How to make your chequing and savings accounts work together
As the cost of living rises across Canada, saving money has become more difficult. Groceries, housing, and everyday bills take a bigger bite out of each paycheque, leaving less in your account at the end of the month. That’s why having a chequing account and a savings account that work together matters more than ever. When the two are connected and supported by built-in savings tools, planning for the future becomes more consistent and far less stressful.
How much should Canadians be saving right now?
Many advisors recommend saving and investing about 20% of your take-home pay. This includes short-term savings and long-term goals like retirement. With today’s higher living costs, that number may not be realistic for everyone, especially at first. The more important goal is building a habit you can stick with.
Your financial needs and priorities change as you get older and move into new phases of life. Your savings goals will usually shift along with them.
Here are some common savings goals based on age:
• 20s and early 30s: Aim to save 10-15% while managing student loans or early career costs
• 30s and 40s: Try to save 15-20% as your income grows and debts shrink
• 50s and beyond: This is when you save as much as possible, especially if retirement is approaching
Why chequing and savings accounts work better together
A personal chequing account handles your day-to-day life. It’s where paycheques are deposited and where bills, groceries, and subscriptions are withdrawn. On the other hand, a savings account holds money you don’t need right away.
This is also where digital tools can help early on. Seeing where your money actually goes each month makes it easier to decide how much you can realistically set aside.
Separating spending from saving helps money grow
Keeping your spending money in a chequing account and your future money in a savings account creates a natural boundary. When savings feels “off-limits,” people tend to dip into it less often.
Automating transfers from chequing to savings, such as moving a percentage of every paycheque into a high interest account, helps you save before you spend. This approach removes guesswork and reduces the temptation to skip a month. It’s one of the simplest automated savings strategies available.
Combine automated savings with competitive HISA rates, sign-up bonuses, and a no fee chequing account, and you’re building a life where more of your hard-earned money stays in your pocket.
Using automation to save based on real habits
Automation works best when it reflects how you actually spend. Products that take it to the next level can also predict upcoming expenses, and help you spot opportunities to save.
For example, RBC’s NOMI Find & Save is a digital savings feature that looks at transaction patterns and finds small amounts you can move into savings without disrupting your cash flow. You stay in control, but the process runs quietly in the background.
Because this feature connects directly to your RBC chequing account, it adjusts to real life. If bills are higher one month, transfers may be smaller. When cash flow improves, savings can increase. This is a practical way to automate savings without locking yourself into rigid amounts.
Add in RBC product block
Earning interest on money you don’t need today
Most chequing accounts earn little or no interest. Savings accounts, especially high interest savings accounts, earn interest on your balance. While interest rates change over time, earning something is always better than earning nothing.
Moving unused money into savings helps it grow passively and lose less value to inflation. That’s why many Canadians search for the best savings account Canada offers or compare HISA rates.
Building an emergency fund protects your finances
An emergency fund is one of the most important uses of a savings account. A common goal is three to six months of essential expenses, kept somewhere safe and easy to access.
Using savings for emergencies, instead of relying on credit cards or overdrafts, helps you avoid high-interest debt and unnecessary fees. Unexpected expenses happen. Having a dedicated savings buffer makes those moments far less disruptive.
Go beyond digital with a human advisor
Beyond day-to-day tracking, some people may also want a clearer view of how today’s financial decisions affect future goals. RBC MyAdvisor is a digital service that combines interactive planning tools with access to a live advisor at no extra cost.
MyAdvisor helps clients see their full financial picture, including cash flow, net worth, and progress toward goals, using clear visuals and forecasts. It also allows you to link accounts held outside of RBC for a more complete picture. For those who want guidance without pressure, this can make planning feel more manageable and less overwhelming.
Creating a path from saving to investing
Once your savings start to grow, they open the door to more opportunities. It’s important to keep some of your savings as an emergency fund, but moving extra money into longer-term investments will help you build wealth over time.
A simple flow often looks like this:
- Paycheque goes into chequing
- Bills and spending come out of chequing
- Automatic transfers move money into savings
- Savings earns interest and stays untouched unless needed
- Extra money is moved into longer-term investments to maximize growth
The bottom line
Chequing and savings accounts work best as a team. When they’re connected and supported with additional tools and automation, saving becomes part of everyday life instead of a constant struggle. In a high-cost world, that kind of structure can make steady progress feel achievable, even when money is tight.