Most Canadians require a bank account to store their money in a safe place. There are so many banks and financial institutions offering chequing accounts, here are some factors to help you find the best chequing account that suits your requirements.
Almost all banks offer a no monthly fee chequing account. Look for hidden charges, as some banks require an average minimum balance maintained to waive off the monthly fees.
Evaluate your banking activities, if you make a lot of cheque deposits you may want to consider an account with mobile deposit technology that allows you to deposit cheques via a smartphone app. Perhaps you need a chequing account with unlimited transactions, but don’t mind a small monthly fee.
It may not seem, but it is very important to compare chequing accounts before choosing your bank. Did you know you could earn interest on your chequing account funds? The Tangerine No-Fee Daily Chequing Account actually pays you interest on your hard earned money.
Some banks make it easier to keep track of your account spending by offering add-on services such as text alerts, automated transfers to savings accounts, etc.
Below are some of the most important features to look for in a chequing account.
We have ‘the big 5 banks’ that are definitely the most popular, but you may not be aware of smaller institutions offering competitive services. All these banks compete against each other based on unlimited transactions, low monthly fees, sign-up rewards, longer branch hours, and superior customer service.
Below are chequing accounts offered by the big 5 banks listed in alphabetical order:
Below are some more options to compare chequing accounts listed in alphabetical order:
It is important to consider banking fees and charges before opening a bank account. Click here for a detailed explanation of Chequing Account Fees to help you compare and choose the right option.
Find the best no fee chequing account in Canada offered by institutions like Tangerine, Scotiabank, PC Financial and Parama Credit Union. Some banks even require a minimum balance be maintained on the account to avail of the no monthly fee option.
A feature that surely attracts consumers is a chequing account with unlimited transactions because regardless of the fixed monthly fee, you can make endless transactions on the chequing account. Most major banks offer such accounts, but there is usually a monthly fee that is applied. This certainly gives users peace of mind allowing them to use their chequing account to its fullest. Compare chequing accounts and find Canada’s most popular bank accounts that save you money.