This document discusses banking basics and choosing the right bank account. It explains the importance of saving money and different account options like savings accounts, debit cards, and credit cards. The key things to consider when choosing a bank are ease of access, simplicity, personalization, and fees and services. The document provides a sample comparison of RBC and TD Canada Trust account options and recommends TD Canada Trust for its no transaction limit savings account. In the end, the document emphasizes how learning about banking options is important for properly managing money now and in the future.

1. Topic 1: Banking Basics
Even knowing a little
about where to put your
money is very
important. You cannot
keep it in a piggy bank
forever! With this topic
you learn about the
different places
devoted to keeping
your money safe, and
how to properly choose
one!

2. Topic 1: Banking Basics
● I have learned that it
is very important to
keep track of your
accounts.
● You can do this
through a variety of
sources (ie) banks,
credit unions, and
trust and investment
companies.

3. Topic 1: Banking Basics
● First of all, I know my money saving skills are
not the best. I tend to enjoy spending rather
than saving. My parents say money “burns a
hole in my pocket” which is not something to
be proud of. With this in mind, I would like an
account for simple saving; somewhere I can
put my money and access it when I need to.
● However, I am only one person, which is why
banks tend to have many different saving and
spending options. Research is good to do!

4. Topic 1: Banking Basics
● Within the different banking institutions lie
different ways to save your money.
● For example, if it is a long term savings
account you are looking for there are tax free
savings accounts, guaranteed investment
certificates, and term deposits.

5. Topic 1: Banking Basics
● When choosing a card or a bank or anything
related to money, you have to consider all
options: What is right for you?
● You need to keep in mind what you are
keeping your money for... Are you saving for a
car? A house? General savings? Budgeting
and account personalization is a must!
● Also, do you have a steady income? How
much do you put into your account while still
having money to spend “freely”?

6. Topic 1: Banking Basics
● One tool used by most people to access their
money is the debit card. This card gives you a
direct ATM, and immediate pay without having
to write a cheque. It takes the money out of
your account automatically when you
purchase something.
● There are many different sorts of debit cards;
each one being unique to their bank institution
(TD, RBC). There are also ATM cards such as
Interac or Cirrus that do the same thing.

7. Topic 1: Banking Basics
● There are also credit cards. In short, credit
card companies lend you money in the form of
a card. You have to pay this back.
● If you do not pay back on time, interest rates
come into play. Interest rates and deals vary
in companies, but not very much. Choosing a
credit card company once again all depends
on what is best for you.
● Credit and budgeting will be looked at in more
depth later in this unit!

8. Topic 1: Banking Basics
Some things I look for when deciding on a
bank are:
● Ease of access: I do not want to take a long
time getting into an account
● Simple: I do not need anything complex, just
somewhere to hold my money safely
● Personalization: It is nice to know a bank
cares about me and my business, and that
they genuinely want to give me a safe way to
save my money

9. Topic 1: Banking Basics
Sample Comparison:
RBC
● Gives advice for
most banking
situations
● Casual savings
account has a $0
fee, a limit of 15
transactions, and no
minimum balance
TD Canada Trust
● Also gives advice,
more tailored to you
● Casual savings
account has a $0
fee, no limited # of
transactions, and no
minimum balance
● Better option

10. Topic 1: Banking Basics
● Not only do you have to think about where you
put your money, but how you keep track of it
as well.
● Your bank can give you statements, which tell
you all of your account's activity between two
specific dates. I get my statement emailed to
me monthly.
● Reading over this unit, it came to my attention
that banks do in fact make mistakes, so it is
very important to check over your statements
and bring up anything that might be wrong.

11. Topic 1: Banking Basics
● When doing
something like this,
you need to take
time! It is your future
you are deciding
about.
● This topic has
definitely made me
think more about
money.

12. Topic 1: Banking Basics
● I am currently with
RBC. However, with
researching these
banks and learning
about all of the
options in this unit,
for the sake of the
$500 budget plan
and in real life I am
thinking about
making a switch to
TD Canada Trust.

13. Topic 1: Banking Basics
● I now have somewhere I can keep this $500,
and more money in the future.
● This just shows how much research you have
to do to pick an institution!
● I have found out so much more about banking
that I anticipated.