New Canadian EnglishLessons / Lesson 3
Lesson 3
Opening a Bank Account
Sam has a new job and needs a bank account. Learn what ID to bring, the difference between chequing and savings, and how to ask about fees, your debit card and e-Transfers.
Part 1: At the Bank
MayaSam has a new job, and he needs a bank account. He goes to a bank near his home. Let's listen.
Bank advisorGood afternoon. How can I help you today?
SamHi. I'd like to open a bank account, please.
Bank advisorGreat. Are you new to Canada?
SamYes, I arrived two months ago.
Bank advisorWelcome! We have a newcomer package. Can I see two pieces of ID?
SamSure. Here's my passport and my work permit.
Bank advisorThank you. What's your address and phone number?
SamI live at 25 Maple Street, apartment 4. My number is 416-555-0123.
Bank advisorPerfect. What kind of account would you like, chequing or savings?
SamWhat's the difference?
Bank advisorA chequing account is for everyday spending. A savings account is for money you want to keep and grow.
SamI'd like both, please.
Key phrases: At the Bank
Press play to hear Maya explain each phrase.
"I'd like to open a bank account."
"I'd like" = the polite way to ask
- Say it when you arrive at the bank
"Newcomer package"
= a special offer for people new to Canada
- Often lower fees for the first year
- Ask: "Do you have a newcomer package?"
"Two pieces of ID"
ID = documents that show who you are
- Passport
- Work permit · study permit · PR document
"Here's my passport."
"here's" = when you give something
- Here's my work permit.
"Chequing or savings?"
chequing = everyday spending · savings = money to keep
- groceries · bills → chequing
"What's the difference?"
= ask this when you don't understand two choices
- A great question anywhere!
"I'd like both, please."
both = the two things
- I'd like both chequing and savings.
Part 2: Fees & Your Card
MayaNow Sam asks about fees and his new debit card. Listen carefully.
SamIs there a monthly fee?
Bank advisorWith the newcomer package, there's no monthly fee for the first year.
SamThat's great. When will I get my debit card?
Bank advisorYou can get it today. Please choose a four-digit PIN.
SamOkay. Can I send money with my phone?
Bank advisorYes. Download our app, and you can send an e-Transfer.
SamHow do I get paid by my employer?
Bank advisorGive your employer this direct deposit form. It has your account number.
SamThanks. Is my money safe here?
Bank advisorYes. Eligible deposits are protected by CDIC, up to one hundred thousand dollars.
SamThank you so much for your help.
Bank advisorYou're welcome, Sam. Welcome to the bank!
Key phrases: Fees & Your Card
"Is there a monthly fee?"
fee = money you pay the bank
- Some accounts have a monthly fee, some don't
"When will I get my debit card?"
debit card = pays with money from your chequing account
- Tap or insert it to pay
"Choose a PIN."
PIN = your secret 4-digit number
- Never share your PIN — not even with the bank
"Can I send an e-Transfer?"
e-Transfer = send money by email or phone number
- Use your bank app
"Direct deposit"
= your pay goes right into your account
- "How do I set up direct deposit?"
"Account number"
= the number for your account
- On your direct deposit form or in your bank app
"Is my money safe?"
CDIC protects eligible deposits
- Up to $100,000 per category, at member banks
"Thank you so much for your help."
= a warm, polite thank-you
- Use it anywhere in Canada
Canada tip
You have the right to open a basic bank account, even with no job or credit history. You just need acceptable ID, and you don't need a Social Insurance Number for a basic account.
Your turn
You are Sam. Listen to the question, say your answer out loud, then check Sam's answer.
BANK ADVISOR
Good afternoon. How can I help you today?
Hi. I'd like to open a bank account, please.
BANK ADVISOR
Can I see two pieces of ID?
Sure. Here's my passport and my work permit.
BANK ADVISOR
Chequing or savings?
What's the difference?
BANK ADVISOR
Is there anything else?
Is there a monthly fee?
BANK ADVISOR
You can get it today. Please choose a four-digit PIN.
Okay. Can I send money with my phone?
Free phrasebook
All 15 phrases from this lesson, ready to print or keep on your phone.