Banking

Discover everything you need to know about banking in Canada with our comprehensive resources. From selecting the best savings and checking accounts to understanding fees and benefits, we provide detailed guides and comparisons to help you make informed banking decisions. Learn about the latest banking trends, how to manage your accounts effectively, and find the best options tailored to your financial needs. Trust PiggyBank to guide you through the banking landscape with expert advice and up-to-date information.

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Banking 8 min

Prime Rate in Canada

In Canada, the prime rate is currently 6.95%. The prime rate is the interest rate...

Banking 4 min

What is a Bank Draft in Canada and How it Works

A bank draft is a financial instrument used to make large payments without the need...

Banking 4 min

A Guide to Interac e-Transfer: Send & Receive Money

Interac e-Transfers are Canada’s fast and free domestic money transfer service. Some banks charge small...

Banking 3 min

Here’s What a Financial Institution Number Is & How to Find It

Every financial institution in Canada has a unique three-digit code assigned to it, known as...

Banking 5 min

How to Read a Canadian Cheque

With the ever-growing popularity of online banking and money transfer apps, cheques are gradually vanishing...

Banking 6 min

The Big 5 Banks: Which Is The Biggest Bank in Canada?

RBC is the largest bank in the country and will only become bigger with its...

Banking 4 min

Void Cheques: A Complete Guide

What is a void cheque? A void cheque is a cheque with the word “VOID”...

Banking 8 min

Difference Between Credit Union and a Bank in Canada

The main difference between a credit union and a bank is that a credit union...

Banking 4 min

How to Find Your Bank Account Number in Canada

So you need to figure out what your bank account number is. Whether it’s for...

Banking 3 min

Wire Transfers: Everything You Need To Know

What is a Wire Transfer? A wire transfer is an electronic money transfer from one...

Banking 4 min

5 Ways to Minimize and Save on Banking Fees

What are Bank Fees? Bank fees are the charges that your bank or other financial...

Banking 8 min

What is a Hybrid Bank Account in Canada?

A hybrid bank account combines the characteristics of both a chequing account and a savings...

Banking 2 min

What is a Credit Union in Canada?

A credit union is a provincially or federally regulated non-profit financial institution owned by its...

Banking 4 min

Money Order vs Certified Cheque: What’s the Difference?

The main difference between money orders and certified cheques is that a money order requires...

Banking 3 min

How to Write a Cheque in Canada (Step by Step Guide)

Writing a cheque is a safe and easy way to transfer money. While digital payment...

Banking 4 min

NSF Fees (Non Sufficient Funds) in Canada & How To Avoid Them

An NSF fee (non-sufficient funds) is a fee charged when a cheque or pre-authorized debit...

Banking 3 min

Here’s What a Credit Memo is in Canada

A credit memo is issued by a seller and given to a customer to indicate...

Banking 5 min

What is Overdraft Interest in Canada?

Overdraft interest is the cost of borrowing money when your bank account goes into a...

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Banking 2 min

Does OSAP Cover Residence Fees? Exploring Financial Aid for Student Housing

Whether OSAP covers the cost of residence is highly circumstantial. They do provide funds for...

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Banking 4 min

Understanding BR to BR Bank Charges

A BR to BR bank charge happens when you transfer money between two financial institutions....

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Banking 3 min

What is Royal Foreign Exchange Withdrawal?

Royal Foreign Exchange Withdrawal is a transaction that shows up on statements for RBC clients...

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Banking 3 min

What is DS CANADA TXD/DIM Bank Charge?

The DS CANADA TXD/DIM is a bank charge that indicates you used your debit card...

Banking 7 min

Canada Deposit Insurance Corporation (CDIC): What It Is & How Much It Covers

What Is the Canada Deposit Insurance Corporation (CDIC)? The Canada Deposit Insurance Corporation (CDIC) is...

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