There are many types of chequing accounts in Canada, with different account features. Chequing accounts fall under several categories. To choose the best chequing account, first evaluate your banking needs and then make comparisons.
Personal chequing accounts
Personal chequing accounts may have several features, such as no-fee chequing accounts or unlimited transactions. Some banks only have a personal chequing account option. However, they offer discounts and extra benefits for seniors, youth, and students instead of having specialized options.
Seniors’ chequing accounts
Most senior chequing accounts allow teller-assisted transactions and a monthly hard copy statement at no extra charge. You are only eligible for this option if you are at least 60 years old. In some cases, account holders must at least 65 years of age.
Youth chequing accounts
Youth chequing accounts, in most cases, offer unlimited monthly transactions. In addition, most earn interest on the account’s balance. To qualify for this option, account holder’s must be younger than the majority age in the territory or province. Youth chequing accounts double as both chequing accounts and saving accounts.
Student chequing accounts
Most student chequing accounts offer unlimited transactions per month. However, they charge for Interac e-Transfers. Student chequing account holders must be full-time students. Post-secondary and secondary students qualify for student chequing accounts, depending on the bank.
U.S. dollar chequing accounts
U.S. dollar chequing accounts include zero or very low monthly fees and limited transactions per month. Some banks offer interest on account balances. The main benefit for this option is the ability to withdraw and deposit U.S. dollars without paying currency exchange fees.
Unlimited chequing accounts
This type of chequing account permits unlimited debit transactions without charge. The account may also include Interac e-Transfers and teller-assisted transactions, depending on the bank. Unlimited chequing accounts may charge high monthly fees but 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, However, banks apply service fees for Interac e-Transfers and non-bank withdrawals. 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 interest on the account’s balance.