SAVINGS ACCOUNTS
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Savings accounts are deposit accounts held at banks and are generally used to hold money that won't be used on a daily basis. This money can be later withdrawn to be used for tuition fees, an auto loan, retirement, emergencies, and more. The money in the account will accrue interest, but the interest rates are often relatively low.
CHEQUING ACCOUNTS
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Chequing accounts are deposit accounts that allows you to withdraw and deposit money freely, although there can be limit on the number of withdrawals you make. Some methods of withdrawal include using cheques and ATMs. Little to no interest is earned on the money deposited in the account, and fees are low as well.
FEES
Account fees are fees paid for ATM services, account maintenance, recordkeeping, transfer of funds, searches of records, inactivity, and more. Many people pay just a monthly fee as most fees are paid only if you require additional services.