Types of Chequing Accounts
Depending on unique account features, account holder's age and other elements, there are several types of chequing accounts. Some chequing accounts fall under several categories. To choose the ideal chequing account, first you need to evaluate your specific banking desires and make comparisons based on operational costs for each option. You can use our chequing account comparison tool available online.
Personal Chequing Account
This special chequing account may have several features – non-fee 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 aided transactions plus a hard copy statement every month at no extra charges. 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
These children accounts in most cases offers unlimited monthly transactions and most of them earn interest based on the balance held in the account. For you to be fully qualified for this option, you have to be under the majority age in your location (territory or province). The youth chequing account doubles up as a chequing account and a saving account.
Student Chequing Accounts
Most chequing accounts for students provide unlimited transactions per month but will be charge for interac e-Transfers. To be a suitable candidate for specialized or student-rebate personal accounts, you need to be a student on full-time basis. Post-secondary and secondary students qualify for student chequing accounts too, 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 organizations offer interest of the account balance. The main benefit for this option is the ability to withdraw and deposit US dollars without paying currency conversation fees.
This category of accounts permits unlimited withdrawal transactions without any extra charges. The account may also include Interac e-Transfers and teller-aided transactions depending on different financial institutions. Unlimited chequing accounts may charge high monthly fees and have extra features. In some cases an unlimited chequing account is non-fee, if it is a digital online account.
No-Fee Chequing Accounts
As the name suggests, non-fee chequing accounts have no monthly fees, but Interac e-Transfer and non-bank cash withdrawals service fee is applicable. No-fee chequing accounts are mostly offered by online digital banks, have no branch or teller-aided transactions. Other features comprise of unlimited monthly transactions and earn interest on the cash balance in your account.