Best Chequing Accounts in Canada for 2024

ALSO CONSIDER: Best no-fee chequing accounts | Best Chequing Account Offers and Promotions | Best Student Bank Accounts | Best Senior Bank Accounts

A chequing account is an all-purpose bank account for everyday expenses. Use it to pay bills, access cash with your debit card, handle day-to-day transactions and manage your money in the short to medium term.

The best chequing account will make it easy for you to tackle most financial tasks.

• Summary of our picks for the best chequing accounts
• The best chequing accounts in Canada
• Beginner’s guide to chequing accounts

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Best Chequing Accounts in Canada from our Partners

Banking	Intro Offer	Monthly Fee	Number of Transactions
Learn more Best overall banking package BMO Performance Chequing Account	Up to $600*	$17.95 Waived with minimum balance	Unlimited	Apply Now Learn more
Learn more Simplii Financial™ No Fee Chequing Account	$500	$0	Unlimited	Apply Now Learn more
Learn more RBC Signature No Limit Banking	$450	$16.95 Rebates available	Unlimited	Apply Now Learn more

Summary of best chequing accounts

Best chequing accounts in Canada

Best banking package with a generous intro offer

Scotiabank Preferred Package

• Bonus Offer
  Up to $800*

  Earn up to $800 with a Scotiabank Preferred package and an investment plan. To qualify, certain conditions must be met. Offer ends Mar. 1, 2025.
• Monthly Fee
  $16.95

  No monthly account fee by maintaining a minimum daily closing balance of $4,000 for the entire month.

  Waived with minimum balance
• Number of Transactions
  Unlimited

Apply Now

Our Take

• You can enjoy unlimited transactions, e-transfers and a first-year annual fee waiver of up to $150 on select credit cards with the Scotiabank Preferred Package.
• Founded in Halifax in 1832, Scotiabank is one of Canada’s oldest and largest banks, a more or less permanent member of the country’s Big Six financial institutions. Read our review of Scotiabank for more information.

Product Details

• Earn up to $800 with a Scotiabank Preferred package and an investment plan¹.
• Earn an additional 0.05% on your Momentum Plus Savings Account
• Unlimited debit transactions and Interac e-transfer transactions
• First year annual fee waiver (up to $150) on select credit cards
• Earn points on every day purchases with the Scene+™ program
• 4 more perks
• Rates, fees and other information are effective as of Mar 1, 2024. Subject to change.
• Terms and Conditions Apply. Click ‘Apply Now’ for complete details.

Best tiered banking package with a generous cash-back offer

CIBC Smart™ Account

• Bonus Offer
  Up to $600

  Get a $400 cash bonus. Open your first Smart Account and, within two months, set up and complete one monthly recurring direct deposit of $500 or more from your employer, government or pension. Within the first month, also complete one of these actions: (1) two recurring pre-authorized debits; (2) two online bill payments of $50 or more each; (3) five online Visa Debit purchases.
• Monthly Fee
  $6.95-$16.95

  The monthly fee varies by the number of transactions included. Waive the monthly fee and enjoy unlimited transactions by maintaining a $4,000 minimum balance.

  Waived with minimum balance
• Number of Transactions
  Varies with monthly fee

  Up to 12 transactions: $6.95 monthly fee. 13 to 20 transactions: Additional $1.25 each Unlimited transactions: $16.95 monthly fee Monthly fee rebated with minimum deposit balance.

Our Take

• Pay for what you use with the CIBC Smart™ Account, which offers a flexible monthly fee that adjusts to the number of transactions you make.
• Canadian Imperial Bank of Commerce, also known as CIBC, is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review of CIBC for more information.

