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When should you open your first bank account?
Rounding it up
The best time to open a bank account is now. It’s vital to your everyday finances, from making a transaction and setting up payroll to leasing a car and securing a mortgage.
Fortunately, it’s easy to open a bank account in Canada. Just ensure you have a valid photo ID and proof of residency/status.
Find out which account you want to open. Chequing accounts are great for day-to-day banking, while savings accounts can help you reach long-term money goals. You can also open both.
Once you’ve opened your account, manage it well by automating any recurring payments and sticking to a budget.
Jasmine Wheeler
Jasmine Wheeler is a California-based freelance writer with finance and real estate in her DNA. She has spent the last three years writing about Finance and real estate. She is a big football fan and also a cryptocurrency enthusiast.
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