Chequing vs. Savings Accounts: What's the Difference?

When you walk into a Canadian bank, the first thing you'll hear is "chequing or savings?" They look similar, but they do different jobs.

A chequing account is for spending. Your paycheque lands here, and you use it to pay rent, buy groceries, pay bills and send money. It comes with a debit card, online banking and often the ability to write cheques. Because you use it constantly, it usually pays little or no interest, and some accounts charge a monthly fee unless you keep a minimum balance.