{"id":94849,"date":"2025-07-03T13:02:09","date_gmt":"2025-07-03T17:02:09","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=94849"},"modified":"2026-02-11T09:29:02","modified_gmt":"2026-02-11T14:29:02","slug":"types-of-bank-accounts-in-canada-a-guide","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/types-of-bank-accounts-in-canada-a-guide\/","title":{"rendered":"Types of Bank Accounts in Canada: A Guide"},"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\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>To choose the right bank account, consider how you plan to use it, who needs access and what features matter most to you.<\/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>Chequing accounts are for everyday use\u2014things like bills, groceries and direct deposits.<\/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>Savings accounts help you set money aside and earn interest on your balance as it grows.<\/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>Specialized accounts like business, newcomer and foreign currency accounts offer features for unique banking needs.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Whether you\u2019ve just arrived in Canada or you\u2019re opening your first bank account, navigating your options can feel a little overwhelming. A quick review on&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/new-to-canada\/how-banking-in-canada-works\/\" data-dig-id=\"LP-94849-4164a316\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"banking basics\" class=\"rbc-link-format\">banking basics<\/a>&nbsp;can go a long way\u2014making it easier to find the right account(s) for you.<\/p>\n\n\n\n<p>This guide will walk you through the most common types of bank accounts in Canada\u2014whether it\u2019s a chequing account, savings account or specialized account. By the end of it, we hope you feel confident choosing the ones that match your current needs and goals.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-chequing-accounts\">Chequing accounts<\/h2>\n\n\n\n<p>Chequing accounts are used for everyday transactions like paying bills, buying groceries and receiving deposits such as your paycheque.<\/p>\n\n\n\n<p>Let\u2019s explore some of the most common&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/chequing-accounts\/\" data-dig-id=\"LP-94849-3b259764\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"chequing account types in Canada\" class=\"rbc-link-format\">chequing account types in Canada<\/a>, their features and drawbacks, and which one(s) could be right for you.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-common-types-of-chequing-accounts\">Common types of chequing accounts<\/h3>\n\n\n\n<p><strong>Low fee chequing accounts<\/strong><br>These accounts are a great option for anyone with simple banking needs. They offer very low fees and typically come with a limited number of monthly transactions. If you\u2019re looking for a basic chequing account with no minimum balance requirement,&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/chequing-accounts\/day-to-day-banking.html\" data-dig-id=\"LP-94849-34895c6a\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"a low-fee chequing account\" class=\"rbc-link-format\">a low-fee chequing account<\/a>&nbsp;may be ideal. &nbsp;<br><\/p>\n\n\n\n<p><strong>Student chequing accounts<\/strong><br>Designed for full-time students,&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/youth-student-banking\/advantage-banking-students.html\" data-dig-id=\"LP-94849-6dcc2f76\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"student chequing accounts\" class=\"rbc-link-format\">student chequing accounts<\/a>&nbsp;usually have no monthly fee, a higher number of free transactions and convenient perks for students\u2014like cash offers, rewards points, low (or no) ATM fees and more. These accounts can help students manage their money while building financial independence.<br><\/p>\n\n\n\n<p><strong>Joint chequing accounts<\/strong><br>Shared between two or more people, a joint chequing account allows all account holders to deposit and withdraw funds. They\u2019re a convenient option for partners, family members or caregivers who need access and visibility to the same chequing account. Most types of chequing accounts can be set up as a joint account.<br><\/p>\n\n\n\n<p><strong>U.S. dollar chequing accounts<\/strong><br>If you travel often between Canada and the U.S. or frequently send and receive payments in U.S. dollars, this might be a good choice for you. These accounts allow you to hold and spend U.S. dollars from a Canadian bank, so you can avoid exchange rate fluctuations and conversion fees.