Best No-Fee Chequing Accounts in Canada
Most Big Banks in Canada charge users a monthly fee, which can add up to a shocking $200 a year. But, with a little smart thinking, you can avoid the charges you incur on personal bank accounts, whether chequing or savings accounts.
Check your regular bank for the terms and conditions along with the benefits and weigh the positives of maintaining the account. Alternatively, consider moving to more economical banks that charge no fee or only a small fee.
Here’s a list of the best No-Fee Chequing Accounts in Canada
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Specification: Alterna Bank No Fee eChequing Account
Features to Look for When Scouting Around for Banking Products
- $0 monthly fee
- No need to maintain a minimum balance in the account
- No limit on the number of free transactions such as funds transfers, POS payments, bill payments using the pre-authorized option, or any other
- Accessing national and global ATMs without an extra charge
- CDIC insurance on deposits of a maximum of $10,000 in any category
- Convenient and cost-free funds transfers
- Facility of banking on the go by using mobile apps to deposit cheques and other user-friendly interface features for internet banking
- E-statements available at no cost
- Efficient customer service
Other features that can prove helpful include the ability to earn interest on the balances in your chequing account and getting free cheque books.
How to Pay the Minimum Fee on Your Chequing Account
An important factor to remember about free chequing accounts is that most of the Big Banks don’t offer you this option and typically charge you anywhere from $4 to $30 in fees. Only smaller banks can offer you economical banking because they save on overheads and operational costs by having a limited number of physical branches. Most of their facilities are offered by way of online banking, so you may not get access to in-person banking services.
If you would prefer to remain with your existing bank in place of moving your chequing accounts, here are a few simple rules to keep in mind.
- Many banks offer you the benefit of waiving the monthly fees as long as you maintain a minimum balance in your account. This amount could range from $1,000 to $6,000. You’ll only incur a fee if the balance dips below this limit. Though, your money is not likely to earn any interest.
- If you opt for an online-only bank account, you could avoid paying the fee entirely or pay only a small sum.
- Moving all your banking needs to a particular bank including credit cards, investment products, and mortgages can help you bring down the total fee you pay. However, this option makes sense only if the bank offers you attractive rates on mortgages and any other loans you take.
No-fee chequing accounts are suitable for users who can conduct all or most of their transactions online. If you usually don’t require walk-in services, overdraft facilities, or bank transfers to international accounts, opting for the no-fee option is a smart move. You’ll save more than $200 in fee which you can divert to other uses or even, invest wisely.
For a quick overview of the chequing accounts available and the typical fees they charge, search around our website, offerhub.com. You’ll find detailed listings of the banks and accounts to choose from and their various features.