There is no minimum deposit required to open a basic bank account in Canada.
However, some banks may have minimum balance requirements for specific types of accounts, such as chequing accounts with special features or savings accounts with higher interest rates.
Here's a breakdown of key points:
- Basic bank accounts: These are typically free to open and maintain, with no minimum deposit requirement. You can start with as little as $1.
- Premium accounts: These may have higher fees, but offer additional features like higher interest rates, free debit cards, or unlimited transactions. They often have minimum balance requirements, which can vary depending on the bank and account type.
- Savings accounts: These accounts are designed for saving money and typically offer higher interest rates than chequing accounts. Some banks may have minimum balance requirements for these accounts.
It's always a good idea to compare different banks and their account options before making a decision.
Here are some resources for finding information about bank accounts in Canada:
- Compare bank accounts: https://www.rates.ca/bank-accounts/
- Canadian Bankers Association: https://www.cba.ca/
