There are many types of chequing accounts in Canada, mainly differing on the account features, account’s holder age and other elements. Some chequing accounts fall under several categories. To choose the best chequing account, you need to first evaluate your banking needs and make comparisons based on operational costs for each option.
Personal Chequing Account
Personal Chequing accounts may have several features – no-fee chequing accounts or unlimited transactions. Some financial institutions only have personal chequing account option, but offer discounts and extra benefits for seniors, youth and students instead of having specialized options.
Seniors’ Chequing Accounts
Most senior chequing accounts comprise of teller assisted transactions and a monthly hard copy statement at no extra chargers. You are only eligible for this option, if you are 60 years and above and for others at least 65 years of age.
Youth Chequing Accounts
Youth chequing account in most cases offers unlimited monthly transactions and most of them earn interest on the account held balance. For you to qualify for this option, you have to be below the majority age in you location (territory or province). The youth chequing account doubles up as a chequing account and a saving account.
Student Chequing Accounts
Most student chequing accounts offer unlimited transactions per month but will be charged for interac e-Transfers. To be eligible for specialized or student-rebate personal accounts, you must be a student on a full-time basis. Post-secondary and secondary students qualify for student chequing accounts but it depends on the bank.
U.S. Dollar Chequing Accounts
US dollar chequing accounts include zero or very low monthly fees and limited transactions per month. Some financial institutions offer interest of the account balance. The main benefit for this option is the ability to withdraw and deposit US dollars without paying currency exchange fees.
Unlimited Chequing Accounts
This type of chequing accounts permits unlimited debit transactions without any extra charges. The account may also include Interac e-Transfers and teller-assisted transactions depending on different financial institutions. Unlimited chequing accounts may charge high monthly fees and have extra features. In some cases unlimited chequing accounts are non-fee, if it is an online account.
No-Fee Chequing Accounts
As the name suggests no-fee chequing accounts have no fixed monthly fees, but Interac e-Transfer and non-bank withdrawals service fee is applicable. No-fee chequing accounts are mostly offered by digital banks and have no branch or teller-assisted transactions. Other features include unlimited monthly transactions and earn interest on the balance in the account.