If a bank goes out of business, your money will be fine. A government agency called the Canada Deposit Insurance Corporation (CDIC) or its provincial equivalent automatically insures deposits up to $100,000 per account.
If you ever need to keep more than $100,000 in your savings account, open another one. Make sure you do it at a different bank so that all your money is protected - because only one account per bank can be insured.
You can transfer money between your accounts online.
There are 2 ways to transfer money between accounts at different banks:
1. Send yourself e-transfers.
Remember, when you transfer money from an account, you use the e-transfers related to that account. This is important because your savings account usually has fewer free e-transfers than your chequing. Frequent additions to savings are easy. Withdrawals should be carefully considered.
2. When online in your chequing account, set up your savings account and its bank as a ‘payee’ to link the accounts. Then do the same the other way around, setting up your chequing account as payee from your savings account.
If you didn't set up online banking when opening your savings account, you can do it yourself from home.
Link your savings to your chequing account to transfer money easily.
Monitor your account online:
You don’t have to worry about income tax if this is a TSFA account.
If your savings account is not a registered account, the interest you earn is taxable.