Chequing accounts come with a debit card. Use it to:

• Buy things in stores.
• Withdraw (take out) and deposit (add) cash to your account, at a bank machine (ATM) or with a teller.

You can use e-transfers to send / receive money.

Some chequing accounts come with cheques. You can use them to pay for certain things, like rent.

Money you earn / receive can be automatically deposited in your chequing account.

If you keep your savings in a chequing account, it’s like hiding them in your sock drawer – they just sit there.

Savings accounts help you grow your money because they pay you a small percentage of your account's balance as interest.

Chequing accounts cannot be used to invest money – you need an investment account.

Chequing accounts pay insignificant interest rates compared to savings accounts.

You get what you pay for. Free accounts tend to have fewer features but get the job done.

• If there is a monthly fee, it can be waived if you keep a certain amount in the account or purchase multiple products from the same bank.

A transaction is money leaving your account (like debit purchases and ATM / teller withdrawals).

• Some banks limit how many free monthly transactions / e-transfers you can send, but deposits are always unlimited.
• E-transfers are used to send money between accounts – they are separate from transactions.

Earn points / get cashback when you spend money with your debit card.

• Points can be redeemed for goods and services at participating retailers.
• Cashback refunds are sent to your account every month.

You may save a lot of money this way, but won’t have any spending money and may miss out on certain recreational activities.

Financial planners suggest that you save at least 20% of your income.

Transfer what you don’t plan on spending to your savings / investment accounts.

While this sounds good in the short term, you’ll always be living hand-to-mouth and scrambling to pay bills.

It’s one of the Big 5 banks.

• The Big 5 are traditional banks - they have branches, their own ATM networks across Canada, and tend to have more diverse product lineups.

It’s an online bank so you can't just visit a branch and speak with a teller - they don't have branches.

• You'll have access to a 24h hotline instead.
• Some online banks are owned by Big 5 banks and share their network of ATMs – Tangerine is owned by Scotiabank, Simplii by CIBC.

When you open an account with a credit union, you’re not just a customer - you become a member.

• Each member owns a small part of the credit union.
• Credit unions return their profit to members through lower cost / higher interest products and services.

The Big 5 aren’t the only traditional banks in Canada. Certain smaller banks exist that also have their own branches and ATM networks - they tend to be regional.

Banks need two IDs: a government-issued photo ID and proof of address. Try to bring your driver’s license and passport.

If you don’t have a phone, bring your tablet. It’ll come in handy when the banker helps you set up online / mobile banking. But you don’t need them to open an account.

Banks won’t check your credit score when you open a chequing account. They will check when you borrow money.

Your name, address, date of birth, telephone number, whether you're a student, and where your income comes from (family, gift, and part-time work are all good answers). They may also ask where you pay taxes - probably Canada.

Technically, you don't have to provide your SIN (social insurance number) when opening a chequing account that doesn’t pay interest (certain chequing accounts do pay interest – albeit very little). Some banks may want to have your SIN on file anyway, and will ask for your SIN number. It’s up to you whether or not you want to provide it or open an account with a different bank.

Don't worry about getting cheques. You have better methods of transferring money (e-transfers, direct deposits, and pre-authorized payments – discussed later. If the bank offers you a few free cheques, accept them - just in case.

It’s a 4-digit password you’ll have to enter every time you use your debit card. The banker will help you set a PIN at the branch.

On the back, below the magnetic strip, there's a signature box – make sure to sign.

Your debit card has three important numbers - the card number and expiry date on the front, and the security code on the back (three numbers to the right of the signature box).

It affects how much you can spend in a day. The default is $500. You may ask for an increase/decrease if this is too low/high. Low limits are good if your card gets stolen. They can also help you spend less.

• Any purchase that would make you exceed your limit is blocked – making it impossible to exceed the limit.
• You may need a higher limit to make larger purchases, like textbooks or a phone / computer.

Before you leave, deposit a small amount of cash (or a cheque) with the teller and withdraw some money at the ATM.

Test your online / mobile banking set-up.

• Login online to check your balance.
• Send an e-transfer.
• Deposit a cheque by taking a photo of it.

They help monitor your account. Useful alerts include:

• Minimum Balance – when your account balance falls below a certain amount.
• Transaction – anytime a large transaction takes place (or any transaction online, by phone, or outside of Canada). If you didn't make these purchases, this can alert you of fraud. It can also confirm that certain payments / deposits went through as expected.

Pre-authorized debits (payments) regularly withdraw money from your account to pay for things like your phone, internet, and credit card bills.

Direct deposits automatically deposit regular payments into your account (like your paycheque). You'll have to contact your providers / employers directly to set them up.

To send an e-transfer from your account, log on to your bank's mobile or online banking.

You will need to select the account from which you are sending the money, specify the amount, and provide the email or cell phone number of the person to whom you are sending the money.

Specify a security question that the recipient has to answer before they can get the money. If they do not answer correctly, after a few attempts, your funds will be returned.

You can use a request-money feature to bill for casual work, or to remind someone to pay you. Make sure to check if your bank charges a fee for that.

Check your account balance regularly – once a week. Check for any unexpected fees. Make sure big transactions go through as expected.

Banks make mistakes - don’t just accept fees if you believe you were unfairly charged.

It's at the banker's discretion to reverse some charges, so don't hesitate to ask if you believe you were unfairly charged. After all, the worst they can do is say no. And you may learn something new about how banks work.

That’s a dramatic reaction to being charged a fee, even an unfair one. Consider closing an account when it no longer satisfies your needs and you’ve found / opened a better alternative.

Don’t let the bank automatically convert your youth or student account to a regular one – you may not like its features. If you like your bank, try to find an account they offer that suits your needs.

If your bank doesn’t have a chequing account you’d like to convert to, find a new account at a different bank. Remember to research account offers thoroughly before you make a choice. Don’t close the old account until your new account is open and you know how to keep up with it.