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Banking
Bank Accounts0/3 questions
In this lesson
  1. Introduction
  2. Chequing versus savings
  3. Read the account terms
  4. Check transactions
  5. Put it into practice
  6. Check your understanding
  7. Official sources
  8. In short
Banking

Bank Accounts Explained

Understand chequing, savings, fees and statements.

5 minutesBeginnerReviewed July 23, 2026Lesson 4 of 15
By the end of this lesson, you will be able to…
  • Tell chequing and savings accounts apart by purpose.
  • Identify the fees and terms worth checking before opening an account.
  • Know what to do about an unfamiliar transaction.

A bank account stores money and records deposits, purchases, transfers and withdrawals. Teenagers most commonly use chequing and savings accounts.

Key takeaway

Chequing accounts are for everyday spending; savings accounts are for money you don't need right away.

Chequing versus savings

Chequing is usually for debit purchases, e-Transfers and bills.

Savings is for money not needed immediately and may pay interest.

You may use both: chequing for spending and savings for goals.

Read the account terms

Check the monthly fee, included transactions, e-Transfer fees, ATM fees, minimum-balance rules and interest rate.

Eligible youth aged 18 or younger and students may qualify for no-cost accounts, but features vary.

Check transactions

Review activity regularly and report anything unrecognized.

Key terms in this lesson
Chequing account

Built for everyday spending: debit purchases, e-Transfers, and bills.

Savings account

Holds money not needed immediately and may pay interest.

Quick check

Which account is better for money you don't need right away?

Put it into practice

0/4 done
  1. Find your current balance.
  2. Find your latest deposit and latest purchase.
  3. Identify any fee on the statement.
  4. Flag any unfamiliar transaction.
Check your understanding

3 questions

Progress is saved in this browser

Questions completed: 0 of 3

Question 1 of 3
Which account is designed for everyday purchases and transfers?
Question 2 of 3
Before opening an account, which detail matters most to check?
Question 3 of 3
You see a transaction on your statement that you do not recognize. What should you do first?

In short

  • Chequing accounts are for everyday spending; savings accounts are for money you don't need right away.
  • Check monthly fees, included transactions, e-Transfer and ATM fees, and minimum-balance rules.
  • Youth and student accounts may reduce or remove some fees.
  • Review your transactions regularly and report anything unrecognized.
Educational content only. TaxLoophole.ca provides general educational information and does not provide personalized tax, legal or financial advice. Rules may change and may differ based on your province, territory and circumstances. Verify important decisions with the Canada Revenue Agency, another appropriate government source or a qualified professional.

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