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There are many types of chequing accounts. Your selection should be based on the type that best addresses your needs.
The most common type is the personal chequing account – mostly held by an individual or with another person (say your spouse). There are also other accounts meant for a certain target group like students, seniors and youths.
Based on the level of service, you can open a basic chequing account, usually with a monthly transaction limit (between 10 and 12), and charges a small monthly fee not exceeding $5. The Premium chequing account has unlimited transactions, and offers other special privileges but charges a higher monthly fee of up to $30. You may also decide to go for a no-fee chequing account, which allows unlimited transactions with no premium features (e.g. in-person service). Banks also offer interest-earning chequing accounts.
The choice of the type of account depends on your average monthly transactions and other features that you may need.
What Features Should I Look For In A Chequing Account?
When choosing a chequing account, you’ll have to consider the features of the account itself.
- Daily Transactions – Includes POS (Point of Sale) purchases, bill payments and transfers. Choose an account that includes features that can meet all your needs.
- Varied Transactions – e.g. e-Transfer. Your account of choice should allow you to perform such varied transactions with ease. For instance, if you need a money order or bank draft, you may prefer in-person banking options to digital banking.
- Banking Mode – Most banks provide all-inclusive in-person, online and telephone services. Ensure that you choose an account that allows you to do banking in your preferred way.
- Overdraft Protection – This allows you to overdraw your account within the month. Choose for an account that offers low overdraft fees, if you expect to overdraw your account frequently.
- Rebates – Look for a chequing account that offers a discount on the monthly fee whenever you carry balance in your account.
What Else To Consider When Choosing a Chequing Account
Other determinant factors when choosing a chequing account are:
- Proximity To The Bank Branches – How close are the bank branches? Ensure that you will be able to access your bank conveniently at all times.
- Flexibility – Consider all the restrictions applicable on accessing your money. Pay attention to daily allowances on ATM withdrawals and POS purchases.
- Signup Bonuses – Different banks offer different bonuses, whether it’s in the form of cash or incentives like TVs, Phones or Tablets for first-time customers.
- Reward Points – Look for an account that allows you to collect reward points and one that pays interest on your deposited cash.
- Social Community Responsibility And Support – Choose an account from a financial institution that supports the community you live in.
You need time and adequate research to find the right chequing account that meets your specific needs. It is also advisable to keep comparing different chequing accounts in the market regularly to ensure that you have the best at any given time. CompareMyRates.ca’s chequing account comparison tool helps you in conducting a side-by-side analysis for different accounts. It also estimates the total monthly fees depending on your unique profile.
- You may also want to read about:
- How To Save Money in Canada
- Features of Chequing Accounts
- What Are Savings Accounts
- Types of Savings Accounts