ADULT
💰
Money Guide

Opening Your First Bank Account

How to choose a bank and set up your first account.

Step-by-step guide

  1. Compare account types

    Chequing accounts are for daily spending. Savings accounts earn interest but have transaction limits. Most people need both.

  2. Look for student or youth accounts

    Many banks offer free accounts for students under 25. Compare fees, minimum balances, ATM access, and mobile banking features.

  3. Gather required documents

    Bring government ID (driver's license or passport), proof of address (utility bill or lease), and your SIN if you want to earn interest.

  4. Set up online banking

    Download the mobile app, set up direct deposit for paycheques, and enable alerts for low balances or large transactions.