Product Details

• Get a $400 cash when you open your first chequing account and complete the qualifying actions.
• The monthly fee varies by the number of transactions included: $16.95 for unlimited transactions, $6.95 for up to 12 transactions, or, for 13 to 20 transactions, $6.95 plus $1.25 for each additional transaction.
• Waive the monthly fee and enjoy unlimited transactions by maintaining a $4,000 minimum daily balance.
• Free Interac e-transfer transactions that count towards your total transactions.
• Access to nearly 4,000 ATMs across Canada.
• One free non-CIBC ATM withdrawal per month in Canada.
• Shop online and in-app using money directly from your CIBC Smart Account with Visa* Debit.
• Manage your daily spending and grow your savings with help from CIBC Insights — a tool included in the CIBC Mobile Banking App that offers tailored tips based on your debit and credit card activity.
• CIBC Smart Balance Alert gives you a heads-up when your account is short on funds. That gives you time to make a transfer and avoid a non-sufficient funds (NSF) fee and a declined payment.
• Checkout with CIBC’s digital payment options, including Visa Debit, Click to Pay, Google Pay, Apple Pay and Samsung Pay.
• Save up to 10 cents per litre on gas by linking your CIBC card with Journie Rewards to save on gas at participating Pioneer, Fas Gas, Ultramar and Chevron locations.
• Bank in-person, online or in the mobile app.
• Only available to Canadians aged 25 and older.
• CIBC Smart Account offers for students, newcomers and foreign workers.
• Deposits are eligible for insurance from CDIC

Best chequing account with a generous intro offer

TD Unlimited Chequing Account

• Bonus Offer
  Up to $500

  Get a $400 cash reward when you open a TD Unlimited Chequing Account by Feb. 25, 2025, and complete two of the qualifying actions by April 25, 2025. Set up (1) a recurring direct deposit from an employer, pension provider or the Government OR (2) a recurring pre-authorized debit payment of at least $50 OR (3) make an online bill payment of at least $50. Get a $100 additional cash bonus when you bundle the new chequing account with an eligible TD credit card that you need to apply for and get approved, as well as open a savings account and complete the eligibility criteria by April 25, 2025: Set up a pre-authorized or Simply Save transfer.
• Monthly Fee
  $16.95

  Waive the monthly fee by maintaining a $4,000.00 minimum balance.

  Waived with minimum balance
• Number of Transactions
  Unlimited

Our Take

• The TD Unlimited Chequing Account is a convenient way to manage your daily expenditures, with unlimited transactions, free Interac e-transfers and a first-year annual fee rebate on select TD credit cards up to $139.
• TD Bank, founded in 1955 is one of Canada’s Big Six banks offering bank accounts, credit cards, loans, and investment solutions. Read our review of TD Bank for more information.

Product Details

• Get a $400 cash reward when you open a TD Unlimited Chequing Account by Feb. 25, 2025, and complete two of the qualifying actions by April 25, 2025. Set up (1) a recurring direct deposit from an employer, pension provider or the Government OR (2) a recurring pre-authorized debit payment of at least $50 OR (3) make an online bill payment of at least $50.
• Get a $100 additional cash bonus when you bundle the new chequing account with an eligible TD credit card that you need to apply for and get approved, as well as open a savings account and complete the eligibility criteria by April 25, 2025: Set up a pre-authorized or Simply Save transfer.
• Monthly fee: $16.95. ($11.95 for customers 60 and older.) No fee if you have $4,000 in your account at the end of each day of the month.
• Unlimited transactions included per month.
• Free Interac e-transfer transactions.
• Use your TD Access Card for online and in-person shopping, and cash withdrawals, wherever Visa is accepted.
• Visa and Interac Zero Liability protection: no customer responsibility for any unauthorized transactions.
• No additional fee for using non-TD ATMs in Canada. Other banks may charge their own fees.
• Foreign ATM fees: $3 in U.S. and Mexico, $5 in any other foreign country.
• Use TD MySpend to track monthly spending and improve spending habits.
• Direct deposit for paycheques, mobile deposit for all other cheques.
• Access to the Simply Save program, which automatically transfers small amounts of money to a linked TD savings account when using your TD Access Card.
• CDIC protection for eligible deposits.

