Free – No Fee Chequing Accounts
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If you opt for one of the free everyday banking solutions, you can save an impressive $200+ per year in fees, compared to Canada’s major banks. You can benefit from all the same services, plus:
- You’ll have the ability to use the money usually blocked by minimum balance requirements,
- You can earn higher interest rates by depositing your money in savings accounts or other investment opportunities.
Best No-Fee Chequing Account Canada
About Canadian banks and no fee chequing accounts.
The World Economic Forum has rated Canada’s banking sphere as the most sound. Indeed, our banking institutions have been leading the global industry for the past 7 years.
Canada’s Big Five banks have continued to show significant high-profit rates despite uncertain economic conditions. During the second quarter of 2017, analysts noted that these banks managed to surpass expectations.
These high profit rates are due to high service charges and the bank fees that Canada’s Big Five banks charge their customers. Since the fee raise of 2015, customers are paying rising account fees and transactions costs, while veterans and senior citizens have noted a reduction in the discounts they previously enjoyed.
Although the Big Five banks do offer free services, they also require that customers maintain a minimum balance each month. This is a major downside. It means that funds are blocked and cannot be invested or deposited in higher-interest savings accounts.
Chequing Account Providers in Canada
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