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-comparing-chequing-accounts\">Comparing chequing accounts<\/h3>\n\n\n\n<table class=\"table-stack wp-block-rbc-stackable-table-block aligncenter is-style-table-striped col-stack\"><tbody><tr><td><strong>Type<\/strong><\/td><td><strong>Purpose<\/strong><\/td><td><strong>Features<\/strong><\/td><td><strong>Minimum balance<\/strong><\/td><td><strong>Fees<\/strong><\/td><td><strong>Interest rates<\/strong><\/td><\/tr><tr><td><strong>Low-Fee Account<\/strong><\/td><td>Affordable banking for basic needs<\/td><td>Limited monthly transactions with a fee for each additional transaction<\/td><td>Typically, none required<\/td><td>Low monthly fee<\/td><td>Typically, no interest<\/td><\/tr><tr><td><strong>Student Account<\/strong><\/td><td>Banking designed for full-time students<\/td><td>No monthly fees, extra free transactions and student perks<\/td><td>Typically, none required<\/td><td>Typically, no monthly fee<\/td><td>Typically, no interest<\/td><\/tr><tr><td><strong>Joint<\/strong> <strong>Account<\/strong><\/td><td>Shared access for two or more account holders<\/td><td>All parties can deposit and withdraw; shared balance visibility<\/td><td>Depends on account setup<\/td><td>Standard fees apply based on account type<\/td><td>Typically, no interest<\/td><\/tr><tr><td><strong>U.S. Dollar Account<\/strong><\/td><td>Manage money in U.S. and Canada<\/td><td>Hold\/spend U.S. funds; avoid conversion fees<\/td><td>Often none, but varies<\/td><td>May have a monthly fee or transaction costs<\/td><td>Typically, no interest<\/td><\/tr><\/tbody><\/table>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-questions-to-ask-when-choosing-a-chequing-account\">Questions to ask when choosing a chequing account:<\/h3>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p><strong>How do I plan to use the account?<\/strong><br>Will you use your chequing account mostly for depositing paycheques and paying an occasional bill, or will you use it for day-to-day spending like groceries and transportation? Understanding how you\u2019ll use the account can help you choose one that fits your lifestyle\u2014whether you need unlimited transactions, low fees or easy access to online tools.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p><strong><strong>What kind of access do I need?<\/strong><br><\/strong>Do you like to bank online, using an app or in person? Make sure the bank offers services that match how you prefer to bank and manage your money.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p><strong>What features matter to me?<\/strong><br>If you plan to send money regularly, look for a chequing account that offers unlimited&nbsp;<em>Interac<\/em>&nbsp;e-Transfer transactions. Want a cushion in case your balance dips? Make sure the account you\u2019re considering comes with overdraft protection.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-savings-accounts\">Savings accounts<\/h2>\n\n\n\n<p><strong>A savings account is a simple, secure way to set money aside and earn a little extra money as you go.<\/strong><\/p>\n\n\n\n<p>In Canada, there are several types of&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/savings-accounts\/\" data-dig-id=\"LP-94849-cbb0ee1e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"savings accounts\" class=\"rbc-link-format\">savings accounts<\/a>. Some offer high interest, others more flexibility\u2014but how do you know which one matches your goals?<\/p>\n\n\n\n<p>Whether you\u2019re building an emergency fund, saving for something specific or just looking to grow your money with minimal risk, a savings account is an&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/banking-basics\/account-types\/what-is-a-savings-account-and-how-do-i-use-it\/\" data-dig-id=\"LP-94849-29597cb9\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"important financial tool\" class=\"rbc-link-format\">important financial tool<\/a>. Let\u2019s walk through the most common types of savings accounts, important terms you should know and what to consider when opening an account.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-common-types-of-savings-accounts\">Common types of savings accounts<\/h3>\n\n\n\n<p><strong>Basic savings account<\/strong><\/p>\n\n\n\n<p>If you have some money you\u2019d like to set aside, a basic savings account offers modest interest rates that will grow your balance over time. These accounts typically have no monthly fees or minimum balance requirements, so they are a good choice for anyone who wants to start saving.<\/p>\n\n\n\n<p><strong>Pro tip:\u00a0<\/strong>Learn<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/savings-accounts\/savings-interest-calculator.html\" data-dig-id=\"LP-94849-655699db\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"\u00a0how interest is calculated\" class=\"rbc-link-format\">\u00a0how interest is calculated<\/a>\u00a0as you consider which savings account is right for you.