So I had a meeting with a financial advisor not long ago, and she strongly recommended i set up a chequing account for my payroll to go into, as opposed to it going directly into my savings account like it always has been. I said yes without really thinking it through, but…before I talk to HR about where they deposit my payroll, what is the difference between a chequing account and a savings account? This is for Canadian banking btw.
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The regulations that apply to the account.
Of course different countries are different, but, for example, in the USA, a savings account needs to have, for example, limits on withdrawals (such as limit 5 per month), and if it doesn’t have that limit then it’s a checking account.
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