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.
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.
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.
A Canadian newcomer will only be eligible for this Premiere Welcome Offer if:
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.
“Eligible Personal Client” for Newcomer Offers are only eligible if:
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.
A new Scotiabank client will only be eligible if:
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!
A potential client may only receive the special offer if:
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.
A potential CIBC client will only be able to receive a $100 Amazon.ca gift card if:
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.
A TD client will only be eligible for this plan if:
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 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.
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, 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.
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 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.
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.
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.
Below are some of the most important features to look for in a chequing account.
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.
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.