<\/p>\n\n\n\n<p><strong>High interest savings account (HISA)<\/strong><\/p>\n\n\n\n<p>A&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/savings-accounts\/high-interest-savings-account.html\" data-dig-id=\"LP-94849-c4949ffc\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"high interest savings account\" class=\"rbc-link-format\">high interest savings account<\/a>&nbsp;can help your money grow faster than a basic savings account because it offers a higher interest rate\u2014which means every dollar you deposit earns more. This type of account can help you build up an emergency fund or save for a big purchase. HISAs are a popular choice because they offer growth potential and easy access to your funds. &nbsp;<\/p>\n\n\n\n<p><strong>Joint savings account<\/strong><\/p>\n\n\n\n<p>If you are working toward shared financial goals with someone you trust\u2014like a partner, caregiver or family member\u2014a joint savings account might be right for you. These accounts allow multiple people to make deposits, withdraw funds and view statements. Most basic savings accounts, HISAs and other standard savings options can be opened as joint accounts.<\/p>\n\n\n\n<p><strong>Kids savings account<\/strong><\/p>\n\n\n\n<p>These accounts typically have no monthly fees, lower transaction limits and features like parental oversight and educational tools.&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/youth-student-banking\/leo-young-savers-account.html\" data-dig-id=\"LP-94849-298d842d\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Kids savings accounts\" class=\"rbc-link-format\">Kids savings accounts<\/a>&nbsp;are a great tool to help children build good financial habits, whether they\u2019re putting away birthday money or saving for something special.<\/p>\n\n\n\n<p><strong>Tax-Free Savings Account (TFSA)<\/strong><\/p>\n\n\n\n<p>Although the name includes \u201csavings account,\u201d a TFSA is actually an investment account. It can hold a variety of investment products, including mutual funds, guaranteed investment certificates (GICs), stocks, bonds and cash. A TFSA allows you to save toward a big-ticket item or goal without paying tax on the investment income you earn. These accounts offer greater growth potential than HISAs and come with valuable tax benefits, but they also have annual contribution limits.<\/p>\n\n\n\n<p><strong>Registered Retirement Savings Plan (RRSP)<\/strong><\/p>\n\n\n\n<p>Like a TFSA, an RRSP can hold a wide range of investment products, and it has added benefits for those who are saving for retirement. This type of account offers tax-deductible contributions, which could help lower your annual taxable income. Meanwhile, the money in your RRSP grows tax-deferred, so you won\u2019t pay tax on any interest, dividends or investment gains until you withdraw it\u2014typically in retirement, when your income (and tax rate) may be lower.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-comparing-savings-accounts\">Comparing savings accounts<\/h3>\n\n\n\n<table class=\"table-stack wp-block-rbc-stackable-table-block aligncenter is-style-table-striped col-stack\"><tbody><tr><td><strong><strong>Account Type<\/strong><\/strong><\/td><td><strong>Purpose<\/strong><\/td><td><strong><strong>Key features<\/strong><\/strong><\/td><td><strong>Minimum balance<\/strong><\/td><td><strong>Fees<\/strong><\/td><td><strong>Interest rates<\/strong><\/td><\/tr><tr><td><strong><strong>Basic<\/strong><\/strong><\/td><td>Keep funds separate from chequing<\/td><td>Straightforward savings; limited monthly debits<\/td><td>None or low<\/td><td>Typically, none or low<\/td><td>Low<\/td><\/tr><tr><td><strong><strong>HISA<\/strong><\/strong><\/td><td>Earn more interest and easily access funds<\/td><td>Higher interest; limited monthly debits<\/td><td>Varies by bank<\/td><td>May charge extra for transactions<\/td><td>Higher than basic savings<\/td><\/tr><tr><td><strong>Joint<\/strong><\/td><td>Mutual savings goals<\/td><td>Shared access between two or more people<\/td><td>Depends on the type of account<\/td><td>Depends on the type of account<\/td><td>Depends on the type of account<\/td><\/tr><tr><td><strong><strong>Kids<\/strong><\/strong><\/td><td>Help kids learn to save and manage money<\/td><td>No fees; low transaction limits; parental oversight; educational tools<\/td><td>Typically, none<\/td><td>None<\/td><td>Modest; varies by age group<\/td><\/tr><tr><td><strong>TFSA<\/strong><\/td><td>Saving and investing with tax-free growth<\/td><td>Interest\/investment earnings not taxed; flexible withdrawals<\/td><td>None<\/td><td>May charge for transfer to another bank<\/td><td>Depends on investments held<\/td><\/tr><tr><td><strong>RRSP<\/strong><\/td><td>Saving for retirement<\/td><td>Tax-deductible contributions; tax-deferred growth<\/td><td>None<\/td><td>May be fees for investment products<\/td><td>Depends on investments held<\/td><\/tr><\/tbody><\/table>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-questions-to-ask-when-choosing-a-savings-account\">Questions to ask when choosing a savings account:<\/h3>\n\n\n\n<p><strong>What are my savings goals?