{"id":90548,"date":"2024-11-12T13:06:13","date_gmt":"2024-11-12T18:06:13","guid":{"rendered":""},"modified":"2026-07-28T16:53:35","modified_gmt":"2026-07-28T20:53:35","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":"\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\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">A chequing account is a bank account you use every day to buy essentials, pay bills and receive a paycheque.<\/p><\/li>\n<li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">A savings account is a great place to park money you want to set aside as you earn interest on your balance.<\/p><\/li>\n<li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">You don\u2019t have to choose \u2013 having both is the smart move. A chequing and savings account complement each other perfectly, and setting up automatic transfers between them makes saving effortless.<\/p><\/li>\n<\/ul>\n<\/div><\/div><br>\n\n\n\n<p class=\"wp-block-paragraph\">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 class=\"wp-block-paragraph\">Figuring out&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/index.html#new-to-rbc\" target=\"_blank\" data-dig-id=\"LP-90548-80480bbf\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"bank accounts in Canada\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">bank accounts in Canada<\/a>&nbsp;can sometimes feel confusing for those new to the system, specifically the differences between chequing accounts and savings accounts. Understanding what each account is used for makes it easier to manage your money and remain in control of all your finances. This guide navigates the benefits of both chequing and savings accounts and how they can work together to support your financial goals.<\/p>\n\n\n\n<h2 id=\"h-what-is-a-chequing-account\" class=\"wp-block-heading\">What is a chequing account?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/chequing-accounts.html\" target=\"_blank\" data-dig-id=\"LP-90548-b7869014\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"chequing account\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">chequing account<\/a>&nbsp;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 class=\"wp-block-paragraph\">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. \u201cChequing account,\u201d for instance, is a North American term (in the U.S., it is spelled \u201cchecking\u201d account). In England, India, China or Australia, these accounts may be called \u201ccurrent accounts.\u201d 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 id=\"h-what-do-i-use-a-chequing-account-for\" class=\"wp-block-heading\">What do I use a chequing account for?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">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 class=\"wp-block-paragraph\">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 class=\"wp-block-paragraph\">Your chequing account is where money goes in and money goes out as needed \u2013 it\u2019s the hub of your everyday money management.<\/p>\n\n\n\n<h2 id=\"h-what-are-the-advantages-of-having-a-chequing-account-in-canada\" class=\"wp-block-heading\">What are the advantages of having a chequing account in Canada<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A Canadian chequing account is your secure, all-in-one hub for daily banking, featuring low-fee transactions, effortless payroll deposits and instant bill payments. The cash in this account is fluid and accessible to you at any point.<\/p>\n\n\n\n<div class=\"wp-block-group has-rbc-bright-blue-tint-4-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"h-looking-for-a-chequing-account\">Looking for a chequing account?<\/h3>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">Compare chequing accounts to see which has features and perks that\u2019s right for you.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-buttons pad-b-hlf mob-pad-b-hlf is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de 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-c2e7b55b\" 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 wp-block-paragraph\"><a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/chequing-accounts\/index.html\" target=\"_blank\" data-dig-id=\"LP-90548-848fd410\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Chequing Accounts\" class=\"rbc-link-format rbc-link-format goto-link\" data-icon-class=\"goto-link\" rel=\"noreferrer noopener\">Chequing Accounts<\/a><\/p>\n<\/div>\n\n\n\n<h2 id=\"h-what-is-a-savings-account\" class=\"wp-block-heading\">What is a savings account?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While your chequing account is one you might use every day, a&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/savings-accounts.html\" target=\"_blank\" data-dig-id=\"LP-90548-bc28d726\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"savings account\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">savings account<\/a>&nbsp;is different. A savings account is a good place to set money aside that you don\u2019t want to spend, as opposed to a chequing account that you would access regularly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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 id=\"h-what-do-i-use-a-savings-account-for\" class=\"wp-block-heading\">What do I use a savings account for?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">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<div class=\"wp-block-group has-light-grey-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"wp-block-paragraph\">Savings accounts come with a range of features. Learn more about the&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/accounts\/savings-accounts.html\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-90548-c60b7a0a\" data-dig-label=\"savings accounts\" data-dig-action=\"link click\" data-dig-category=\"LP\" 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<\/div>\n\n\n\n<h2 id=\"h-what-is-the-difference-between-a-chequing-and-a-savings-account\" class=\"wp-block-heading\">What is the difference between a chequing and a savings account?