Best for cash-back and international students offer

Simplii Financial™ No Fee Chequing Account with Student Banking Offer

• Bonus Offer
  $500

  Welcome offer: Earn $500† when you become a new client and open a No-fee Chequing Account by February 28th, 2025. Add an eligible direct deposit of at least $100 a month for 3 straight months. Offer ends February 28th, 2025.
• Monthly Fee
  $0
• Number of Transactions
  Unlimited

Apply Now

Our Take

• The Simplii Financial™ No Fee Chequing Account for students comes with attractive perks and offers, unlimited debit transactions, free access to a large ATM network and more.
• Simplii Financial is an online bank owned by CIBC that offers savings and chequing accounts, credit cards, mortgages, loans, lines of credit, registered plans, GICs, and mutual fund accounts. Read our review of Simplii Financial for more information.

Product Details

• Welcome offer: Earn $500† when you become a new client and open a No-fee Chequing Account by February 28th, 2025. Add an eligible direct deposit of at least $100 a month for 3 straight months. Offer ends February 28th, 2025.
• No monthly fees and no minimum balance even after you graduate.
• Free access to Canada’s largest ATM network through CIBC.
• Free daily banking: unlimited debit purchases, bill payments, withdrawals and Interac e-Transfer®.
• If you are an International student Simplii’s International student GIC Program is designed to help you get a study permit quicker and meet visa requirements.
• Deposits are eligible for CDIC insurance.

Best seniors bank account with cash-back and a multi-product rebate

RBC Signature No Limit Banking for Seniors

• Bonus Offer
  $450

  Switch to an RBC chequing account and complete the criteria to receive $450 if you open an RBC Signature No Limit Banking® account by April 18, 2025. Conditions apply.
• Monthly Fee
  $12.95

  $12.95 monthly fee for seniors or less with Value Program Rebate.

  Rebates available
• Number of Transactions
  Unlimited

Our Take

• RBC Signature No Limit Banking offers unlimited debit transactions, free Interac e-Transfers®, and up to a $48 annual fee rebate on eligible RBC credit cards.
• Royal Bank of Canada (RBC) is one of Canada’s Big Six banks providing banking, investment, and lending solutions to individuals and businesses since 1869. Read our review of RBC for more information.

Product Details

• Switch to an RBC chequing account and complete the criteria to receive $450 if you open an RBC Signature No Limit Banking® account by April 18, 2025. Conditions apply.
• Unlimited debits transactions in Canada, valuable savings and even more.
• Get a credit card for less – Up to $48 rebate on the annual fee of an eligible credit card.⁵
• FREE Interac‡ e-Transfer transactions.⁶𝄒⁷
• 3 non-RBC ATM fees waived/month, $2 each thereafter.⁸
• 5 FREE cross-border debits/month, $1 each thereafter.⁹
• No minimum balance (even to get rebates).
• Monthly Fee¹: $16.95 (or less with rebate).²
• $10.95 or $5 monthly fee with Value Program Rebate.¹⁰
• $12.95 monthly fee for seniors¹¹ — or less with Value Program Rebate.¹⁰
• Avion Points¹² – Enroll your account in the Value Program to get a minimum of 1 Avion point for every $10 you spend in-store and online using your enrolled account.
• Overdraft Protection¹⁵ – Fee waived (overdraft interest applies if used).
• Safe Deposit Box¹⁶ – Up to $12/year discount on regular fees.
• Non-Sufficient Funds (NSF) Fee – 1 NSF fee rebated every calendar year.²⁶
• 1 book of cheques FREE, afterwards Fees Apply¹⁷
• Bank Drafts¹⁸ – 6 FREE/year, $9.95 each thereafter.
• Online, Mobile and Telephone Banking FREE.
• eStatements FREE.
• Monthly Paper Statements $2.25 without cheque image, $2.50 with cheque image.
• Right Account Guarantee® If you’re not completely satisfied within the first 4 months, we’ll refund your monthly fees for up to 3 months.¹²

Best no-fee chequing account with cash-back offer

Tangerine No-Fee Daily Chequing Account

• Bonus Offer
  $250

  (1) Become a Client. (2) Open your Chequing Account. (3) Switch your payroll deposits to earn $250 by moving your paycheques to your Tangerine Chequing Account for 2 consecutive months.
• Monthly Fee
  $0
• Number of Transactions
  Unlimited

Our Take

• Tangerine’s No-Fee Daily Chequing Account offers free access to 44,000 ABMs worldwide, overdraft protection, financial monitoring tools and a secure way to shop both online and in person.
• Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine for more information.

