tint-4-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"h-looking-for-a-chequing-account\">Looking for a chequing account?<\/h2>\n\n\n\n<p class=\"has-text-align-center\">Compare chequing accounts to review the features of each and figure out which one is right for you.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-buttons pad-b-hlf is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button  is-style-primary primary btn before\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/compare-chequing-accounts.html\" data-dig-id=\"LP-90548-d98bff85\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Compare Chequing Account-https:\/\/www.rbcroyalbank.com\/bank-accounts\/compare-chequing-accounts.html \">Compare Chequing Account<\/a><\/div>\n<\/div><\/div>\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/chequing-accounts\/index.html\" data-dig-id=\"LP-90548-78054d7e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Chequing Accounts\" class=\"rbc-link-format goto-link\" data-icon-class=\"goto-link\">Chequing Accounts<\/a><\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-a-savings-account\">What is a savings account?<\/h2>\n\n\n\n<p>While your chequing account is one you might use every day, a <a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/savings-accounts.html\" data-dig-id=\"LP-90548-7238f18b\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"savings account\" class=\"rbc-link-format\">savings account<\/a> is different. A savings account, versus a chequing account, is a good place to set money aside that you don\u2019t want to spend rather than an account you would access regularly.<\/p>\n\n\n\n<p>Savings accounts pay interest on the money you hold in the account (i.e., your balance). How much interest you earn depends on the size of your balance and the interest rate of the account.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-do-i-use-a-savings-account-for\">What do I use a savings account for?<\/h2>\n\n\n\n<p>A savings account is a great place to park money you don\u2019t need to use to pay for day-to-day life. You may wish to save up for a certain item (i.e., a laptop, piece of furniture, vacation), a longer-term goal (such as a car or a home) or for a rainy day. In fact, a savings account is the perfect place to set aside money for an emergency fund since your money is easy to access should you need it in a hurry.<\/p>\n\n\n\n<p class=\"has-cool-white-background-color has-background\">Savings accounts come with a range of features. Learn more about the&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/accounts\/savings-accounts.html\" data-dig-id=\"LP-90548-e1eaffe1\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"savings accounts\" class=\"rbc-link-format\">savings accounts<\/a>&nbsp;offered by RBC and compare the options to see which one may be right for you.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-the-difference-between-a-chequing-and-a-savings-account\">What is the difference between a chequing and a savings account?<\/h2>\n\n\n\n<p>Chequing and savings accounts&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/bank-account-basics-chequing-savings-and-everything-in-between\/\" data-dig-id=\"LP-90548-bbeaf5b5\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"have different features\" class=\"rbc-link-format\">have different features<\/a>&nbsp;because they serve different purposes. While a chequing account is meant for day-to-day transactions, a savings account is meant to park your money.&nbsp;<\/p>\n\n\n\n<p>The fees and the interest rates of chequing accounts vs savings accounts reflect their intended uses. For example, you typically don\u2019t earn interest in a chequing account, but it will come with a number of transactions that are included every month. (There are some no-fee chequing accounts that are good for people who don\u2019t make a lot of transactions. However, many chequing accounts come with a monthly fee that includes several features, as well as some all-inclusive chequing accounts that have no limits on the number of transactions).&nbsp;<\/p>\n\n\n\n<p>Savings accounts, meanwhile, typically don\u2019t come with a monthly fee, and you will earn interest on the balance you hold in the account. You would deposit money into your savings account but only withdraw it when you\u2019re ready to use the funds you have accumulated within it. In fact, because a savings account isn\u2019t designed for day-to-day transactions, it will typically charge you for withdrawals or purchases made from the account.&nbsp;<\/p>\n\n\n\n<p>There are lots of terms that come with chequing and savings accounts, so let\u2019s break them down so you know exactly what you would use each account for:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-debit-transactions\">Debit transactions<\/h3>\n\n\n\n<p>A debit transaction is any transaction in which money is withdrawn from your account. For example, if you send someone an e-transfer or if your cell phone bill is withdrawn from your account each month, that is a debit transaction.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-interest-rates\">Interest rates<\/h3>\n\n\n\n<p>Interest is&nbsp;money that your bank (or other financial institution) pays you for holding your cash in a savings account. The amount you receive is based on the size of your balance, the interest rate, and how often the interest is calculated. The higher the interest rate, the more you can earn on your balance. With a savings account, interest is often calculated daily but paid monthly.<\/p>\n\n\n\n<p>Different types of savings accounts offer different levels of interest rates \u2013 for instance, a basic savings account will pay a modest rate of interest on the money in your account, while a high-interest savings account will pay a higher rate of interest.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-monthly-fees\">Monthly fees<\/h3>\n\n\n\n<p>As mentioned earlier, most savings accounts don\u2019t have monthly fees, but many chequing accounts do. The more basic the account, the lower the fee will be. Fees generally reflect the following:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Number of debits included every month<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Number of&nbsp;<em>Interac<\/em>&nbsp;e-Transfers included<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>ATM withdrawals<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>International money transfers<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Rebates on a credit card<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>As you might expect, no-fee chequing accounts have the fewest number of features and included transactions. In some cases, monthly fees can be waived should you meet certain criteria set by the bank &#8211; like if you have multiple products with them or if you\u2019re a student or senior.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-pros-and-cons-of-a-chequing-account\">Pros and cons of a chequing account<\/h2>\n\n\n\n<p>Let\u2019s review the pros and cons of each to help you determine which account is right for you.