Bank Accounts

You will need a bank account in Canada to deposit and cash paychecks.  There are different types of bank accounts, such as Savings accounts and Chequing accounts.  Most banks offer a guide for newcomers that you can pick up either online or from the bank but you can always ask someone at the bank to explain things to you. It is important that you understand how an account works before you open it.

It is important to find out what each bank or credit union offers before you choose where to have a bank account. Banks and Credit Unions in Canada charge a fee to customers who hold a bank account, and there are many charges on bank accounts in Canada that you may not expect. For example, the number of cheques you can write without charge may be limited. A little bit of research goes a long way if you don’t want to spend a lot of money on banking. Review the details of the different options on each account carefully and think about how you will use the account before you choose which one to open.

If you are not sure which account is the best for you, talk to someone at the bank who will go through how it all works. You can ask at the front desk or at the teller’s desk for brochures about different bank accounts and fees. A Financial Advisor at the bank can help you understand the different accounts available and will help you choose the best one for you. They can also assist you to set up Online and Telephone Banking so you can manage your money at your convenience.

To open a bank account, you’ll need photo ID and may have to make an appointment.

For more information on banking in Canada for Newcomers, please see the Canadian Bankers Association website.  On the website you can find links to all the major banks: Canadian Bankers Association – Newcomers

The Canadian Centre for Financial Literacy (CCFL) offers worksheets on money matters in 8 languages – See Module 4: Banking:  CCFL Worksheets