Product Details

• Switch your payroll deposits and you could get $250.
• No monthly fee.
• Interest rate: up to 0.1%.
• Free online daily banking, including debit purchases, bill payments, pre-authorized payments, Interac e-Transfers and ABM transactions that use Scotiabank’s ABM network.
• ABM withdrawals with other banks in Canada: $1.50.
• ABM withdrawals on other networks worldwide: $3.00.
• Free first cheque book (50 cheques). $50 for each additional cheque book.
• Tangerine Client Card with Visa Debit can be used anywhere Visa is accepted, and can be added to Apply Pay, Google Pay and Samsung Pay.
• Card is covered by Interac and Visa Debit Zero Liability protection, so you won’t have to pay for unauthorized purchases.
• Access to tools and alerts that help monitor spending activity.
• CDIC protection for all eligible deposits.

Best seniors chequing account with a generous cash-back offer

Coast Capital Unlimited Chequing Account for Seniors

• Bonus Offer
  $250*

  From August 13 – November 28, 2024: New members can get $250* when they open and use an Unlimited Chequing Account. *Conditions apply. See full terms and conditions.
• Monthly Fee
  $0
• Number of Transactions
  Unlimited

Our Take

• As the name suggests, the Coast Capital Unlimited Chequing Account offers unlimited transactions as well as a full rebate on monthly fees for seniors.
• Coast Capital is a Federal Credit Union providing personal and business banking, mortgage, auto finance and wealth management services to its members. Coast Capital has been certified as a B Corp® since 2018 for its commitment to social and environmental performance practices.

Product Details

• No monthly fees.
• Unlimited transactions, including Interac e-transfers.
• Free access to identity theft protection with ID Assist.
• Free cheques and paper statements.
• Pay $2.50 for Interac Network ATM Transactions nationwide.
• Eligible deposits (including interest) equivalent to $100,000 CAD per deposit category are insured by CDIC.

Best high-interest-earning hybrid account with bonus reward points

The PC Money™ Account

• Bonus Offer
  150,000 bonus PC Optimum points.*

  Earn bonus PC Optimum points with a welcome offer when you open a new PC Money Account. Additionally, you must set up a payroll or pension direct deposit of at least $1,500 for three consecutive months. The first deposit must be made within 60 days of account opening. Offer ends Nov. 30, 2024.
• Monthly Fee
  $0
• Number of Transactions
  Unlimited

Our Take

• The PC Money Account with the optional savings feature makes it an attractive high-interest paying no-fee hybrid account. Aside from the chequing and savings account features, it has a unique rewards program.
• President’s Choice Financial is part of Loblaw Companies Limited with millions of account holders across Canada that save bank fees and earn rewards through the PC Optimum points system.

Product Details

• Only new PC Money™ Account cardholders can receive the bonus points.
• To qualify, you must deposit at least $1,500 per month via payroll or pension direct deposits for three consecutive months. Other deposits, such as Interac e-transfers, do not qualify.
• Standard points are awarded within 2-7 business days after each qualifying deposit, with bonus points awarded 4-6 weeks after requirements are met.
• Option to earn a high rate of interest with the savings feature.
• The savings feature is not available in Quebec. Residents can still open a PC Money Account and start earning points.
• No monthly fee.
• No minimum balance required.
• Free unlimited everyday transactions online and in-store, including electronic fund transfers, withdrawals at PC Financial bank machines, self-serve bill payments and purchases in Canadian dollars.
• Free Interac e-transfer services.
• The PC Money Account card, provided by Mastercard, is compatible with Apple Pay and Google Pay digital wallets and can be used anywhere Mastercard is accepted.
• PC Financial provides Mastercard Zero Liability Promise for unauthorized purchases.

