Let’s help you find the best chequing account

A chequing account is designed for everyday money management. Canadians typically use chequing accounts to receive paycheques or government benefits, pay bills, make debit purchases, withdraw cash, and send Interac e-Transfers. Because these accounts are built for frequent transactions, they often include monthly transaction limits or unlimited use, depending on the account.

Chequing account fees vary by provider and account type. Common charges can include a monthly account fee, overdraft fees, ATM withdrawal fees, and fees for exceeding monthly transaction limits. Some banks waive monthly fees if you maintain a minimum balance, while many online banks offer chequing accounts with no monthly fees and unlimited transactions.

Yes, many Canadian banks and credit unions allow you to open a chequing account online, often in just a few minutes. Online banks typically require no in-branch visits and may offer lower fees or additional perks, such as free Interac e-Transfers or no minimum balance requirements.

When comparing chequing accounts, consider how you bank day to day. Key factors include monthly fees, transaction limits, access to ATMs, overdraft options, mobile and online banking tools, and whether the account offers perks such as free e-transfers or sign-up bonuses. The right chequing account is one that fits your spending habits and helps you minimize fees.

Switching chequing accounts is usually straightforward. Many banks offer tools to help you move pre-authorized payments, direct deposits, and bill payments from your old account to a new one. Before switching, make sure all recurring transactions are updated and your old account is fully closed to avoid unexpected fees.

Canadian banks offer several types of chequing accounts designed for different life stages and needs. Common categories include personal chequing accounts for everyday banking, youth and student chequing accounts, senior chequing accounts, and no-fee chequing accounts. Some banks also provide chequing accounts for newcomers to Canada and business chequing accounts for self-employed individuals and small businesses. Features, fees, and eligibility requirements vary by account type and provider.