Rich by Thirty. Lesley-Anne Scorgie

or a close friend.

      Once you’ve selected the institution with which you’d like to deal, it’s time to set up your accounts. If you are under 18, you may need to bring a parent or guardian along. You’ll also need at least two pieces of up-to-date identification (a driver’s licence, birth certificate, passport, or Social Security (USA) or Social Insurance (Canada) card, for example). Finally, be aware that some financial institutions require a minimum deposit of up to $100 on the day you open your account. Once you have all of that in order, an account representative or personal banker will help you determine what type of account will best suit your needs.

      Chequing Accounts

      A chequing account is designed for activity. Typically, people have their paycheques deposited into it and pay their bills and spend out of it. As the name would suggest, you are also able to write cheques from it (but paper cheques have largely been replaced by email or Interac money transfer technology where you can electronically transfer funds from your bank account to another person’s email through your online banking). A chequing account generally doesn’t receive any deposit interest, which makes it less than ideal for long-term savings. Use a chequing account if you are likely to spend your money within two months of depositing it.