Your bank account is the foundation for all of your financial affairs, so it pays to get the right account, with the right services for all your banking needs. "When choosing the banking account that's right for you, think through the features that you use the most – everyday transactions, other bank ATMs , cheques or any other banking service," said Chris Barber, Director, Personal Banking Accounts, RBC Royal Bank. "Then look for a banking that covers your key areas of banking for a single monthly fee."
The best action you can take to make sure your account is right for you is to think through the features and look for an account that covers your key areas of banking.
For example, some banking accounts give only a limited number of free transactions, after which, you'll have to pay for any additional transactions. So if you take out cash at an ATM frequently or like to pay for your purchases with your debit card, consider an account that offers you unlimited transactions.
If you have a credit card with an annual fee, pay for overdraft protection or like the convenience of using other banks' ATMs to withdraw cash, you probably need an all inclusive banking account that includes waivers and rebates to all this and more.
Remember, along with a banking account, it's important to have a savings account for putting money aside. This type of account isn't designed for regular withdrawals, but it's perfect for saving, because it allows you to earn interest on your deposits. Setting up automatic withdrawals from your banking account to your savings account will help you reach your savings goals even faster.
