Internationally trained and looking to get back in your field? We can help! Register Now

The Basics of Canadian Banking

Posted by: Gavin Au-Yeung Date: February 1, 2021 Category: Blog

Opening a Canadian bank account should be one of the first things done by newcomers. A bank account is a great tool for managing your personal finances and saving for the future. There are many banking options available so this may be overwhelming for newcomers. Continue reading to learn more about the basics of Canadian banking.

Recommended webinar: Financial Literacy for Canadian Newcomers

Opening a Bank Account

Everyone residing in Canada is entitled to open a bank savings account as long as you have the required identification. As a resident, you have the right to open a bank account regardless of your credit status, and even if you have gone through bankruptcy or are unemployed. In addition, you do not need to have a job or immediately put money in the account.

Opening a Canadian banking account is as simple as going to the bank and providing acceptable forms of identification. You will not need a Social Insurance Number (SIN) to open a bank account unless you are opening an account that can earn interest. In this situation, your SIN is required for tax purposes. Contact your preferred financial institution to find out if there are other ways to open an account.

Choosing a bank

Choosing your Canadian banking institution can come down to many factors. Assess your current situation and choose the bank that fits your lifestyle the best. Some factors that may sway you can include bank fees, transaction limits, ease of mobile banking, or even something as physical proximity from your home.

All bank accounts have their own unique advantages and potential fees. Generally speaking, account types with more benefits will have higher fees or required balance to maintain the account without penalty. Compare your options carefully before deciding on your bank and account type.

Chequing vs. Savings Account

Understanding your financial goal will help you determine the need for a chequing or savings account.

A chequing account will allow you to receive payments and transfer funds seamlessly for bills, essentials, and all other purchases. Another thing to note with this type of account is that you can freely deposit and withdraw money anytime. Chequing accounts usually do not earn interest.

On the other hand, a savings account can help you achieve your savings goals, like buying a new vehicle or paying a down payment on your first home. This type of account is ideal for the money you won’t need to access on a daily basis. Savings account balance can earn interest over time as well. Some saving accounts may require an initial deposit, while others may have a minimum balance requirement to avoid paying fees or to take advantage of better rates.

Want Additional Financial Support?

Career Loans helps internationally trained individuals in Alberta and Saskatchewan who are looking to return to a desired career. Eligible members can receive free counselling and support from our expert counsellors. In addition, interested members can receive a micro loan of up to $15,000 to help pay for the costs of returning to a career.

Determine your eligibility and register today by clicking here!


Get Your FREE eBook on Financial Literacy NOW!

Enter your email and click the button below to access your free eBook.

By submitting your email, you consent to having Career Loans contact you regarding our program features and events. You can opt-out anytime.

PrepCan-Online Newcomer Information Centre is coordinated and funded by:

Centre for Education & Training Mississauga logo Immigration, Refugees and Citizenship Canada logo

careerloans logo

Career Loans provides career counselling and micro loans to Internationally Trained Individuals in regulated and non-regulated occupations and trades, who are looking to return to their chosen profession.

Funded By:
Coordinated By:

logo tcet

Financial Partner:

logo HSBC

Privacy Policy

Terms of Use


Today marks the beginning of Women's History Month, an annual month-long celebration of the women in Canada who have made, and continue to ... make, a remarkable difference and lasting impact.

#womeninhistory #womenshistorymonth #womenshistory

Have you read our #blogs on #FinancialLiteracy yet?

Revisit our posts from #February to learn more about Canadian #banking, savings ... accounts, protection from scams, and building credit!

Read now:

Our new #eLearning site provides 3 modules to help #newcomers get jobs in the #Canadian workforce. Available to all new and current Career ... Loans members for free!

Learn more at

Building #CreditScore is something every #newcomer should understand. Read our #blog to learn more about #credit scores and how newcomers ... can begin building up their score in #Canada.

Career Loans is pleased to be a part of the 2021 #Alberta Global Talent Conference hosted by @eriec_edmonton and @CRIECYYC. This year's ... #OnlineEvent will focus on "redefining #mentoring & #networking."

Register today by clicking below!

Load More...

Latest Video

No Videos found.


News item image

How Career Networking Can Advance Your Career

Networking is the act of expanding your circle of acquaintances by building your personal or professional contacts. In other words, meeting new …

Read more
News item image

Webinar: Principles to Live by for Your Career Success in Canada – Mar 23, 2021

March 23, 2021 (12:00 – 13:00 CST)
Click Here to Register Now!

Join us for a webinar for newcomers presented by Leadership Educator & …

Read more
News item image

Credit Score for Canadian Newcomers

Building your credit score can help your success in Canada. As a newcomer, your credit score from your country of origin does not transfer over. As a …

Read more
News item image

Protection from Scams: Tips for Newcomers

The unfortunate reality is that scams and fraud occur everywhere, and Canada is not an exception. With that being said, newcomers can take certain …

Read more

PrepCan-Online Newcomer Information Centre is coordinated and funded by:

Centre for Education & Training Mississauga logo Immigration, Refugees and Citizenship Canada logo


All Career Loans virtual services will continue during this time; our hours of operation remain the same at 8:30AM – 4:30PM (MT) from Monday to Friday. Please contact us if you require assistance outside of these hours.