Savings and chequing accounts
Banks offer their clients a choice of savings and chequing accounts. However the interest rates and fees for such accounts vary so it is important to consider your options.
Task 1
Research savings accounts and chequing accounts and summarise the use of each one and the main difference between the two accounts.
Banks
The main four banks in Canada are:
- Scotiabank
- CIBC
- Toronto Dominion
- Royal Bank of Canada
Task 2
a) Look up each of the above banks, and choose your preferred savings account and chequing account from each bank, then fill out a table similar to the one below:
| Bank | Savings account fees | Savings account interest rate | Chequing account fees | Chequing account interest rate |
|---|---|---|---|---|
| Scotiabank | ||||
| CIBC | ||||
| Toronto Dominion | ||||
| Royal Bank of Canada |
b) Based on your findings, state which bank and type of account most suits your needs and explain why you have made the choice.
c) Find someone in your class that made a different choice than you did, and discuss why you both made your choices and the pros and cons of both choices. Did anything your partner said make you reconsider your choice?