Having a bank account in Canada is an important way to take care of your money. Financial institutions like banks, trust companies, caisses populaires (in Quebec and Ontario) and credit unions provide a number of important services to clients, such as:
- A safe place to keep your money
- Services to help you manage your money and investments, including financial advice
- Loans and mortgages if you need to borrow money
Banks do charge clients a service fee for having an account. However, the services fees vary at each bank and depend on factors such as the type of account, services used, and the number of times money is deposited or taken out of the account. The interest rate for the account might also vary at each banking institution.
When deciding on which bank to use, it is important to consider what you need the account for and how often you will use it. Review the types of accounts, services, service fees, and interest rates from a number of banks to compare your options before making a decision.
InMyLanguage.org has information about Personal Finance options available in multiple languages.
Citizenship and Immigration Canada has information about Banks and financial institutions in Canada.
Visit Settlement.org to learn more about Bank Accounts in Canada.
The Canadian Bankers Association has information about banks and banking resources specifically for Newcomers to Canada: http://www.cba.ca/en/consumer-information/40-banking-basics/479-newcomers-to-canada