When searching for a chequing account, you’ll find there are many different types of accounts. Some of these are based on an account feature, others are based on the age of the account holder, and some accounts can fall under multiple categories.
In order to find the best chequing account, you should determine your banking needs and compare the estimated monthly costs of these accounts with a chequing account comparison tool. This will help you identify the chequing accounts you’re eligible to open and the cost of these accounts.
Personal chequing account
Personal chequing accounts are the most standard type of chequing account. These accounts can have various features, such as unlimited transactions, or no monthly fee. Some chequing account providers opt to only offer personal chequing accounts providing rebates for students, seniors, and youths rather than offering specialized accounts.
Seniors’ chequing accounts
Many financial institutions offer senior chequing accounts that typically include teller-assisted transactions and a monthly paper statement for no additional fee. To qualify for a seniors’ chequing account, you must be at least age 60 or 65 (depending on the provider).
Youth chequing accounts
Youth chequing accounts typically include unlimited debit transactions, with many of them also offering interest on the balance held in the account. To be eligible for a youth chequing account, you must be below the age of majority in your province or territory. By offering both debit transactions and interest on the balance, these bank accounts offer the benefits of both savings and chequing accounts.
Student chequing accounts
Many providers offer specialized student chequing accounts or offer a rebate on their personal chequing accounts, making at least one of their chequing accounts free for students. Student chequing accounts typically offer unlimited transactions. However, Interac e-Transfers still incur a fee. In order to qualify for a student account, you must be a full-time student. Depending on the financial institution, secondary or post-secondary students may be eligible for these accounts.
U.S. dollar chequing accounts
Many financial institutions offer U.S. dollar chequing accounts, which typically have a very low or no monthly fee and offer a limited number of transactions. Some of these accounts also offer interest on the balance held in the account. The benefit of this account is that U.S. dollars can be both deposited and withdrawn without you having to pay any currency exchange fees.
Unlimited chequing accounts
Unlimited chequing accounts allow account holders to make as many debit transactions as they like each month without incurring additional fees. Depending on the account and the provider, teller-assisted transactions and Interac e-Transfers may or may not be included in the account. Therefore, if you have an unlimited account and make an Interac e-Transfer, you may still incur additional fees. Additionally, unlimited chequing accounts can have a high monthly fee depending on the additional features included in the account. Or it can have no monthly fee if it’s an online account.
No-fee chequing accounts
No-fee chequing accounts have become popular as additional providers are offering these accounts. Typically, these accounts are offered by digital banks and don’t offer teller-assisted or branch transactions. Other common features include unlimited debit transactions and paid interest on the balance held in the account. Even though these accounts have no fixed monthly fee, there are still service fees for non-bank withdrawals or Interac e-Transfers. Therefore, these accounts may not be the lowest cost depending on your banking needs.
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