How to Open a Savings Account

Opening a savings account is one of the simplest ways to start building better money habits.

It gives you a safe place to park your cash, earn interest, and separate your savings from your everyday spending.

1. Decide what you’re saving for

Before you pick an account, get clear on your goal. It doesn’t have to be complicated.

You might be saving for:

• An emergency fund

• A vacation

• A new phone or laptop

• A car or home down payment

Knowing your goal helps you choose the right account and stay motivated to keep adding money.

2. Compare different savings account options

Not all savings accounts are the same. When you’re comparing options, look at:

• Interest rate

  • A higher rate means your money can grow faster over time.

• Fees

  • Watch for monthly account fees, minimum balance requirements, or transaction fees.

• Access to your money

  • Can you move money easily between your savings and spending account?

  • Are there limits on withdrawals?

• Security

  • Check that the institution is regulated and that eligible deposits are protected.

• Digital experience

  • Is there a clean, easy-to-use app?

  • Can you see your balance and transfers in real time?

Choosing an account that’s both flexible and rewarding makes it easier to stick with your savings plan.

3. Gather the documents you’ll need

Most financial institutions will ask for a few basic details when you open a savings account. Common requirements include:

• A valid piece of government-issued ID

• Your full name, date of birth, and contact information

• Your address

• Sometimes your Social Insurance Number (SIN) for tax reporting

• In some cases, basic employment or income information

Having this handy makes the process smoother and faster.

4. Apply online or in person

You can usually open a savings account in one of two ways:

Online

• Go to the provider’s website or app

• Choose the type of savings account you want

• Fill out the application form with your personal details

• Verify your identity (this may involve uploading ID or answering security questions)

This often takes just a few minutes and can be done from your phone or laptop.

In person

If you go into a branch:

• Bring your ID and any requested documents

• Speak with a representative who will walk you through the application

• Sign any required forms to open the account

Either way, once you’re approved, you’ll get your new account number and be ready to deposit money.

5. Fund your new savings account

A savings account only starts working for you once you put money into it. Common ways to fund it include:

• Transferring from another bank account

• Setting up an e-Transfer from your everyday account

• Direct deposit from your paycheque (if your employer offers this)

A smart move is to set up automatic transfers—for example, moving a set amount every payday. That way, you’re paying yourself first without having to think about it.

6. Build habits that actually grow your savings

Opening the account is just the first step. To make it work for you:

• Automate your savings
  Set a recurring transfer (weekly, bi-weekly, or monthly) into your savings.

• Keep savings separate from spending
  Avoid dipping into your savings for everyday purchases unless it’s truly necessary.

• Name your goals
  Rename your savings account with a goal like “Emergency Fund” or “Japan Trip” to stay focused.

• Check in regularly
  Log in occasionally to see your progress and adjust your contributions if your situation changes.

Opening an account with KOHO High Interest Savings

If you’re looking for a digital-first way to save, KOHO offers a high interest savings experience built right into the app.

Here's how you can get started:

• Sign up and verify your profile
  Download the KOHO app, create an account, and complete identity verification.

• Add money
  E-Transfer or link an existing bank account to move funds.

• Move funds into savings
  Use the our Vault feature to set aside money in a high interest savings space, so it’s separated from day-to-day spending.

• Earn interest on your balance
  Your entire balance can earn a competitive interest rate, helping your money grow while it sits there.

• Automate your progress
  Set up recurring transfers, roundups, or other automated tools in the app so your savings build in the background.