English
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Answer:

Chequing

Did you know?

It's common to have both accounts: one for spending and the other for savings. You have the ability to transfer from one to the other easily. Your money will be safe and available to use.

Take Action

Two roads between trees Photo by Jens Lelie on Unsplash

One of these accounts is for you! It just depends on your financial habits and goals.

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If you don't have a bank account, you may be thinking about which is the best one to get.

Money jar spilling coins. Photo by Michael Longmire on Unsplash

Banks have many products and services for new customers like you but when it comes to keeping your money at a bank, the options are quite simple.

Step 1: Determine If You Are A Spender Or Saver

Look back over the past several months:

  • How often do you use cash versus your credit cards?

  • How many other pre-authorized transactions happen each month, like rental payments, phone bills or membership fees?

  • Has your cash balance grown, shrunk or stayed the same?

Shopping bag Photo by Jacek Dylag on Unsplash

These answers will help determine which type of account is best for you.

Step 2: If You're A Spender, Consider A Checking Account

As a spender, cash withdrawals, debit card transactions, and pre-authorized payments will be happening in your bank account. Checking accounts support these types of spending behaviors the best.

A person swiping a bank card into a pay terminal

Checking accounts:

  • allow for a good number of transactions and checks for free

  • allow for a good number of withdrawals for free

  • are accessible by ATM machines and mobile banking apps

Did you know?

In the UK, Canada, and many other countries, this account will probably be spelled "chequing".

Step 3: If You're A Saver, Consider A Savings Account

If more money stays in your account than goes out each month and transactions are minimal, a savings account is a perfect choice for you.

I love saving money

Savings accounts offer:

  • Better interest rates than checking accounts

  • Easier monthly reconciliation because there are fewer transactions

  • A safe place to build your savings to attain a future goal, like a big ticket purchase

Quiz

You make around 50 transactions a month on average. Which type of account works best for you?

Did you know?

It's common to have both accounts: one for spending and the other for savings. You have the ability to transfer from one to the other easily. Your money will be safe and available to use.

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Take Action

Two roads between trees Photo by Jens Lelie on Unsplash

One of these accounts is for you! It just depends on your financial habits and goals.

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Did you know?

It's common to have both accounts: one for spending and the other for savings. You have the ability to transfer from one to the other easily. Your money will be safe and available to use.

Take Action

Two roads between trees Photo by Jens Lelie on Unsplash

One of these accounts is for you! It just depends on your financial habits and goals.

Rumie logo

This logo isn't an ad or affiliate link. It's an organization that shares in our mission, and empowered the authors to share their insights in Byte form.
Rumie vets Bytes for compliance with our Standards. The organization is responsible for the completeness and reliability of the content.
Learn more about how Rumie works with partners.

License:

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