2.2 Banking accounts and packages

In this section:

• 2.2.1 Types of deposit accounts
• 2.2.2 Account comparison tool
• 2.2.3 Interest
• 2.2.4 Your account statement
• 2.2.5 Transaction and service fees
• 2.2.6 Control your fees
• 2.2.7 Video: Banking tips
• 2.2.8 Negotiate for lower fees
• 2.2.9 Consumer tips
• 2.2.10 Summary of key messages

Introduction

Choosing a banking account package can be confusing. Your financial institution may offer a dozen or more different types of account packages and plans—some for young people and students, some for seniors, some that allow chequing, some that do not. And the fees are hard to compare: some accounts charge a flat monthly fee, while others charge for each transaction. And they pay different rates of interest.

How do you know which account to choose? In this section, you will learn:

• the main features that chequing and savings accounts offer
• the interest paid and how it affects your savings
• the account fees you'll pay and how to reduce them
• how to read your account statement.