A chequing account gives you a book of paper cheques which you can use to pay bills or make purchases. It’s different than a savings account as it generally does not pay interest.
This account is designed to relieve some of the financial pressure that post secondary students feel. It is a package account with special rates for ATM and Internet use. Monthly statements and imaged cheques are not included.
*Must show proof of admission to full time studies at the time of account opening and every year thereafter. Cannot be a joint account.
If you keep money in your wallet, you’re most likely going to spend it, but if you put it in a savings account, there’s a better chance that you’ll save up for something that you really want or need. If your money is in your savings account, it’s safe, easily accessible, there are records of what you’re spending and you earn interest as well.
If you don’t have an account here yet you will have to become a member. When you join credit union you buy shares – you become a shareholder. Youth shares only cost $5 so it’s not that much and pretty soon you’ll gain that back with interest.
The traditional savings account for situations when you need immediate access to your funds, and wish to earn interest. Monthly statement is included.