Best student chequing account with cash-back offer

TD Student Chequing Account

• Bonus Offer
  $125

  Open a new a new TD Student Chequing Account between November 1, 2024 and April 30, 2025 and you could get $125. Conditions apply.
• Monthly Fee
  $0
• Number of Transactions
  Unlimited

Our Take

• Offering no fees, free daily banking and tools to help you save faster, the TD Student Chequing Account is a worthwhile option for young Canadians hoping to start the next phase of their lives on solid financial footing.
• TD Bank, founded in 1955 is one of Canada’s Big Six banks offering bank accounts, credit cards, loans, and investment solutions. Read our review of TD Bank for more information.

Product Details

• Open a new TD Student Chequing Account and you could get $125. Conditions apply. Offer ends April 30, 2025.
• No monthly fee until the account holder turns 23. After 23, proof of full-time enrollment in post-secondary education is required to maintain eligibility.
• Interest rate: 0.01%.
• Unlimited transactions per month, including online purchases and recurring payments.
• No transfer fee to send or request money using Interac e-Transfer.
• No minimum monthly balance required.
• No-fee overdraft protection.
• TD Access Card with Visa Debit allows you to shop online and in-store wherever Visa is accepted.
• Free access to TD’s ATM network in Canada.
• Non-TD ATM fees: $2 each in Canada, $3 each for U.S. and Mexico, $5 in any other foreign country.
• Direct deposit for paycheques and mobile deposit for other cheques.
• Access to TD MySpend, which helps improve spending habits, and the Simply Save program, which automatically transfers a small amount of money into an associated TD savings account when you complete a debit transaction.
• Link your card with your Starbucks Rewards account and earn 50% more Stars at participating Starbucks stores.
• CDIC protection for eligible deposits.

Best for student banking perks

RBC Advantage Banking for students

• Bonus Offer
  $100¹

  Get a $100 cash reward when you open an RBC Advantage Banking account for students, and RBC will donate another $100 to an eligible charity of your choice. Offer Ends January 31, 2025. Conditions apply. To qualify: 1) Open a new account by January 31, 2025. 2) Complete one of the following transactions by March 31, 2025: Make 3+ debit transactions, register for Interac auto-deposit and send one e-transfer, or sign up for a Virtual Visa Debit Card and make one transaction.
• Monthly Fee
  $0

  $0 monthly fee for full-time students.
• Number of Transactions
  Unlimited

Apply Now

Our Take

• The RBC Advantage Banking for students account is a simple, inexpensive way for students aged 13 and up to manage their money — and earn Avion points on debit purchases.
• Royal Bank of Canada (RBC) is one of Canada’s Big Six banks providing banking, investment, and lending solutions to individuals and businesses since 1869. Read our review of RBC for more information.

Product Details

• Limited Time Offer: Students get $100¹ when you open an eligible no monthly fee RBC bank account². Offer Ends January 31, 2025. Conditions apply.
• No monthly fee for full-time students.⁴
• Free Interac e-Transfer transactions⁵𝄒⁶ – Make your transactions – Quick, Easy and Free.
• No ATM Fee from RBC to use another bank’s ATM in Canada.⁷𝄒⁸ – That’s more money in your pocket.
• Get the RBC ION+ Visa and start earing 3x the Avion points on things like groceries – Plus, it’s the annual $48 fee you want back in your pocket. Each month get $4 back when you pair your ION+ with the RBC Advantage Banking account for students.⁹
• Unlimited debit transactions Canada.
• Open the account in the RBC Mobile App¹⁰ in minutes!
• Earn Avion Points on debit purchases with the RBC ION+ Visa or by enrolling this RBC bank account with Value program.¹¹

Best high-interest-earning hybrid account

EQ Bank Personal Account

• Bonus Offer
  N/A
• Monthly Fee
  $0
• Number of Transactions
  Dollar limits apply*

  Up to $20,000 outbound <i>Interac</i> e-Transfer® monthly maximum; Up to $250,000 EQ to EQ Transfers Daily Maximum; $25,000 per <i>Interac</i> e-Transfer® Inbound transaction.