<\/strong><\/p>\n\n\n\n<p>Are you setting aside money for an emergency fund, a big purchase or long-term goals like retirement? Your savings goal can help determine the right type of account\u2014whether you need quick access, higher interest or tax advantages.<\/p>\n\n\n\n<p><strong>How often will I need to withdraw from savings?<\/strong><\/p>\n\n\n\n<p>Some savings accounts offer easy access with no withdrawal limits, while others may have restrictions or require transfers to a chequing account first. Choose an account that matches how and when you plan to use your funds.<\/p>\n\n\n\n<p><strong>Will anyone else need access to my savings account?<\/strong><\/p>\n\n\n\n<p>If you\u2019re saving with a partner or family member, you might consider opening a joint savings account to manage shared goals. These are available with most basic and high interest accounts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-specialized-accounts\">Specialized accounts<\/h2>\n\n\n\n<p>Some bank accounts are designed with specific people in mind\u2014like newcomers to Canada or entrepreneurs. These specialized accounts offer tailored features to meet a unique need.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-accounts-for-newcomers-to-canada\">Accounts for newcomers to Canada<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/new-to-canada\/bank-offers-for-permanent-resident-and-foreign-worker-newcomers\/\" data-dig-id=\"LP-94849-40183b54\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Newcomer accounts\" class=\"rbc-link-format\">Newcomer accounts<\/a>&nbsp;are designed to help people who\u2019ve recently moved to Canada get started with everyday banking. Often, these accounts have simplified ID requirements and offer support in multiple languages, along with tools for setting up direct deposit, sending money internationally and building credit. Some banks have options tailored for&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/new-to-canada\/banking-offers-for-business-owners-entrepreneurs-in-canada\/\" data-dig-id=\"LP-94849-f1672483\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"newcomer entrepreneurs\" class=\"rbc-link-format\">newcomer entrepreneurs<\/a>&nbsp;looking to start a business in Canada.<\/p>\n\n\n\n<p><strong>A newcomer account could be right for you 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 mar-l mob-mar-l\">\n<p>You\u2019re new to Canada and want support navigating the banking system<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p>You\u2019re looking for an account with low fees and simple setup<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p>You need to send or receive money internationally<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p>You\u2019re planning to establish credit or open a business<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>If you\u2019re an international student studying in Canada, you\u2019re considered a newcomer too! Be on the lookout for&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/new-to-canada\/banking-offers-for-international-students-in-canada\/\" data-dig-id=\"LP-94849-612f85d0\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"special offers\" class=\"rbc-link-format\">special offers<\/a>&nbsp;for certain financial accounts and products.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-foreign-currency-accounts\">Foreign currency accounts<\/h3>\n\n\n\n<p>A&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/bank-accounts\/us-foreign-currency-accounts.html\" data-dig-id=\"LP-94849-9834844c\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"foreign currency account\" class=\"rbc-link-format\">foreign currency account<\/a>&nbsp;lets you hold and manage money in U.S. dollars or another currency without converting it to Canadian dollars. This helps you avoid exchange rate fees and fluctuations when travelling, shopping online or receiving international payments.<\/p>\n\n\n\n<p>A foreign currency&nbsp;<em>chequing<\/em>&nbsp;account can help you make everyday transactions in foreign dollars while a foreign currency&nbsp;<em>savings<\/em>&nbsp;account can help you earn interest on your foreign dollars. Both work like regular chequing or savings accounts\u2014just in the currency of your choice.<\/p>\n\n\n\n<p><strong>A foreign currency chequing or savings account could be right for you 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 mar-l mob-mar-l\">\n<p>You earn or receive payments in a foreign currency<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p>You frequently shop online or travel internationally<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p>You want to save in another currency without conversion fees<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p>You\u2019re managing cross-border expenses or income<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-business-accounts\">Business accounts<\/h3>\n\n\n\n<p>This type of account helps entrepreneurs and business owners manage their company\u2019s finances separately from personal spending.