The best Personal chequing accounts in Canada for 2025

Our guide to personal chequing accounts 

What is a personal chequing account?

A personal chequing account is the most basic bank account type designed for individual personal use, unlike business bank accounts, which are designed for corporations or the self-employed. There are different kinds of personal chequing accounts, such as:

• Student chequing accounts
• Youth chequing accounts
• Hybrid chequing and savings accounts
• Foreign currency accounts like USD chequing accounts

The right type of personal chequing account for you depends on your life stage and financial goals. If you are on a tight budget and are looking to minimize fees, consider a no-fee chequing account like Simplii Financial’s No Fee Chequing Account. If you want to earn interest on your deposits while being able to easily access your funds, consider a hybrid account like Wealthsimple Cash, or a banking bundle like the Scotiabank Ultimate Package.

How to use a personal chequing account

A personal chequing account may have relatively basic features, but it is a key element of your financial plan. It is designed to be used as a sort of “hub” for your paycheque and other income, bill payments and transfers to other bank accounts like savings accounts.

Many people set up automatic transfers from their chequing account to pay off their credit card or use preauthorized payments to pay for utility bills, gym memberships, and so on. Pre-authorized deposits are usually set up for your payroll. Keep in mind that some chequing accounts charge fees for electronic transfers and transactions like e-transfers. So if you are going to be making a lot of transfers and don’t want to pay for them, consider a no-fee chequing account like the options we list in the table above.