3.2.1 Savings accounts

Savings accounts are handy for short-term savings.

Use the checklist below to mark what features are important to you in a savings account.

Savings account features

OK These features are important to me in a savings account:
Pays higher interest than other similar accounts
Charges lower service fees than other similar accounts
Calculates interest on daily balance (instead of the lowest balance during the month)
Allows use of features such as debit cards, direct payment, pre-authorized debits and cheques
Allows access to account by automated teller machine, Internet or phone
Allows transfer directly to another account at another institution
Transfers to another account within one day
Has a convenient location

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:

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