<a href=\"https:\/\/www.rbcroyalbank.com\/business\/accounts\/index.html\" data-dig-id=\"LP-94849-6fdf4ba3\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"&nbsp;Business accounts\" class=\"rbc-link-format\">&nbsp;Business accounts<\/a>&nbsp;often include digital tools for sending and receiving payments, tracking expenses and handling payroll. Some banks also offer business-specific savings accounts and foreign currency accounts, which can be especially valuable if you\u2019re managing reserves, planning for future expenses or working with international clients.<\/p>\n\n\n\n<p><strong>A business account could be right for you 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 mar-l mob-mar-l\">\n<p>You own a business or work as a freelancer<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p>You want to keep business and personal finances separate<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p>You need to accept payments or manage business expenses<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p>You\u2019re planning to apply for business financing<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-which-type-of-bank-account-do-i-need\">Which type of bank account do I need?<\/h2>\n\n\n\n<p>The type of bank account you need will depend on your unique situation and financial goals. For example:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p>A&nbsp;<strong>chequing account<\/strong>&nbsp;is a tool for daily transactions and deposits<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p>A&nbsp;<strong>savings account<\/strong>&nbsp;is great for stashing away money for both short- and long-term goals<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p>An&nbsp;<strong>investment account<\/strong>&nbsp;(like a TFSA or RRSP) can be ideal for big-ticket items or long-term goals, offering tax advantages and opportunities to earn even more money than a savings account<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p>A&nbsp;<strong>specialized account<\/strong>&nbsp;might work if you\u2019re new to Canada, you\u2019re a student or you want to hold foreign currency<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p>A&nbsp;<strong>business account<\/strong>&nbsp;is helpful if you\u2019re an entrepreneur looking to separate your personal and company finances<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>You can&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/book-an-appointment\/book-an-appointment.html\" data-dig-id=\"LP-94849-1c8e1310\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"reach out to an advisor\" class=\"rbc-link-format\">reach out to an advisor<\/a>&nbsp;to get professional recommendations on the types of bank accounts that fit your needs.<\/p>\n<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel has-cool-white-background-color has-background\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h3 class=\"wp-block-heading has-text-align-center\" id=\"h-faqs-for-types-of-bank-accounts-in-canada\">FAQs for types of bank accounts in Canada<\/h3>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-accordion aligncenter accordion\" id=\"&quot;accordionSet1\">\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titleab3f97a1\" class=\"collapse-toggle collapsed\" data-target=\"#accordionab3f97a1\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-94849-ab3f97a1\" aria-controls=\"accordionab3f97a1\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"What are the primary types of bank accounts in Canada?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>What are the primary types of bank accounts in Canada?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionab3f97a1\" role=\"region\" aria-labelledby=\"accordion-titleab3f97a1\"><div class=\"collapse-inner\">\n<p>The main types of bank accounts in Canada are&nbsp;<strong>chequing accounts<\/strong>,<strong>&nbsp;savings accounts<\/strong>&nbsp;and&nbsp;<strong>specialized accounts<\/strong>&nbsp;designed to meet specific needs.<\/p>\n\n\n\n<p>While each type of bank account offers unique benefits and opportunities, the goals are similar: to make baking simple, secure and accessible.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlee4cbcf62\" class=\"collapse-toggle collapsed\" data-target=\"#accordione4cbcf62\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-94849-e4cbcf62\" aria-controls=\"accordione4cbcf62\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"What types of bank accounts are there in the U.S.A.?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>What types of bank accounts are there in the U.S.A.?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordione4cbcf62\" role=\"region\" aria-labelledby=\"accordion-titlee4cbcf62\"><div class=\"collapse-inner\">\n<p>Many bank accounts in the United States are similar to those you\u2019ll find in Canada.