A savings account allows you to store cash securely with an insured bank or credit union without paying a monthly fee, and earn small returns on the balance.
Some accounts can be used to pay bills or transfer money, but usually they have much higher transaction fees than chequing accounts.
Some banks require account owners to keep a minimum daily balance or make a certain number of money transfers into the savings account every month to avoid account maintenance fees.
Savings accounts rates might be much less than the inflation rate. For investments, you should consider other financial products.
Most of the Canadian banks offer unlimited transaction accounts for students, youth and seniors.
Please make sure to check on the filters on the left side of the "Explore" page, to expand those options.
The online, direct banks offer higher interest rates on savings accounts.
Still, traditional banks offer in-person expertise and customer service from trained bankers.
Plus, an online bank can't notarize your documents, issue Certified Cheques or Bank Drafts in a timely manner, or make changes for you.