Do you have the right accounts?

To get your finances organized, you need to set up an efficient system of bank accounts. Use this list to see if you have the right type and number of accounts, and if you could reduce your banking fees.

Chequing account

Your chequing account should be the hub of your day-to-day financial system. Use it to its fullest:

• Have your paycheque deposited automatically for ready access to your money.
• Set up our Pre-authorized Transfer Service to move money you don’t need right away into a savings, investment or RSP account.
• Set up pre-authorized bill payments and loan repayments to ensure you never miss a bill payment or incur interest charges.
• Sign up for Paperless Record Keeping so you can view cheques you’ve written, check account balances and review your transaction history online at any time.

Because you’ll probably be using this account a lot, make sure you have a plan that allows you to make all the transactions you need, without paying additional fees. For example,

• If you make a lot of withdrawals, bill payments or other transactions, choose an account that offers unlimited transactions.
• If you usually make very few transactions, or if it’s a secondary account, choose an account with a lower monthly fee that offers fewer transactions.
• If you expect to have a steady balance in the account, choose a plan that waives the monthly fee when a minimum balance is maintained.

It’s probably easier to maintain just one chequing account, from which you make the bulk of your financial transactions. It may also be more economical because you’ll save on monthly banking fees.
If you are married or living with someone, you may want to have a joint chequing account to pay household bills. Depending on how the two of you decide to structure your finances, you may wish to also maintain individual chequing accounts.
Are you using the right chequing accounts for your banking needs? Use our Chequing Account Selector tool to find out.

Savings account

A savings account is a great place to save for a rainy day, because you have ready access to your money when you need it. It’s helpful to have an account that’s different from your day-to-day chequing account, because you’re less likely to spend money that you’ve put aside into a separate account.

What it’s for. When you sign up for EasyWeb Internet banking, you can make manual or automatic transfers into your savings account online — you can even do so using the TD mobile app. You can also use your savings account as a temporary holding place, before moving funds into a longer-term investment like a GIC or Mutual Fund account where they can earn more.

Your options. Usually, savings account options are differentiated by the minimum balance and how much you expect to accumulate. So, figuring out how you will use your savings account can help you determine which type of account is right for you.
Savings accounts usually include fewer transactions than chequing accounts, so try not to use it for day-to-day banking needs.
Are you using the savings account that’s right for your needs? Find out with this Compare Savings Accounts at-a-glance comparison table.