What kinds of bank accounts should I have?

What kinds of bank accounts should I have?

Mitchell Freedman, CPA/PFS (CEO, MFAC Financial Advisors) gives expert video advice on: What kinds of bank accounts should I have?; How do I open a bank account?; How can I compare banks and the services they offer? and more...

In my opinion, everybody who is earning a paycheque should have a chequing account of some kind. The chequing account can provide you with the resources to be able to pay for things; pay your bills, pay your utility bill, your rent bill, your car payment, and your credit card bill with something that you will get documentation on, and will provide you with a permanent record of payment of the obligation. In addition, most people should have a savings account of some kind. It could be a plain old vanilla savings account or a certificate of deposit, a combination of them, or a money market account.