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Interest Paying Chequing Account

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As the name indicates, this account offers interest to the account holders on their funds. This type of account is mostly common with digital banks that offer no-fee daily chequing accounts. The interest rates can either be tiered rate or one rate. The interest is usually calculated at the end of the day and added to the account monthly.

8 Results Updated: November 12, 2019

Unlimited

Monthly Transactions

Minimum Balance to avoid fee

-

Monthly Fee

Institution:  Meridian Credit Union
Institution Type: Credit Union
Interac eTransfer -
Account Suited For: -
Out of Network ATM Fees -

Unlimited

Monthly Transactions

No Minimum

Minimum Balance to avoid fee

-

Monthly Fee

Institution:  Meridian Credit Union
Institution Type: Credit Union
Interac eTransfer -
Account Suited For: Seniors
Out of Network ATM Fees -

Unlimited

Monthly Transactions

Minimum Balance to avoid fee

-

Monthly Fee

Institution:  Duca Credit Union
Institution Type: Credit Union
Interac eTransfer $1.25
Account Suited For: -
Out of Network ATM Fees -

Unlimited

Monthly Transactions

No Minimum

Minimum Balance to avoid fee

$0.00

Monthly Fee

Institution:  Tangerine
Institution Type: Online Bank
Interac eTransfer $1.00
Account Suited For: -
Out of Network ATM Fees $1.00

Unlimited

Monthly Transactions

$1000

Minimum Balance to avoid fee

-

Monthly Fee

Institution:  Meridian Credit Union
Institution Type: Credit Union
Interac eTransfer -
Account Suited For: -
Out of Network ATM Fees -

15

Monthly Transactions

Minimum Balance to avoid fee

$5.00

Monthly Fee

Institution:  Meridian Credit Union
Institution Type: Credit Union
Interac eTransfer -
Account Suited For: -
Out of Network ATM Fees -

Unlimited

Monthly Transactions

Minimum Balance to avoid fee

$9.00

Monthly Fee

Institution:  Meridian Credit Union
Institution Type: Credit Union
Interac eTransfer -
Account Suited For: -
Out of Network ATM Fees -

Unlimited

Monthly Transactions

Minimum Balance to avoid fee

$12.00

Monthly Fee

Institution:  Meridian Credit Union
Institution Type: Credit Union
Interac eTransfer -
Account Suited For: -
Out of Network ATM Fees -

Common Account Features

This type of account typically has no minimum balance or monthly fee. They may also offer withdrawals, unlimited deposits, including interest on the funds in your account.

Common Account Fees

Most providers that offer interest-earning chequing accounts do not offer additional features and services. These services are typically offered by digital banks.

When to Use an Interest-earning Chequing Account

Interest earning chequing accounts is an excellent option for folks who tend to have a high balance in their account. However, don’t expect a reward for having a high balance. Usually, your monthly fee is waived but you earn 0% on your funds.

Save Money on an Interest-earning Chequing Accounts

By not paying a monthly fee, you save plenty of cash. You can also save money in these accounts by not conducting transactions that charge extra service fees.

Disadvantages of  Interest Earning Chequing Account

This may not be your best option if your require bank transactions that are deemed as additional services on interest earning accounts. For instance, if you send several Inter-transfers each month, you will benefit from an account that offers unlimited e-Transfers do you don’t have to pay for each transfer.










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