Compare & Find the Right Chequing Account.

The Best Chequing Accounts in Canada

A Chequing Account is a safe and convenient place to keep your money for everyday use. It is important to consider banking fees and charges before opening a bank account. Compare and find the best chequing account in Canada for your daily banking needs.

Popular Chequing Account Categories

Best for Unlimited Transaction

Best No-Fee Chequing Account

Best Student Chequing Account

Find the Best Chequing account in Canada

Most Canadians require a bank account to store their money in a safe place. There are so many banks and financial institutions offering chequing accounts, here are some factors to help you find the best chequing account that suits your requirements.

Almost all banks offer a no monthly fee chequing account. Look for hidden charges, as some banks require an average minimum balance maintained to waive off the monthly fees.

Evaluate your banking activities, if you make a lot of cheque deposits you may want to consider an account with mobile deposit technology that allows you to deposit cheques via a smartphone app. Perhaps you need a chequing account with unlimited transactions, but don’t mind a small monthly fee.

 

 

Top 5 Best Chequing Account Special Offers in Canada

The Last year has had us all pinching pennies, so it might be a relief to learn about special offers that are available right now for Canadians that are considering opening a new chequing account. Many Canadian banks have special offers for those who open a new chequing account, and the savings could be worth hundreds of dollars. Sometimes, special bank promotions even offer cold hard cash.

Do not miss out on the opportunities that are available when you open a new chequing account in Canada. Instead, read further to educate yourself on the best Canadian bank promotions and learn about all the money you may be able to save in 2021.


HSBC Canada Chequing Account Offer

If you are a newcomer to Canada looking to be a part of a global banking and financial service market, then you should investigate a new account at HSBC Canada. This bank is one of the world’s largest banking organizations, and they service over 40 million customers globally. Make transactions from Europe, Asia, the Middle East, Africa, and America with HSBC Canada.

If you are new to Canada and have developed residency within the last 5 years, you may be eligible for a welcome package worth $1,000. An eligible new resident may open a chequing account and make a deposit after signing up for online banking for a $500 welcome bonus.

An additional $50 will be added to your account after each of the following transactions: you open a new HSBC Investment Funds account, you make two consecutive bill payments through online banking, you send two foreign exchange global wire transfers within the course of six months, you make two separate reoccurring pre-authorized transactions within the course of three months.

Save $300 more by setting up payroll in the first 6 months of opening the account, signing up for a safety deposit box, and apply for a credit card within 3 months. This grand package wraps with $1000 saved.

$1000 Newcomers Package Deal from HSBC

A Canadian newcomer will only be eligible for this Premiere Welcome Offer if:

  • A client is a permanent resident of Canada, or the client has an active work permit.
  • A client must open a Premier Chequing Account in the provided offer period and deposit a minimum of CAD 25,000 in Total Relationship Balance with HSBC within 30 calendar days.
  • A client must retain an account for a period of 3 calendar months and be a new HSBC customer.
  • A client registers for an HSBC Online Banking Account within 30 days of opening the new account.


RBC, Royal Bank of Canada Chequing Account Offer

RBC is a well-trusted bank that has more than 150 years of experience and a massive global spread that serves 17 million clients today in 36 countries. RBC is one of Canada’s biggest banks, and with 86,000+ employees, you will be sure to find a location that suits your needs and is full of qualified bank professionals that will help you finance your expenses smarter.

We are not waiting to show you the absolute best offers for those who are interested in setting up a chequing account, because at the Royal Bank in Canada, newcomers are eligible for a special offer package of up to $650. This incredible savings bundle may be comprised of $100 in cash, no-monthly-fee banking for a year, up to 6,000 RBC reward points in an RBC Rewards + Visa card, 2 free international money transfers each month for a year, a free small safe deposit, and a free iPad! This bundle is comprised of separate parts, and some offers may expire as early as February 1, 2021, and require paperwork. Do some more research to find out what benefits you may be able to qualify for.