Apply Now

Our Take

Why we like it

• EQ Bank’s Personal Account is the digital-first bank’s flexible hybrid chequing and savings account. It features a high interest rate, no monthly fees, and free and unlimited transfers.
• The bank also offers joint accounts, US dollar accounts, TFSAs, RRSPs, and GICs.

Product Details

• Customers who set up direct deposit on their EQ Bank account will also get a bonus interest on recurring pre-authorized debits.
• Here’s how to get the bonus interest: (a) Set up $500/month or more in either direct deposit for your pay or recurring pre-authorized debits. (b) Applies to your Personal Account, Joint Account and EQ Bank Card¹ balance. (c) Once set it up, they’ll be eligible for the increased rate of 3.75%* for 12 months! (d) Those who already set up the above automatically qualify for bonus interest!
• 3.75% interest rate*.
• No monthly fee.
• This hybrid account gives you the benefits of savings with the flexibility of chequing.
• Mobile Cheque Deposit is available through the EQ Bank mobile app.
• Zero monthly banking fees.
• No transaction or service fees. EQ Bank does not charge account fees, fees for sending or receiving Interac e-Transfers®, fees for bill payments, overdraft fees, or dormant account fees.
• No minimum balance, but a $200,000 maximum balance.
• Access your money immediately through the mobile app and online banking website, where you can deposit or transfer funds using Interac e-Transfers® or Electronic Funds Transfer (EFT) to linked accounts.
• Eligible for CDIC deposit insurance.
• As of December 2022, EQ Bank is available to Québec residents.
• *Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

Best no-fee seniors chequing account with premium perks

Canadian Western Bank Gold Leaf PLUS Account

• Bonus Offer
  N/A
• Monthly Fee
  $0
• Number of Transactions
  Unlimited

Our Take

• Designed for Canadians 57 and older, the Canadian Western Bank Gold Leaf PLUS Account has no monthly fees, unlimited transactions and free personalized cheques.
• Canadian Western Bank offers business banking, investing products, registered plans, and personal banking, including loans, mortgages, credit cards, and chequing and savings accounts.

Product Details

• Available to Canadians 57 and older.
• No monthly fees.
• Unlimited transactions, including Interac eTransfers.
• Complimentary paper cheques.
• Electronic or paper statements.
• $15 discount on safe deposit box rentals.
• Option to receive GIC interest monthly with no penalty.
• Deposits eligible for insurance from CDIC.

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Beginner’s guide to chequing accounts

• What is a chequing account?
• What are the types of chequing accounts?
• How to compare chequing accounts in Canada
• How to open a personal chequing account

What is a chequing account?

Chequing accounts are transactional accounts for day-to-day use. They typically come with a debit card for shopping and ATM access. Unlike savings accounts, deposited money doesn’t usually earn interest.

Chequing account definition

A chequing account is an account for everyday spending. With it, you can pay bills, make online or in-store purchases, deposit and withdraw cash and more. Chequing accounts also come with cheque-writing privileges. Many chequing accounts have monthly fees, which may be waived by maintaining a minimum balance, and offer a limited number of free transactions.

Chequing vs savings account: What is the difference?

Chequing and savings accounts are both designed for everyday banking. Lots of people use both to cover their banking needs. But these accounts are intended for different purposes, and what separates them can help you decide how to use these accounts to your benefit.

What are the types of chequing accounts?

Chequing accounts come in all shapes and sizes for varying life circumstances and banking needs.

Basic chequing account

This no-frills account is one of the most common and popular chequing account options. It comes with all the essentials, including a debit card, ATM access and cheque-writing privileges.