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-pros\">Pros<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Ideal for everyday purchases, such as paying bills or buying groceries<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>A certain number of transactions are included every month<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Easy to access your money through the ATM, online banking or the bank branch<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-cons\">Cons<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Ideal for everyday purchases, such as paying bills or buying groceries<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>You don\u2019t earn any interest on the money you have in your account<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-pros-and-cons-of-a-savings-account\">Pros and cons of a savings account<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-pros-1\">Pros<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>You earn interest on the money you have in your account<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>It\u2019s easy to access your money when you need to, unlike with an investment<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>You can keep the funds you want to save separate from your everyday spending money<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-cons-1\">Cons<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>A savings account is not meant to be used as an account for day-to-day transactions. If you do use it, you may be charged some fees<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-do-i-need-a-chequing-or-a-savings-account\">Do I need a chequing or a savings account?<\/h2>\n\n\n\n<p>So which type of account do you need? Let\u2019s walk through some scenarios:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>You may need a chequing account if:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>You receive a paycheque, have day-to-day expenses and\/ or bills to pay, want to send and receive transfers from your friends and family<\/p>\n<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong><strong>You may need a savings account if:<\/strong><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>You want to set aside money to reach a financial goal or to have emergency funds on hand&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>You will find it easier to save money if you can separate it from the money you need to use every day<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>The good news is that you don\u2019t need to choose between a chequing and a savings account. In fact, the two accounts complement each other very well, and it\u2019s a good idea to have both. Here\u2019s how chequing and savings accounts work together:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Having both a chequing and a savings account helps you budget and manage your money. It\u2019s easy to transfer money from one to the other.&nbsp;<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>To make saving easier, you can set up regular automatic transfers from your chequing to your savings account. Having a chequing account and savings account with the same bank simplifies it even more. It becomes so easy, you don&#8217;t even think about saving!<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>While a chequing account is a fundamental account that most Canadians need as a day-to-day account, a savings account doesn\u2019t come with a monthly fee \u2013 so it doesn\u2019t cost you anything to save<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Different types of chequing and savings accounts are available to meet the diverse needs of Canadians. To help determine the best option for you, explore the&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/accounts\/index.html#new-to-rbc\" data-dig-id=\"LP-90548-cdfa2cd8\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"personal accounts\" class=\"rbc-link-format\">personal accounts<\/a>&nbsp;RBC offers.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. 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Which One Do I Need? &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/chequing-vs-savings-accounts-which-one-do-i-need\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/chequing-vs-savings-accounts-which-one-do-i-need\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy 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href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/savings\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Savings<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/savings-accounts\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Savings Accounts<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 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href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/\">\n\t\t\t\t\t\tAccount Types\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/account-matchmaker-should-you-get-a-chequing-account-savings-account-or-both\/\" class=\"card-title h4 mar-t-0\">Account Matchmaker: Should You Get a Chequing Account, Savings Account or Both?<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-ebf68575-6264-4cad-a291-08bfb857c863 {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-ebf68575-6264-4cad-a291-08bfb857c863 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-b610ccdd-4153-4f42-a1b0-e4bfb5f98bba {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-b610ccdd-4153-4f42-a1b0-e4bfb5f98bba {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>Chequing accounts and savings accounts serve different purposes. Discover how each account is used and how they work together.<\/p>\n","protected":false},"author":80,"featured_media":90553,"parent":57313,"menu_order":0,"template":"","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[62,584,48,585],"rbc_content_type":[31],"rbc_audience":[],"rbc_lob_group":[509],"rbc_difficulty_level":[33],"rbc_mmm_category":[366,318,304],"class_list":["post-90548","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-banking-digital-banking","tag-chequing-accounts","tag-savings","tag-savings-accounts","rbc_content_type-article","rbc_lob_group-accounts","rbc_difficulty_level-beginner","rbc_mmm_category-account-types","rbc_mmm_category-banking-basics","rbc_mmm_category-money-academy"],"acf":{"contently_publication_id":"361777","custom_author":"Royal Bank of Canada","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":"Generate Table Of Contents"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"Find out how chequing and savings accounts work and the pros and cons of each to help you decide which is right for you.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/chequing-vs-savings-accounts-which-one-do-i-need\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:description\" content=\"Find out how chequing and savings accounts work and the pros and cons of each to help you decide which is right for you.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/chequing-vs-savings-accounts-which-one-do-i-need\/\" \/>\n<meta property=\"og:site_name\" content=\"RBC Royal Bank\" \/>\n<meta property=\"article:modified_time\" content=\"2025-08-06T14:52:37+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/11\/jpgToxlsx-1731101397579-Zz0xYmU2ZjAxYzljNmQxMWVmYTZjY2EyNmE5ODI4Y2RmOQ__.jpg_21ccf3.jpg?quality=80\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/chequing-vs-savings-accounts-which-one-do-i-need\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/chequing-vs-savings-accounts-which-one-do-i-need\/\"},\"author\":{\"name\":\"jacquelinewu\",\"@id\":\"https:\/\/www.rbcroyalbank.com\/en-ca\/#\/schema\/person\/d055d46e444faf6863d781f24c107a5e\"},\"headline\":\"Chequing Vs. 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