Newcomer Bundle Special Offer Eligibility

Switch to RBC and Get the Latest 10.2” iPad in Your Choice of Colour at No Cost

“Eligible Personal Client” for Newcomer Offers are only eligible if:

  • The client is a Newcomer to Canada, has arrived within the last 12 months of opening the account, and/or if a newcomer arrived in Canada within the last 5 years and opened an Eligible Banking Account when switching from another institution.
  • The client is a resident of Canada and is of the majority age in the province where they legally preside as documented when the Eligible Personal Banking Account is opened. The residence must be determined by the jurisdiction where a client has their primary tax filing obligation and can be based on their habitual place of residence.
  • The client does not have a previous Personal Banking Account with RBC.
  • The client must be a resident of Canada by March 15, 2021, and no previous Personal Banking Account with RBC existing within the last five years to be eligible for the iPad promotion.


Scotiabank Chequing Account Offer

Scotiabank has its headquarters in Canada, and with its dedication to high-quality growth markets in the Americas, this bank will be able to help meet your financial goals. This bank embodies a customer-first attitude, has a dedicated team for high-performance clients and has a big lead in the Americas.

There are two basic packages to consider. The preferred package that will have features to suit your everyday needs, and the ultimate package that gives you up to $650 in benefits and savings. Both comprehensive packages come with a $300 offer that ends January 28th, 2021, so act fast. While the preferred package offers basic perks such as an additional 0.05% earned on your MomentumPLUS Savings Account, unlimited debit transactions and Interac E-Transfer transactions, and a first-year annual fee waiver, the Ultimate Package gives you the most savings and benefits possible. The Ultimate package includes perks such as an ultimate Interest Rate boost, unlimited Scotia International Money Transfers, and unlimited free Global non-Scotiabank ABM withdrawal, so you will be sure to get the most out of this package deal.

$300 Scotiabank and Special Offer Bundle Eligibility

A new Scotiabank client will only be eligible if:

  • Client opened a new Ultimate Package or Preferred Package by January 29, 2021. Client may not have a previous account with Scotiabank for this special offer.
  • Client has completed any two of the three actions below withing 60 days of opening his/her account:
    • Client has made an eligible $50 bill payment while using online or mobile banking services provided by Scotiabank.
    • Client has established 2 eligible recurring transactions that are $50 and have been approved. These pre-authorized transactions must clear for a minimum of 3 consecutive months for this offer. Pre-authorized debit transactions may include car payments, utility, or mortgage bills.
    • Client has established an eligible recurring direct deposit that will successfully recur for a minimum of 3 consecutive months. These deposits must be filed accurately, and the payments will have to clear for 3 months to approve the financial assistance.


BMO, Bank of Montreal Chequing Account Offer

The BMO Financial Group has been moulded by one purpose: to Boldy Grow the Good, whether that be in the business of others or in their lifestyle. This bank serves more than 12 million customers, so you can be sure that they are capable of high-profile commercial banking, wealth management protections and services, and high-stakes investment opportunities.

If you invest in the 2021 DST Family Bundle Chequing Account Opening Offer, you will be able to receive up to $350 in cash as a bonus. Their performance and premium plans offer benefits that you do not want to ignore such as safety, easy credit score access, and unlimited transactions for all BMO services. This incredible package is best for families, and you will be protected by a powerful banking service with minimal monthly fees. This deal is sweet, but it will not last, so make sure to open your online account between January 5, 2021 and March 1, 2021 and complete the eligibility requirements below to earn the cash bonus you deserve.

Limited time offer!

Earn $300* when you open a chequing account online. Plus, get an extra $50* when you make it a Family Bundle.

BMO DST Family Bundle Special Offer Eligibility

A potential client may only receive the special offer if:

  • Client has opened a new Canadian Dollar Primary Chequing Account with the Plus Plan ($100 offer), Performance plan ($300 offer), or the Premium Plan ($300 offer).
  • Client has made deposit of any amount to the Lead Chequing Account by March 1, 2021.
  • Client has successfully completed at least two of the following requirements:
    • Set up a recurring direct deposit form your employer, the government, or your pension and it successfully deposited these payments into the Lead Chequing Account by April 30, 2021. The deposits must have been deposited for at least 2 months before receiving benefits.
    • Make one bill payment through the BMO Online Banking or Mobile App of a minimum of $50 for a consecutive two months through the client’s Lead Chequing Account.
    • Established a pre-authorized debit transaction of at least $50 that clears by April 30, 2021 and is deposited into your Lead Chequing Account. A client may also establish a pre-authorized payment to a BMO mortgage, line of credit, loan, or contribute to a BMO investment account from your Lead Chequing Account, and have a minimum of two consecutive monthly payments debited from it.