No-fee chequing account

A no-fee chequing account, also known as a free chequing account, is a chequing account that doesn’t have any monthly fees. No fee isn’t entirely accurate, though — you may still pay one-time fees per use for things like using out-of-network ATMs or overdrawing your account.

Online-only chequing account

Online banks offer online-only chequing accounts. These accounts are no different from traditional chequing accounts — you still get a debit card and ATM access — you just can’t visit a physical branch. Account management occurs through the provider’s online banking portal or mobile app.

Student chequing account

These chequing accounts are designed for students and typically offer unlimited debit transactions with no monthly fees. Many student accounts are limited to post-secondary students, and you usually need to provide proof of enrolment to qualify.

Youth chequing account

Youth chequing accounts are accounts for children, teens and young adults. They offer many of the same perks as student chequing accounts, except you don’t need to be a student to qualify. The age cutoff for youth chequing accounts is typically set at the age of majority, though some youth accounts accept applicants up to 24 years old.

Seniors chequing account

Some banks offer dedicated senior chequing accounts for those 60 to 65 years old and older — others provide senior discounts on standard chequing accounts. Typical account offerings include personal cheques, free monthly paper bank statements and unlimited transactions for low or no monthly fees.

Newcomer bank account

Newcomer accounts are for those new to Canada, including landed immigrants, permanent residents and foreign workers. Some banks offer newcomer accounts, while others waive fees on standard accounts for those of newcomer status.

Premium chequing account

Premium chequing accounts come with top-tier benefits like unlimited out-of-network ATM withdrawals, free global money transfers, preferred exchange rates, free personalized cheques and more. Expect to pay a higher monthly fee unless you can meet minimum daily balance requirements.

Joint chequing account

A joint chequing account is shared between two or more people. All account holders share equal responsibility for the account and can make transactions, deposits and withdrawals.

Foreign currency and USD accounts

Foreign currency chequing accounts are designed to send, hold and receive payments in foreign currencies. These can be USD-specific or multi-currency accounts. These accounts help cut back on foreign exchange fees and may include free wire transfers, too. You can convert your money back into Canadian dollars whenever you want.

Business chequing account

A business account is geared to serve business needs. There are bank accounts for businesses of all sizes, offering tiered monthly transactions and fee options.

How to compare chequing accounts in Canada

Before you open a chequing account, consider the following questions.

• How do you plan to use your chequing account?
• How do you want to access your chequing account?
• How can you save on bank fees?
• What rewards and special features matter to you?

How do you plan to use your chequing account?

There are numerous ways to deposit, withdraw and transact, so take stock of your banking habits as you compare chequing accounts.

Deposit cash and cheques

Cash and cheques can be deposited at an ATM or bank branch during business hours. You may also be able to deposit a cheque using a bank’s mobile app.

Withdrawals

Like cash deposits, withdrawals can be made at an ATM or bank branch during business hours. You may also be able to withdraw cash when conducting a transaction in a store by requesting cash back.

You may be charged a fee for withdrawing money if you exceed your monthly transaction limit or use an out-of-network ATM.

Pre-authorized payments

Set up pre-authorized payments through your chequing account so you never miss a payment deadline. Money is automatically withdrawn from the account at a predetermined amount and frequency.

Pre-authorized payments can also move money from a chequing account into a savings account — a simple way to automate a savings habit.

Transfer funds

An electronic funds transfer (ETF) sends money from one bank account to another. You can move funds between two accounts in your name at the same institution or send money from your account to an external account.

E-transfers

An Interac e-transfer is an online money transfer. The only information you need to send an e-transfer is the recipient’s email address or phone number. Transfers are made safe with security questions and passwords agreed upon by sender and recipient. You can also set up auto-deposit, which waives the security question and password in favour of automatically depositing e-transfer funds to your account.

Other transactions

Additional transactions you can perform with a chequing account include money orders, bank drafts and wire transfers. Fees for these services are common.

