Chequing accounts are typically high traffic accounts, with a large number of transactions (deposits and withdrawals) each month. Because the balance is always changing, chequing accounts earn no (or very little) interest. However, to offset unlimited transactions during the month, you will often pay a small, monthly fee.

Savings accounts are typically accounts that you would use mainly for deposits. These accounts will typically earn higher interest than chequing accounts; however, you may have to maintain a minimum balance. Savings accounts typically limit your withdrawals or charge higher transaction fees when you use them.

Just as there are different types of accounts, different banks offer different packages. It is a good idea to shop around when opening your first bank account in order to get the best value. Most banks offer student accounts, which typically have lower fees than a regular account