CIBC Chequing Account Offer

This bank is a leading North American financial institution concentrated in Canada. With over 10 million clients, you can be sure that you are working with a bank that has secure base investments and plans that will suit the average Canadian. Their strategy focuses on accelerated earnings, a modern relationship with banking services, and a high-performance purpose-driven culture.

CBIC is determined to give a well-rounded banking system that keeps up with modern day trending companies such as Amazon. In a limited special offer, you may be able to receive a $100 Amazon.ca Gift Card when you register for a CIBC SmartTM Account as your first chequing account with CIBC. This account will be able to provide unlimited transactions and includes a free Interac e-Transfer service. With a CIBC Smart TM Account, you will be able to control important alert settings, pay for a variety of purchases online, gain access to rewards and discounts, and switch from another provider with ease. Do not miss out on this incredible opportunity.

Amazon.ca $100 Gift Card Special Offer Eligibility

A potential CIBC client will only be able to receive a $100 Amazon.ca gift card if:

  • The client opens a Smart Account online and there are no other CIBC Chequing Accounts on their record. Must sign up online with legitimate email address.
  • Establishes and maintains 2 of the following transaction types within the first two months:
    • 1 recurring direct deposit, which is a transfer of funds deposited electronically into the client’s bank account at regular intervals. This may include payroll from the client’s employer, or regular government or private pension payments.
    • 2 recurring pre-authorized debits, which are instructions that help CBIC pay your mortgage, loan, credit card, or other expense that your provider demands and directly withdrawals the payment from the client’s bank account. This may include hydro bills and car payments.
    • 2 online bill payments of $50 or more for each transaction


TD Canada Trust Chequing Account Offer

Our next promotion comes from TD, a company that cares about the things that matter to you. TD has some of the best working hours, as they are open on the weekends and have longer working hours than most of their competition. With over 1,200 locations from
Cornwall to Sarnia, and a mobile banking application that will help you maintain your account, you will be able to adjust your financial strategy any time, any place.

While this offer is no longer accessible to most new account members, any TD member that has opened a TD Unlimited Chequing Account or a TD All-Inclusive Banking Plan between July 6, 2020 and December 6, 2020 may still be eligible for a $300 boost deposit in your account. if you are an eligible account owner and follow the correct procedures, you will be able to save with unlimited transactions and free Interac e-Transfer transactions. Remember, this is only an offer for Canadian residents that already have a TD account, so make sure that you have taken advantage of this promotional.

$300 TD Promotion Eligibility

A TD client will only be eligible for this plan if:

  • The client has successfully opened a TD All-Inclusive Banking Plan or a TD Unlimited Chequing Account between July 6, 2020 and December 6, 2020
  • The client has made an Online Bill Payment through EasyWeb or the TD app with a minimum of $50 before February 1, 2021.
  • Client has set up a Recurring Pre-Authorized Debit with a minimum payment of $50 and has a postage stamp posted to the New Account before February 1, 2021. This plan must occur weekly, biweekly, or monthly.
  • The client has not received any chequing account offer from RD in 2017-2020
  • Client does not have a joint account with a TD staff member.
  • Client has not had an account that was closed on or after July 6, 2019.
  • Client does not have a TD Youth Account in current use or terminated on or after July 6, 2019.

Types of Chequing Accounts

There are many types of chequing accounts in Canada, with different account features. Chequing accounts fall under several categories. To choose the best chequing account, first evaluate your banking needs and then make comparisons.

Personal chequing accounts

Personal chequing accounts may have several features, such as no-fee chequing accounts or unlimited transactions. Some banks only have a personal chequing account option. However, they offer discounts and extra benefits for seniors, youth, and students instead of having specialized options.

Seniors’ chequing accounts

Most senior chequing accounts allow teller-assisted transactions and a monthly hard copy statement at no extra charge. You are only eligible for this option if you are at least 60 years old. In some cases, account holders must at least 65 years of age.

Youth chequing accounts

Youth chequing accounts, in most cases, offer unlimited monthly transactions. In addition, most earn interest on the account’s balance. To qualify for this option, account holder’s must be younger than the majority age in the territory or province. Youth chequing accounts double as both chequing accounts and saving accounts.

Student chequing accounts

Most student chequing accounts offer unlimited transactions per month. However, they charge for Interac e-Transfers. Student chequing account holders must be full-time students. Post-secondary and secondary students qualify for student chequing accounts, depending on the bank.

