Personal chequing accounts come with various features that are well-suited for the needs of every individual. Typically, the monthly fee varies according to the number of transaction types and services the particular account offers. Accordingly, you can expect to pay monthly charges ranging from $0 to $30. Before signing up for a particular personal chequing account, you may want to compare the features and choose the right type that matches your requirements.
Best Chequing Account in Canada (Editors Pick)
Below you can find some of the best chequing accounts offered in Canada, so you can get an idea of what kind of chequing account you can get.
Expected Chequing Account Features
Although the features offered by different personal chequing accounts may vary, one underlying factor to keep in mind is that any transaction you conduct that is not included in the original package will incur an additional transaction fee. Depending on the type of account you have, you may receive facilities that include a fixed number of transactions each month or an unlimited number of debit transactions.
Typical Chequing Account Fees
In case you conduct additional transactions than the allotted limit per month or different kinds of transactions that are not included in the personal chequing account package, you’ll incur an extra service fee. Like, for instance, charges like non-bank ATM fees or Interac e-Transfers fees. You should learn how to avoid common chequing account fees.
When Should You Opt for a Personal Chequing Account
Under certain conditions, opting for a personal chequing account is a smarter option. Like, for instance,
- You need a premium account: Getting a premium account may cost you higher monthly fees but it is ideal if you have extensive banking needs that can be covered in the fee. In this way, you can avoid the additional service charges you’ll have to pay for the different transactions you need to make each month.
- You don’t qualify for a seniors’, youth, or student account
- You’re looking for economical banking services: You can use the personal chequing account to make major savings on the service fee by restricting the number of monthly transactions to the allocated number. You’ll pay additional fees only if you make more transactions.
When Should You Not Opt for a Personal Chequing Account
Given your particular needs, you may find that a personal chequing account is not viable for you. For example:
- You qualify for a youth, student, or seniors’ account.
- The savings account is sufficient for the transactions you need to make and other banking requirements.