Fees, features and interest rates vary from account to account. Shop around and compare options before choosing an account.
Generally, there are 3 types of accounts to consider, regular savings accounts—usually earn a small amount of interest, combined chequing and savings accounts—usually earn less interest than a regular savings account but more than in a chequing account and provide the ability to write cheques and finally, a high interest savings account—earns a greater amount of interest than in other types of savings accounts but may have minimum deposit requirements.
These previous questions may help to provide additional insight to help take the next step.
- “What types of accounts should I be saving in?”
- “What are the benefits of saving money in an RRSP?”
- “I am saving for a deposit on a house – is an RRSP or TFSA better?”