U.S. dollar chequing accounts

U.S. dollar chequing accounts include zero or very low monthly fees and limited transactions per month. Some banks offer interest on account balances. The main benefit for this option is the ability to withdraw and deposit U.S. dollars without paying currency exchange fees.

Unlimited chequing accounts

This type of chequing account permits unlimited debit transactions without charge. The account may also include Interac e-Transfers and teller-assisted transactions, depending on the bank. Unlimited chequing accounts may charge high monthly fees but have extra features. In some cases, unlimited chequing accounts are non-fee, if it is an online account.

No-Fee Chequing Accounts

As the name suggests, no-fee chequing accounts have no fixed monthly fees, However, banks apply service fees for Interac e-Transfers and non-bank withdrawals. No-fee chequing accounts are mostly offered by digital banks and have no branch or teller-assisted transactions. Other features include unlimited monthly transactions and interest on the account’s balance.

What features should I look for in a chequing account?

Below are some of the most important features to look for in a chequing account.

  • ATM banking
  • Personal Cheques
  • No or Low Monthly Fees
  • Branch, Online or Telephone Banking
  • Mobile banking through Smartphone
  • Send/receive money through Interac e-transfer®
  • Overdraft Protection
  • Online Bill Payments

Find the Best No Fee Chequing Accounts in Canada 

It is essential to consider banking fees before opening a bank account. Click here for a detailed explanation of Chequing Account Fees to help you compare and choose the right option.

Find the best no-fee chequing account in Canada offered by institutions like Tangerine, Scotiabank, PC Financial and Parama Credit Union. Some banks even require a minimum balance to be maintained on the account to avail of the no monthly fee option.

Chequing Account  with Unlimited Transactions

A feature that inevitably attracts consumers is a chequing account with unlimited transactions because regardless of the fixed monthly fee, you can make endless transactions on the chequing account. Most major banks offer such accounts, but there is usually a monthly fee that is applied. This certainly gives users peace of mind allowing them to use their chequing account to its fullest. Compare chequing accounts and find Canada’s most famous bank accounts that save you money.

 

 

Best Chequing Accounts in Canada

Chequing accounts are a bank service people use on a daily basis to manage their cash flow. They can help an individual or company maintain a stable financial life. Even though different banks offer different plans and services linked to their chequing accounts, there are some standard features you’ll find from nearly every provider. Specifically, most chequing accounts help facilitate great banking functions such as money transfers, telephone or online bill payments, electronic salary deposits, and ABM (automated banking machine) transactions, teller transactions, paper cheques, Interac e-Transfers, and debit cards. In most cases, chequing accounts come with minimal or no interest. Their main purpose is to let you easily monitor your cash flow, not necessarily help you save money for future growth.

How Are Chequing Accounts Classified?

Banks in Canada offer six basic types of chequing accounts. Some of their key features vary from bank to bank, but here’s what they generally provide:

Best Personal Chequing Accounts in Canada

Personal chequing accounts come with various features that are well-suited for the needs of every individual. Typically, the monthly fee varies according to the number of transaction types and services the particular account offers. Accordingly, you can expect to pay monthly charges ranging from $0 to $30. Before signing up for a particular personal chequing account, you may want to compare the features and choose the right type that matches your requirements.

Best Chequing Account in Canada (Editors Pick)

Below you can find some of the best personal chequing accounts offered in Canada, so you can get an idea of what kind of chequing account you can get.
A basic or personal chequing account is the most standard type of account. Most come with a set number of transactions per month (a few allow unlimited transactions), as well as some additional functions, depending on your account. In general, the monthly fee ranges anywhere from $4 to $30, based on the number of transactions and features included in your package.

Best Alternative/Hybrid Chequing Accounts

Some digital banks provide accounts with basic cash management and payment functionality in unison with cashback, earner interest, and other rewards generally associated with credit cards or savings accounts. Like chequing accounts, alternative (hybrid) accounts equip their holder with a prepaid or debit card and support direct paycheque deposits, interact e-Transfers, and bill payments. However, the main differences between alternative (hybrid) accounts and chequing accounts are that the former doesn’t usually support overdrafts, offer paper cheques, provide customer support in bank branches, or render wire transfers. Most customers use alternative (hybrid) accounts along with – and not instead of – traditional chequing accounts, but this may change since the world isn’t relying on actual cash as much as it once did, making cheques somewhat obsolete. KOHO is a great example of an alternative account. It allows its holders to deposit money and later spend it in the form of a prepaid Visa card or through ABM cash withdrawals. KOHO is an attractive option because there are no fees. What is more, prepaid cards allow users to earn cashback the way cashback credit cards do (without the interest penalties affecting customers’ credit scores).

