Opening a bank account is easy – all you need is a permanent residence address, proof of citizenship and two pieces of valid ID (driver’s license, passport, etc).  Plus, you will usually be asked to make a deposit into the new account and $100 is usually the standard.

Let’s review some of the most common bank account offerings today.

Savings Account: Always ensure your bank has the security of FDIC deposit insurance coverage which should automatically protect at least $250,000 on deposit.  There should be a variety of account options for you to choose from to achieve saving goals.

High Interest Saving Accounts
Money Market Accounts
Certificates of Deposit (CDs)
Legacy Saving Accounts (for children and minors)

Chequing Accounts: Most chequing accounts are offered free and provide perks and rewards for your use.

Look for accounts that offer competitive interest rates, refunds on ATM fees, no minimum balance requirements and points or cash-back for debit purchases.

Mobile banking and cheque deposit should also be included at no fee.

Business Accounts: When selecting a new business account there are a few basics that you should want included:

No monthly fee with an average daily balance.
Minimum 100 free transactions per month.
Cash withdrawal amounts up to $10,000.
Free cheque images in your monthly statement and a free business debit card.