1. Topic 1: Banking Basics Even knowing a little about where to put your money is very important. You cannot keep it in a piggy bank forever! With this topic you learn about the different places devoted to keeping your money safe, and how to properly choose one!

2. Topic 1: Banking Basics I have learned that it is very important to keep track of your accounts. You can do this through a variety of sources (ie) banks, credit unions, and trust and investment companies. 3. Topic 1: Banking Basics First of all, I know my money saving skills are not the best. I tend to enjoy spending rather than saving. My parents say money burns a hole in my pocket which is not something to be proud of. With this in mind, I would like an account for simple saving; somewhere I can put my money and access it when I need to. However, I am only one person, which is why banks tend to have many different saving and spending options. Research is good to do! 4. Topic 1: Banking Basics Within the different banking institutions lie different ways to save your money. For example, if it is a long term savings account you are looking for there are tax free savings accounts, guaranteed investment certificates, and term deposits. 5. Topic 1: Banking Basics When choosing a card or a bank or anything related to money, you have to consider all options: What is right for you? You need to keep in mind what you are keeping your money for... Are you saving for a car? A house? General savings? Budgeting and account personalization is a must! Also, do you have a steady income? How much do you put into your account while still having money to spend freely? 6. Topic 1: Banking Basics One tool used by most people to access their money is the debit card. This card gives you a direct ATM, and immediate pay without having to write a cheque. It takes the money out of your account automatically when you purchase something. There are many different sorts of debit cards; each one being unique to their bank institution (TD, RBC). There are also ATM cards such as Interac or Cirrus that do the same thing. 7. Topic 1: Banking Basics There are also credit cards. In short, credit card companies lend you money in the form of a card. You have to pay this back. If you do not pay back on time, interest rates come into play. Interest rates and deals vary in companies, but not very much. Choosing a credit card company once again all depends on what is best for you. Credit and budgeting will be looked at in more depth later in this unit! 8. Topic 1: Banking Basics Some things I look for when deciding on a bank are: Ease of access: I do not want to take a long time getting into an account Simple: I do not need anything complex, just somewhere to hold my money safely Personalization: It is nice to know a bank cares about me and my business, and that they genuinely want to give me a safe way to save my money 9. Topic 1: Banking Basics Sample Comparison: RBC Gives advice for most banking situations Casual savings account has a $0 fee, a limit of 15 transactions, and no minimum balance TD Canada Trust Also gives advice, more tailored to you Casual savings account has a $0 fee, no limited # of transactions, and no minimum balance Better option 10. Topic 1: Banking Basics Not only do you have to think about where you put your money, but how you keep track of it as well. Your bank can give you statements, which tell you all of your account's activity between two specific dates. I get my statement emailed to me monthly. Reading over this unit, it came to my attention that banks do in fact make mistakes, so it is very important to check over your statements and bring up anything that might be wrong. 11. Topic 1: Banking Basics When doing something like this, you need to take time! It is your future you are deciding about. This topic has definitely made me think more about money. 12. Topic 1: Banking Basics I am currently with RBC. However, with researching these banks and learning about all of the options in this unit, for the sake of the $500 budget plan and in real life I am thinking about making a switch to TD Canada Trust. 13. Topic 1: Banking Basics I now have somewhere I can keep this $500, and more money in the future. This just shows how much research you have to do to pick an institution! I have found out so much more about banking that I anticipated.