Published on August 8th, 2023 at 07:45am EDT
By opening a bank account in Canada, you can securely deposit and withdraw money whenever you need.
In Canada, the two primary types of personal bank accounts are chequing accounts and savings accounts. With a chequing account, you can conveniently access funds for day-to-day transactions, while a savings account enables you to save money and earn interest over time.
As a newcomer to Canada, understanding how to effectively utilize your personal bank accounts is important when managing your finances and maximizing your financial well-being. From setting up pre-authorized debits for bill payments to leveraging direct deposits and using your debit card for shopping, this article will provide you with some key strategies to help you make the most of your banking experience in Canada.
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1. Chequing Accounts:
This is the bank account you will use almost everyday. Your funds in this account can be easily accessed (in most cases) at an ATM, online, via your mobile device, or at any bank branch. Some financial institutions may charge fees for chequing account transactions, or a monthly chequing account fee.
Getting the Most Out of Your Chequing Account:
Managing your chequing account efficiently is essential for day-to-day financial transactions and bill payments. Here are some key tips to help you optimize your chequing account:
a) Pre-Authorized Debit Payments: Setting up pre-authorized debits allows you to automate your bill payments. Learn about the benefits of using Pre-Authorized Debit Payments (PADs) and how they can simplify your financial obligations.[1]
b) Direct Deposits: There are many advantages of setting up direct deposit for your paycheques and government benefits. You’ll quickly discover how this convenient method saves you time, reduces stress, and eliminates worries associated with paper cheques.
c) Using Your Debit Card for In-Store and Online Shopping: Your debit card can be a valuable tool for making purchases, both in store and online. Explore the various uses of your debit card for many different types of purchases, including international transactions.
d) Online Statements: Opting for online statements can mean greater convenience and it is also better for the environment. Be sure to learn how to view and manage your statements digitally so you always have easy and secure access to your financial records.
e) Email Money Transfers (E-Transfers): E-transfers are a convenient and secure way to send and receive money electronically. With just a few clicks, you can transfer funds to anyone in Canada using their email or phone number. This eliminates the need for cash or cheques while ensuring fast and secure transactions. Whether splitting expenses or sending money locally to family, e-transfers offer a hassle-free solution.
2. Savings Accounts:
A savings account is an interest-bearing deposit account held at a financial institution.
Making the Most of Your Savings Account:
Having a savings account is an important part of building financial stability and achieving your goals. Savings accounts provide you with a safe place to save money, earn interest, and stay prepared for unexpected expenses or future plans.
Here’s how to maximize the benefits of your savings account:
a) Earn Interest by Depositing Extra Money: By depositing extra funds into your savings account, you can begin to earn interest and grow your savings over time. Be sure to ask an Associate at the Bank about it!
b) Save to Achieve Your Financial Goals: Your savings account can be a powerful tool in reaching your goals such as saving for vacation or for emergency expenses.
c) Automate Your Savings: Explore the option of automating your savings to ensure a consistent contribution towards your financial goals. Discover how setting up automatic transfers can help you stay on track and build your savings effortlessly.
d) Get Easy Access: Select Savings Accounts provide a safe and accessible place for you to save money. With competitive interest rates, these accounts offer some day-to-day flexibility, and is a good option when you’re just starting out.
e) Get More with a Premium Savings Accounts: A Premium Savings Account offers you the opportunity to earn higher interest rates on your savings. The TD ePremium Savings Account brings you savings potential while still giving you easy access to your funds.
By implementing these strategies and taking advantage of the many helpful features of your bank accounts, you can make the most of your banking experience in Canada and achieve financial success.
Remember to consult your financial institution for detailed information on account features, fees, and terms.
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150 years helping Canadians:
TD has a proud history of delivering financial solutions to Canadians for more than 150 years. TD also brings a century of experience helping newcomers navigate the unique challenges of the Canadian banking system.
With over a thousand branches, a reputation for excellence in financial services, and the ability to also serve you in more than 60 different languages, TD has become one of the largest and most trusted banks in Canada, now serving 16 million Canadians.
TD offers online support and resources of interest to newcomers on topics such as banking. basics, moving to Canada, credit score essentials, and more. TD is open longer hours for your convenience. TD has thousands of ATMs across Canada to help you take care of your everyday
banking quickly and easily.
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[1] https://www.canada.ca/en/financial-consumer-agency/services/banking/preauthorized-debit.html
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