Chequing vs Savings Account

A chequing account is built for everyday spending, while a savings account is designed for storing money and earning interest.

Most people need both: one for regular transactions, and one for money they’re trying not to touch.

KOHO High Interest Savings

Even if you use a chequing account for day-to-day banking, you still need a place where your money can grow a bit faster.

With KOHO High Interest Savings, you can:

• Earn a high interest rate on the money you’ve set aside

• Keep your cash flexible and accessible through the app

• Use it as a savings hub for goals like an emergency fund or upcoming expenses

What is a Chequing Account?

A chequing account is your everyday money account. It’s typically used for:

• Getting your paycheque deposited

• Paying bills

• Debit purchases and Interac e-Transfers®

• Regular, frequent transactions

Chequing accounts often don’t pay much (or any) interest, but they’re convenient for constant in-and-out movement of money.

What is a Savings Account?

A savings account is for money you don’t plan to spend right away. It’s generally used for:

• Emergency funds

• Short- and medium-term goals (travel, repairs, big purchases)

• Keeping savings separate from your day-to-day spending

Savings accounts usually pay more interest than chequing accounts, helping your balance grow over time.

Chequing vs Savings: Which Should You Use?

In practice, most people use both:

• Use a chequing account for daily transactions and bills

• Use a high interest savings account for storing and growing money you want to protect from impulse spending

If your chequing account is where money flows in and out, your savings account is where money sits, grows, and stays on track for your goals.