Fees can vary for similar chequing accounts and services. Shop around and compare before you choose 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

1. Direct deposit– Your employer may be able to deposit your pay directly into your account.
2. Pre-authorized debits (PAD) – Transfer money from your account automatically each month to pay bills or to save and invest.
3. 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.
4. 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.
5. Telephone banking and Internet banking – Contact the bank’s customer service centre and arrange a password to use these services.