Best Interest-Paying Chequing Accounts in Canada
As the name indicates, Interest Paying Chequing Accounts offers interest to the account holders on the money they have in their bank account for their daily use. This type of account is mostly common with digital banks that offer no-fee daily chequing accounts. The interest rates can either be tiered rate or one rate. The interest is usually calculated at the end of the day and added to the account monthly.
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Common Account Features
This type of account typically has no minimum balance or monthly fee. They may also offer withdrawals, unlimited deposits, including interest on the funds in your account.
Common Account Fees
Most providers that offer interest-earning chequing accounts do not offer additional features and services. These services are typically offered by digital banks.
When to Use an Interest-earning Chequing Account
Interest earning chequing accounts is an excellent option for folks who tend to have a high balance in their account. However, don’t expect a reward for having a high balance. Usually, your monthly fee is waived but you earn 0% on your funds.
Save Money on an Interest-earning Chequing Accounts
By not paying a monthly fee, you save plenty of cash. You can also save money in these accounts by not conducting transactions that charge extra service fees.
Disadvantages of Interest-Earning Chequing Account
This may not be your best option if you require bank transactions that are deemed as additional services on interest-earning accounts. For instance, if you send several Inter-transfers each month, you will benefit from an account that offers unlimited e-Transfers do you don’t have to pay for each transfer.