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 accountAccount An agreement you make with a financial institution to handle your money. You can set up an account for depositing and withdrawing, earning interest, borrowing, investing, etc.+ read full definition.
  • 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 depositDirect deposit A way to have money from your pay, investments or the government put into your account without a cheque. Example: You can ask the Canada Revenue Agency to deposit your tax refund directly into your bank account rather than mailing you a cheque.+ read full definition – 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 investInvest To use money for the purpose of making more money by making an investment. Often involves risk.+ read full definition.
  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.

Take action

Ask if you get a discountDiscount When something sells for less than its normal price.+ read full definition on account feesAccount fees The fees you pay to a financial institution for transactions and other services related to the operation of an account.+ read full definition if you hold other products with the same financial institution.

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