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">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\/\" target=\"_blank\" data-dig-id=\"LP-90548-6fdf791b\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"have different features\" rel=\"noreferrer noopener\" 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 class=\"wp-block-paragraph\">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 class=\"wp-block-paragraph\">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 class=\"wp-block-paragraph\">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 id=\"h-debit-transactions\" class=\"wp-block-heading\">Debit transactions<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">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 id=\"h-interest-rates\" class=\"wp-block-heading\">Interest rates<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">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 class=\"wp-block-paragraph\">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 id=\"h-monthly-fees\" class=\"wp-block-heading\">Monthly fees<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">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\"><p class=\"wp-block-paragraph\">Number of debits included every month<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Number of <em>Interac<\/em> e-Transfers included<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">ATM withdrawals<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">International money transfers<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">Rebates on a credit card<\/p><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">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 \u2013 like if you have multiple products with them or if you\u2019re a student or senior.<\/p>\n\n\n\n<h2 id=\"h-pros-and-cons-of-a-chequing-account\" class=\"wp-block-heading\">Pros and cons of a chequing account<\/h2>\n\n\n\n<div class=\"wp-block-group has-text-reg-font-size is-nowrap is-layout-flex wp-container-core-group-is-layout-8f761849 wp-block-group-is-layout-flex\">\n<table class=\"table-swipe wp-block-rbc-responsive-table-block\">\r\n<thead><tr><th scope=\"col\" style=\"width: 50%\">Pros<\/th><th scope=\"col\" style=\"width: 50%\">Cons<\/th><\/tr><\/thead>\r\n<tbody>\r\n<tr>\r\n<td><p class=\"wp-block-paragraph\">Ideal for everyday purchases (bills, groceries, subscriptions)<\/p><\/td>\r\n<td><p class=\"wp-block-paragraph\">No interest earned on your balance<\/p><\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"background-color: #E3F4FF\"><p class=\"wp-block-paragraph\">A set number of transactions included monthly<\/p><\/td>\r\n<td style=\"background-color: #E3F4FF\"><p class=\"wp-block-paragraph\">Monthly fees may apply if a minimum balance isn\u2019t maintained<\/p><\/td>\r\n<\/tr>\r\n<tr>\r\n<td><p class=\"wp-block-paragraph\">Easy access via ATM, online banking or branch<\/p><\/td>\r\n<td><p class=\"wp-block-paragraph\">Overdraft fees can add up if you spend beyond your balance<\/p><\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"background-color: #E3F4FF\"><p class=\"wp-block-paragraph\">Supports direct deposit of paycheques and governments payments<\/p><\/td>\r\n<td style=\"background-color: #E3F4FF\"><p class=\"wp-block-paragraph\">Excess transactions beyond your monthly limit may be charged<\/p><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\n<\/div>\n\n\n\n<h2 id=\"h-pros-and-cons-of-a-savings-account\" class=\"wp-block-heading\">Pros and cons of a savings account<\/h2>\n\n\n\n<div class=\"wp-block-group has-text-reg-font-size is-nowrap is-layout-flex wp-container-core-group-is-layout-8f761849 wp-block-group-is-layout-flex\">\n<table class=\"table-swipe wp-block-rbc-responsive-table-block\">\n<thead><tr><th scope=\"col\" style=\"width: 50%\">Pros<\/th><th scope=\"col\" style=\"width: 50%\">Cons<\/th><\/tr><\/thead>\n<tbody>\n<tr>\n<td><p class=\"wp-block-paragraph\">Easy interest on your balance \u2013 your money works for you<\/p><\/td>\n<td><p class=\"wp-block-paragraph\">Not designed for daily transactions \u2013 fees may apply<\/p><\/td>\n<\/tr>\n<tr>\n<td style=\"background-color: #E3F4FF\"><p class=\"wp-block-paragraph\">Easy access to funds when you need them, unlike investments<\/p><\/td>\n<td style=\"background-color: #E3F4FF\"><p class=\"wp-block-paragraph\">Interest rates are usually lower than GICs or market investments<\/p><\/td>\n<\/tr>\n<tr>\n<td><p class=\"wp-block-paragraph\">Keep your savings separate from everyday spending<\/p><\/td>\n<td><p class=\"wp-block-paragraph\">Some accounts require a minimum balance to earn interest<\/p><\/td>\n<\/tr>\n<tr>\n<td style=\"background-color: #E3F4FF\"><p class=\"wp-block-paragraph\">Helps you steadily build an emergency fund over time<\/p><\/td>\n<td style=\"background-color: #E3F4FF\"><p class=\"wp-block-paragraph\">May have limits on the number of free withdrawals per month<\/p><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\n\n\n<h2 id=\"h-do-i-need-a-chequing-or-a-savings-account\" class=\"wp-block-heading\">Do I need a chequing or a savings account?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">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\"><p class=\"wp-block-paragraph\"><strong>You may need a chequing account if:<\/strong><\/p>\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">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><\/li>\n<\/ul>\n<\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\"><strong>You may need a savings account if:<\/strong><\/p>\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">You want to set aside money to reach a financial goal or to have emergency funds on hand <\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">You will find it easier to save money if you can separate it from the money you need to use every day<\/p><\/li>\n<\/ul>\n<\/li>\n<\/ul><br>\n\n\n\n<p class=\"wp-block-paragraph\">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\"><p class=\"wp-block-paragraph\">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. <\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">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\u2019t even think about saving!<\/p><\/li>\n    <li class=\"wp-block-rbc-list-item\"><p class=\"wp-block-paragraph\">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><\/li>\n<\/ul><br>\n\n\n\n<div class=\"wp-block-group has-light-grey-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"wp-block-paragraph\">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\" target=\"_blank\" data-dig-id=\"LP-90548-bcf922b2\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"personal accounts\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">personal accounts<\/a>&nbsp;RBC offers.<\/p>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<p class=\"wp-block-paragraph\"><\/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 class=\"wp-block-paragraph\">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. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Chequing accounts and savings accounts serve different purposes. 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