Now that you’ve gone through the differences between the two types of accounts, you probably understand that the main differences between the two types of accounts is how many transactions you can use per month, the fees and potential to earn interest.
If you’re like most, you need an account for daily spending, but you may also want an account for short or long-term saving.
Below is a quick breakdown of both.
- Ideal for every day purchases, such as making bill payments or buying groceries
- Higher number of transactions you can perform per month
- You don’t earn any interest on the balance you maintain in your account*
* Except for TD Student Chequing Account (which accumulates daily interest)
- Some savings account may earn interest depending on the tier and your account balance3
- Back up fund for unplanned expenses or can help you achieve your financial goals
- Can incur additional transaction fees
- Not meant to be used as an account for day-to-day transactions
You know you have your chequing account to access money at any time, and you know savings account is there for putting money away for later. Training yourself not to dip into your savings account now is an important step in preparing you for a financially succesful future.
1 For more information about transactions and a complete list of account fees, click here for Account and Other Related Service Fees. For information on our general services, please view our General List of Services.
2 You may pay a fee to the ATM provider, and for foreign currency withdrawals at an ATM outside of Canada you will pay the foreign exchange related fee.
3 For information on how our interest is calculated, learn more about how our interest is calculated.