Best No-Fee Chequing Accounts

No-fee chequing accounts are basic accounts customers can get for free. While they are terrific for clients looking to save some money, no-fee accounts tend to come with drawbacks. To name a few, they have nowhere near as many functions as you’d get with fee-paying accounts, and you can make only a limited number of payments per month. In addition, customers may have to maintain a minimum account balance to avoid being charged a fee. This doesn’t apply to virtual/direct banks because their operational costs are usually lower. As a result, they can offer chequing accounts without monthly fees and few (if any) transactional fees.

Best Youth Chequing Accounts

These accounts are meant for customers who haven’t reached the age of majority in their province. The holders of youth chequing accounts normally aren’t subject to bank fees and may earn interest over time.

Best Student Chequing Accounts

As the name indicates, student chequing accounts are designed for students, mostly those studying full time. Most of these accounts come with age restrictions that vary from bank to bank, but account holders are generally required to be between 18-25 years old. Student accounts typically charge low or no fees and some of them even include limited rewards and perks.

Best US Dollar Chequing Accounts

U.S. dollar accounts are perfect for people who want to make easy cross-border payments. These accounts typically don’t charge currency exchange fees when withdrawing money in U.S. dollars and allow for simple U.S. dollar transactions.

Who Offers the Best Chequing Accounts in Canada?

There are a bunch of options to choose from when deciding on your chequing account. Apart from the Big Five banks, many other banks offer an online-only account that, nonetheless, has excellent conditions. Here are the five best chequing accounts in Canada:

Scotiabank’s Chequing Account

Scotiabank offers six chequing accounts, including a youth account and a student chequing account. The fees range anywhere from $0 to $30.95 per month, and senior citizens are entitled to a discount. Every Scotiabank account includes a debit card, and customers can select whether they want to earn Scotia Rewards or SCENE® entertainment rewards points for making debit purchases. Out of all the accounts Scotiabank offers, the Ultimate Package stands out. It’s a top-grade combination of advantages geared for people who want to bundle multiple needs under their banking plan. The plan provides significant benefits to its holder:
  • Under certain conditions, the chance to earn $300 when opening your Ultimate Package
  • Unlimited Interac e-Transfer transactions, Scotia International transfers, and free debits
  • Unlimited free withdrawals at ABMs that don’t belong to Scotiabank
  • Select credit cards that come with annual fee waivers every year (a maximum of $139)
  • One Scotia Rewards or SCENE® point for every $5 you spend on your debit purchases
  • Special rate on Scotia’s guaranteed investment certificates (GICs) and additional 0.10% interest on your Momentum PLUS savings accounts
  • Waiver of the $30.95 fee if you keep your daily balance at $5,000 or over.

Tangerine’s No-Fee Daily Chequing Account

Unlike Scotiabank, which offers as many as six chequing accounts, Tangerine doesn’t have a wide range of accounts for its users. In fact, there’s just one chequing account you can open, and it’s called Tangerine No-fee Daily Chequing Account. Nevertheless, the fact that Tangerine has focused on just one account has allowed them to provide great value for their customers. More specifically, account holders aren’t subject to any fees, and the interest earned works through tiered rates, starting at 0.15% for any balance. Other benefits of this account include unlimited money transfers, Interac e-Transfers, and daily transactions. You can also carry out banking operations online or by phone. Moreover, using Scotiabank’s ABM machines comes without fees worldwide. Customers can also access contactless payment, and Apple Pay with their debit cards. Lastly, once you open your chequing account, you get one cheque book for free.

