Choosing a chequing account
Fees can vary for similar chequing accounts and services. Shop around and compare before you open an account.
Types of accounts
1. Regular chequing accounts
- You may earn a small amount of interest.
- You may be charged a fee each time you pay with a cheque, use your debit card or withdraw money from an ATM or teller.
- Or you may pay a flat monthly service charge that allows you to make a certain number of transactions.
- Some accounts will waive the monthly fee if you keep a minimum monthly balance.
2. Combined chequing and savings accounts
- You may earn a little more interest than with a chequing account.
- You can get your money quickly and easily.
- You can write cheques. But you will often pay higher fees for writing them.
5 common chequing account features
- Direct deposit – Your employer may be able to deposit your pay directly into your account.
- Pre-authorized debits (PADs) – Transfer money from your account automatically each month to pay bills or to save and invest.
- Debit card – Use it to pay for items or get cash when you shop in a store that displays the “Interac” logo. The money is taken out of your bank account.
- Bank machine/automated teller machine (ATM) access – Use your debit card at bank machines to make deposits, pay bills, move money between your accounts and get cash.
- Telephone banking and Internet banking – Contact the bank’s customer service centre and arrange a password to use these services.