<\/p>\n\n\n\n<p>&nbsp;Some common types include:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p><strong>Chequing accounts<\/strong>&nbsp;(although the American spelling is \u201cchecking\u201d)<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p><strong>Savings accounts<\/strong><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p><strong>Specialized accounts<\/strong>&nbsp;like foreign currency and business accounts<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>In the U.S., you\u2019ll also find a few specialized account types:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p><strong>Money market accounts (MMA)<\/strong>: These are like traditional savings accounts but can help you earn more interest. This is because MMAs usually offer different interest rate structures. These structures are often more complex than a traditional savings account\u2014potentially earning you higher interest, requiring a certain minimum balance and limiting the number of withdrawals you can make from the account.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p><strong>Certificate of deposit (CD) accounts<\/strong>: CDs can also help you earn higher interest than a traditional savings account. Much like a Canadian guaranteed investment certificate (GIC), you must keep your CD for a fixed period. Length and interest rate terms can vary, but once you reach the CD\u2019s maturity date, you can withdraw your money without penalty.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item mar-l mob-mar-l\">\n<p><strong>Individual retirement accounts (IRAs<\/strong>): Similar to Canadian registered investment accounts, American IRAs offer certain tax advantages for long-term financial goals. You can invest in different products within an IRA to fit your goals and risk tolerance, but these accounts come with contribution and withdrawal limits.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>This isn\u2019t a comprehensive list, but it gives you a high-level glimpse into a few types of U.S. bank accounts.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titled46471cd\" class=\"collapse-toggle collapsed\" data-target=\"#accordiond46471cd\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-94849-d46471cd\" aria-controls=\"accordiond46471cd\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Chequing vs savings account: what\u2019s the difference?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Chequing vs savings account: what\u2019s the difference?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordiond46471cd\" role=\"region\" aria-labelledby=\"accordion-titled46471cd\"><div class=\"collapse-inner\">\n<p>A chequing account is designed for day-to-day use\u2014like paying bills, making purchases and receiving your paycheques. These accounts may come with unlimited transactions, so you can access your money whenever you need it. Savings accounts are a safe place to \u2018stow\u2019 the money you don\u2019t need to access daily. As you add to your savings, the balance will grow and earn interest over time.<\/p>\n<\/div><\/div><\/div><\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<p><\/p>\n\n\n\n<p>Still curious? Read more about&nbsp;<a 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\/\" data-dig-id=\"LP-94849-247c8508\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"chequing and savings accounts\" class=\"rbc-link-format\">chequing and savings accounts<\/a>&nbsp;to learn about the pros and cons\u2014and how they can help you reach your financial goals.<\/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. 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>Still curious? Read more about&nbsp;chequing and savings accounts&nbsp;to learn about the pros and cons\u2014and how they can help you reach your financial goals.<\/p>\n","protected":false},"author":125,"featured_media":94854,"parent":57313,"menu_order":0,"template":"wp-custom-template-mmm-sticky-nav","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[62,77],"rbc_content_type":[31],"rbc_audience":[],"rbc_lob_group":[509],"rbc_difficulty_level":[33],"rbc_mmm_category":[366,318,368,304],"class_list":["post-94849","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-banking-digital-banking","tag-personal-finance","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-banking-tips","rbc_mmm_category-money-academy"],"acf":{"contently_publication_id":"","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":[{"title":"Chequing accounts","url":"#h-chequing-accounts"},{"title":"Savings accounts","url":"#h-savings-accounts"},{"title":"Specialized accounts","url":"#h-specialized-accounts"},{"title":"Which type of bank account do I need?","url":"#h-which-type-of-bank-account-do-i-need"}],"rbc_toc_for_mmm_action":"Generate Table Of Contents"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"This guide will walk you through the most common types of bank accounts in Canada\u2014whether it\u2019s a chequing account, savings account or specialized account. 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