BMO’s Chequing Account

BMO has quite a diverse portfolio of chequing accounts, and all of them allow you to make unlimited Interac e-Transfers. The lowest fee is $4, whereas the highest fee sits at $30 per month. The fee can be waived, provided you keep the minimum account balance BMO stipulates. The bank also provides a free chequing account and special discount rates for the following groups:
  • Children younger than 13
  • Students
  • Youth between 13 and 18
  • Canadian Defence Community members
  • Canada’s new immigrants
Out of all five plans, the Performance Plan might be the best option from BMO. The monthly fee stands at $15.95, but it can be waived if your monthly balance is a minimum of $4,000. In addition to the abovementioned perks, the plan includes one free withdrawal from non-BMO ABMs per month. There’s also standard overdraft protection that costs $5 a month.

TD’s Chequing Account

On top of four personal accounts, TD also has a student and a youth chequing account. The basic plan goes for $3.95 per month, while the most expensive plan stands at $29.95, but there are rebates if you keep your account balance at a minimum of $5,000 or $2,000, respectively. The youth and student accounts charge no monthly fees. One of the reasons why TD is a good choice is that it offers terrific U.S. dollar accounts. TD provides two types of chequing accounts, which isn’t common in Canada: the Borderless plan and the TD U.S. Daily Interest Chequing Account. The latter charges no monthly fees while facilitating cross-border transactions, exchanges, and bill payments. The threshold for calculating daily interest is $1,000 and starts at 0.01%. The interest increases in tiers (up to 0.05$) on all balances over US$60,000. There are no monthly fees for this account which gives you access to 10% savings for your TD Travel and Medical Insurance. Additionally, there are no transaction fees if your account’s minimum balance is $1,500.

RBC’s Chequing Account

RBC offers five chequing accounts, one of which is meant for youth. The fees range anywhere from $4 to $30, with senior citizens eligible for discounts. The most expensive account comes with many handy features and excellent rebates. Moreover, all five accounts contain rebates on credit card fees or multiple products. Furthermore, chequing account holders receive debit cards, access to overdraft protection, and a mobile app. We highly recommend that you check out their Day to Day Chequing Account. The fee stands at just $4 per month. The plan includes 12 free monthly debits, unlimited Interac e-Transfers, additional transactions for $1 each, and the option to connect an RBC debit card to earn Petro-Points and save money at Petro-Canada. You can waive the fee, fully or partially, if you meet one of the following three conditions:
  • You have at least two products from RBC in one region.
  • You’re a senior citizen.
  • You’re a beneficiary of the Registered Disability Savings Plan.

Why Should You Open a Chequing Account?

The main reason why you should open a chequing account is to make your transactions more secure. Chequing accounts are efficient tools for receiving payments and holding them securely. Storing cash around your house isn’t safe, as the chances of losing or misplacing your money are high. On the other hand, chequing accounts are a simple way for your friends and employers to send you money, and you don’t need to worry that the funds might be lost somewhere during the process Most people are eligible for basic chequing accounts, but banks might reject applicants with a record of prior account mismanagement at previous banks. In this case, you should consider some other payment options, such as a prepaid debit card. If you want to apply for a chequing account, don’t forget that different types suit different individuals better. To select the best account for you, compare your options carefully and see if the accounts have some features you particularly need.

Expected Chequing Account Features

Although the features offered by different personal chequing accounts may vary, one underlying factor to keep in mind is that any transaction you conduct that is not included in the original package will incur an additional transaction fee. Depending on the type of account you have, you may receive facilities that include a fixed number of transactions each month or an unlimited number of debit transactions.

Typical Chequing Account Fees

In case you conduct additional transactions than the allotted limit per month or different kinds of transactions that are not included in the personal chequing account package, you’ll incur an extra service fee. Like, for instance, charges like non-bank ATM fees or Interac e-Transfers fees. You should learn how to avoid common chequing account fees.

When Should You Opt for a Personal Chequing Account

Under certain conditions, opting for a personal chequing account is a smarter option. Like, for instance,
  • You need a premium account: Getting a premium account may cost you higher monthly fees but it is ideal if you have extensive banking needs that can be covered in the fee. In this way, you can avoid the additional service charges you’ll have to pay for the different transactions you need to make each month.
  • You don’t qualify for a seniors’, youth, or student account
  • You’re looking for economical banking services: You can use the personal chequing account to make major savings on the service fee by restricting the number of monthly transactions to the allocated number. You’ll pay additional fees only if you make more transactions.

When Should You Not Opt for a Personal Chequing Account

Given your particular needs, you may find that a personal chequing account is not viable for you. For example:
  • You qualify for youth, student, or seniors’ account.
  • The savings account is sufficient for the transactions you need to make and other banking requirements.

