Bank Accounts, Explained - Chequing, Saving & Investment Account Breakdown

[@stephandden]

Do you have any questions about CDIC deposit protection? Ask away below! 😊

[@MFTW]

This video should be mandatory for students!

[@stephandden]

It would be so helpful to learn about these topics in school! Thank you for watching 😊

[@flcMorsalin]

Great video! The breakdown of chequing, savings, and investment accounts is super helpful-especially for anyone who’s just starting to manage their finances. Clear explanations of the differences and when to use each type of account make it easy to understand. Thanks for the valuable info!

[@stephandden]

Thank you so much! We’re glad that you found it helpful 😊

[@brianlau7827]

School boards should be hiring you to be guest speakers at their schools to talk about financial literacy. This was something that was never taught to me in school and I only learned about it through my parents, bank advisers and my own research.

[@stephandden]

We appreciate this comment! It's such an important topic 👏🏿👏🏻

[@Nique-1012]

This video came at the perfectttt time

[@stephandden]

We love to hear that! 🙌🏿🙌🏻

[@iPhilippe1]

Great video as always! You guys have an amazing channel. Very useful information. Thank you!

[@stephandden]

Thank you so much! We appreciate it 😊

[@Nigel-z7w]

Hi Steph & Den. Thank you for the amazing and thoughtful content. What a great education you provide. Thank you so much. Can you help me with your budget tracker data sheet? I have an app called my money that I like, but a spreadsheet for the computer would be terrific. All the best to you both.

[@cocoa_cake]

can you make a video on how you switched from a managed portfolio on wealthsimple to personally managing the stocks/ETFs you buy? or the benefits/drawbacks of each type of investing?

[@tiffanyhui1788]

Can u explain the cash account on wealthsimple? What makes it different than the banks chequing and saving accounts

[@moniryousefian8782]

Thanks for the Great content 👍I was told if we invest with US stocks n hold it in TFSA we need to pay tax when we sell them. Could you please share what you jold in your TFSA ? Thanks ❤

[@KH-lt9gl]

Is it still wise to invest in stocks/bonds and ETFs (which generally provide greater returns than GICs), even though they are not insured by CDIC?

[@fisayof6219]

Great question

[@bichu]

What would you say is the benefits and drawbacks of having the Wealthsimple cash account in place of a regular chequing account?

[@sinthus8733]

Does cdic protect mutual funds in a tfsa ? If not then how should you invest in a tfsa ?

[@matthewpotvin1622]

question for you guys: I saw another video of your saying you use simplii financial chequing account and an eq bank personal account. Both of these are chequing accounts technically so I was curious what you use each account for? is your eq bank account meant for emergency fund since its more of a hybrid account and the simplii account is your main chequing?

[@stephandden]

Hi! Yes, we personally use the EQ Bank Personal Account as a high interest savings account, and the Simplii Financial No Fee Chequing Account as a chequing account 😊

[@andrewpearson2131]

One point to note.... in Canada, the most likely first bank account a person would open is actually a savings account, and usually done as a minor

[@stephandden]

In our experience, and research, that’s not the case - it’s actually a chequing account! But opening a savings account for your child is a great option 😊

[@sinthus8733]

Also after you reach 100000 in a tfsa what should you do next

[@Tashas_Travels]

In my country we don't have any high yield savings accounts and you only get like 1 bank that offers an account with no bank or service fees. 😢😢😢,wish we had such things 😪.

[@soundmanpt]

I just watched a video short about getting new glasses. In that short you said that you have had glasses for about 6 years and that your nearsighted. But you rarely ever wear were wearing them, but your vision was worsening over the past year. An eye exam confirmed a change in your left eye and probably some your right eye as well. And you said you would be wearing them more. And with an increase in prescription you really should be wearing glasses more often now. However in checking the video caps I don't see any with you wearing glasses. That's really a shame because the glasses you got looked really cute on you and they are a perfect accessory for a young woman in investment type videos. Next video wear your glasses and see if you don't get more likes and maybe even more accounts. By the way, in case your wondering I'm a former optician and there is in no way any harm in wearing your glasses as often as you wish to.

[@stephandden]

Hi! I don’t need my glasses for seeing close up, so I don’t need to wear them for our videos - I need them for seeing far away 😊 Thanks for your comment!

[@soundmanpt]

@@stephandden Thank you for your reply and your welcome as well. Yes if you aren't able to see things at a distance it means your "nearsighted". But if your eyesight is worsening wearing our glasses more often and even for doing close work could in fact relax your eyes. Especially if your eyes are feeling tired by the end of the day. You might want to try wearing your glasses fulltime for 3 days straight to see how your eyes feel at the end to the 3rd day. If they feel better after the 3 days then you should probably continue earing them fulltime and if no better than go back to what you have been doing. By the way just in case you are interested the medical name for being nearsighted is to say that you have "Myopia" or that your "Myopic". Have a wonderful Thanksgiving.