How do you want to access your chequing account?

Consider your account access options as you compare chequing accounts.

In-person banking

If you prefer to bank face-to-face, opt for a financial institution or credit union with a well-established branch network. The Big Six Banks are among the largest in Canada and offer locations and ATMs across the country.

Some teller-assisted transactions come with a fee.

Over the phone

You can conduct numerous account transactions over the phone, like paying bills, checking your account balance and transferring funds between accounts. Some providers have automated phone services to complete these transactions, while others offer the assistance of live bank representatives during business hours.

Online banking

With the rise of digital banking, online account access has become nearly ubiquitous. Many banks offer online banking portals for customers to manage their accounts from a computer, tablet or mobile device. If available, you may also be able to access your account through a provider’s mobile app.

How can you save on bank fees?

Canadian bank fees are common, but there are ways to avoid being nickel and dimed.

Monthly account fee

• Choose a no-fee account. Narrow your search by restricting your account options to those without monthly fees.
• Meet minimum account balance requirements. Some chequing accounts rebate monthly fees if you keep your daily account balance above a certain threshold.

Transaction fees

• Avoid out-of-network ATMs. Fees for using out-of-network ATMs are common, so stick with ATMs in your bank’s network when possible.
• Consider the features you’ll use most. Some accounts have fees for services like paper statements, cash withdrawals and Interac e-transfers — others don’t. Identify the features you’ll use most and find an account that offers that feature for free.
• Watch your account balance. Non-sufficient funds (NSF), or insufficient funds fees, are charged when there isn’t enough money in your account to cover an outgoing payment or transaction. Keep an eye on your account balance to avoid bounced payments and NSF fees.
• Review the fine print. Scan the terms of conditions of your account for account fees triggered by certain events or transactions. The more you know about these fees, the better you’ll be able to keep them off your monthly account statement.
• Look for discounts or rebates. If you’re a student, a senior or new to Canada, discounts and promotional offers may be available for you.

What rewards and special features matter to you?

Banks offer bonuses, promotions and perks to incentivize customers to sign up for new accounts.

Sign-up bonuses

Cash bonuses, merchandise and waived fees are common sign-up bonuses for chequing account applicants. To access these rewards, you typically need to complete a few qualifying activities within a certain period following your account activation. Some of these may include making an initial account deposit, paying a bill and setting up recurring direct deposits or pre-authorized debit transactions.

Rewards programs

Similar to credit card rewards, some chequing accounts earn points you can redeem for gift cards, merchandise, travel rewards and more. In fact, some chequing account rewards pair with credit card programs from the same provider so that customers can increase their point earning potential.

Chequing account interest rates on hybrid accounts

Chequing accounts that earn interest are uncommon. But you may be able to find an account that accumulates interest and functions like a chequing account by opening a hybrid account.

Hybrid accounts function like a chequing and savings account in one, combining interest-earning capabilities with flexible deposits and withdrawals. Digital banks typically offer these accounts.

Bundled banking packages

Some banks and credit unions offer account bundles that package chequing and savings accounts. You may be able to open these accounts with a single application, and some bundles combine two or more sets of monthly fees into a single (potentially reduced) monthly payment.

How to open a personal chequing account

• Check eligibility. Eligibility criteria vary by account and provider. Make sure you qualify for an account before you begin its application process.
• Gather documentation. Account applications typically require that you provide your full name, residential address, contact information and social insurance number alongside at least one piece of government-issued photo ID.
• Review application options. Some providers prefer for new customers to apply in-person at a branch — other applications, like those for digital bank accounts, are only available online. Find out if there is a preferred application method for the account you’d like to open.
• Apply. Whether in-person, by telephone or online, the chequing account application process can often be completed in just a few minutes.

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About the Author

Siddhi Bagwe

Siddhi Bagwe is a content management specialist at NerdWallet Canada. Treating content marketing as an educational medium for readers, Siddhi believes in empowering them with the knowledge of personal finance…

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