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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. 
Use the Banking Package Selector Tool to compare chequing accounts across Canada.

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 (PADs) – 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.
 

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