3.2.1 Savings accounts
Savings accounts are handy for short-term savings.
- You can deposit money into a savings account at almost any financial institution in Canada, such as a bank, credit union, caisse populaire or trust company. (For details, see the Banking module.)
- A savings account will keep your savings safe and pay a little interest. (Many accounts are guaranteed in case the financial institution fails. See the Banking module for details.)
- You can take your money out whenever you need it, but savings accounts are not as flexible as chequing accounts. There may be limits on when you can withdraw money, and there may be extra charges if you use an automated teller machine (ATM) or write cheques on a savings account.
Use the checklist below to mark what features are important to you in a savings account.
The Financial Consumer Agency of Canada's online Savings Account Selector Tool describes the main features of the savings accounts in your province or territory. Go to the Account Comparison Tool to compare your account with others in your province, or to find an account with the services you want.
When you're looking for a savings account, remember:
- Shop around. Accounts are not all the same. Choose one that pays the best interest rate and has the features you need.
- Switch to another financial institution if it offers you what you want. Don't be tied down without a good reason.
- An account that lets you transfer money to your chequing account without cost will give you quick access to your money.
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