Budget accounts

Budget accounts are offered by some banks and credit unions to help you spread out the cost of your bills over the year. This means that you have one set payment instead of paying different amounts each month. These accounts also make sure that you pay your bills on time.

How do they work?

Estimate how much you spend during the year on bills, such as electricity, gas and telephone, and add them all up. Set up your bank or credit union account and pay in one set payment each week or month to cover the total cost of your bills for the year. Your bills can be paid:

by your bank or credit union through a direct debit,
by yourself, in person or
by cheque.

Always ask your bank or credit union about any interest or fees that may apply, as these can vary. Compare the costs of these accounts and choose the one that best suits your needs.