How Do You Choose Your Chequing Account?

Before you decide on a chequing account, consider the following details:

The Number of Monthly Transactions

If you plan on making a large number of transactions every month, Scotia’s Ultimate Package might be the best option. It gives you access to unlimited monthly transactions for a $30.95 fee. You can even avoid paying the fee if you keep your balance over $5,000. Conversely, customers who make fewer transactions may be better off with the Everyday Chequing Account offered by CIBC. The number of transactions is limited to 12, and the fee stands at $3.90.

The Means of Carrying Out Your Banking Transactions (in Person, via Phone, or the Internet)

This is another aspect that varies by bank. Some financial institutions offer multiple ways of making your payments. For instance, Tangerine’s No-fee Daily Chequing Account comes with no monthly fees for unlimited email and daily transfers, online banking, and e-statements. Nonetheless, the bank offers limited in-person services, which is why it’s more equipped to serve customers who prefer doing banking online. Other providers have in-person services. A good example is RBC’s No Limit Account, where the unlimited transactions are assisted by a teller and come with a $10.95 monthly fee.

The Expected Monthly Balance

Some accounts offer tremendous benefits for keeping a minimum balance every month. For example, TD’s Minimum Chequing Account revokes monthly fees if you maintain your minimum balance at $2,000 or more. Additionally, BMO has a Premium Plan that’s a bit more demanding – the minimum balance is $6,000, which is also the point where the bank waives your $30 fee. There are also substantial perks to opening your account with BMO, making this option quite attractive.

Fees or No Fees

Another detail you need to take into account is whether or not you have to pay monthly fees, regardless of your account balance. If you want to avoid paying fees, you may want to try Tangerine’s No-fee Daily Chequing Account. It charges no fees for your unlimited self-serve payments.

Interac e-Transfers and Other Features

If you expect to make many Interac e-Transfers, you want to get an account that won’t subject you to a high fee for doing so. To that end, we suggest checking out BMO’s chequing accounts since all of them come with no fees for Interac e-Transfers. There’s also their simply named Practical Chequing Account that includes a $4 monthly fee.

US Dollars Availability

People who travel to the U.S. often may want to open an account that’s designed for their needs. For instance, TD’s Borderless Plan provides quick exchange between Canadian and U.S. dollars for a $4.95 fee, as well as unlimited transactions. Another great option is RBC’s US Personal Account. It lets you make six transactions per month in Canadian or U.S. dollars for $2 a month.

Earning Cashback/Rewards on Purchases vs. Earning Interest on Your Chequing Balance

Whether you want to make money on purchases or the account balance, open your account with a bank that offers the desired features. For example, Tangerine’s No-fee Account offers 0.15% interest on account balances. In contrast, Scotiabank’s chequing accounts earn reward or SCENE® points on your debits.

FAQs

What Is a Chequing Account?

Chequing or everyday accounts are cash accounts customers hold with banks or other financial institutions. These accounts give the holder the right to make immediate transactions, such as deposits, money transfers, bill payments, debits, and withdrawals. You can make your transactions in person (at a branch) or online.

Are Chequing Accounts Free?

The institution administering your chequing account may charge you a monthly fee and fees for making too many monthly transactions. But if the holder keeps a minimum balance every month, there are few, if any, fees for using their chequing account.

Does a Chequing Account Earn Interest?

Only a few Canadian chequing accounts may earn some interest. Still, their levels pale in comparison to interest you can make from some savings accounts. Also, you’re more likely to find a chequing account that earns interest in an online bank than in a brick-and-mortar one.

Are Savings and Chequing Accounts the Same?

On the one hand, a chequing account’s main purpose is to facilitate banking transactions, such as cheque deposits, debits, and ABM withdrawals. On the other hand, people set up a savings account to gain access to long-term cash repositories they can use in emergencies. The money in your savings account is used when making loans, and the banks reward holders of these accounts with interest payments.

Final Thoughts

Today’s world of banking offers Canadians a large number of attractive chequing account options. If you want to stop being charged fees for making basic transactions, you should consider various competitive offers by banks vying for more customers. Opening a chequing account will give you remarkable benefits, including reliable security. Consider the features you need from your account to determine which plan offers the most favorable conditions.
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