No-fee Chequing Accounts
No-fee chequing accounts are accounts that don’t charge a monthly fee. Typically, these accounts are all offered by online banks and therefore don’t offer teller-assisted transactions. Even though these are no-fee accounts, it doesn’t mean that you won’t incur transaction fees. For example, if teller transactions are available from your provider but aren’t included in your no-fee account, you’ll be charged for each of your teller-assisted transactions. Second, fees for Interac e-Transfers will still be charged unless they’re included in your account.
Common Account Features
Common account features of no-fee accounts includes unlimited debit transactions and online banking. Typically, digital banks offer no-fee accounts but don’t offer teller services. No-fee bank accounts also sometimes offer interest on the balance held in the account.
When to Use a No-fee Account
No-fee accounts are good if you want to receive interest on your chequing account balance and don’t want to pay a monthly fee. If you do all of your banking online, a no-fee chequing account is a good choice as it’s designed for online banking.
When Not to Use an No-fee Account
Since no-fee bank accounts still charge transaction fees for items such as Interac e-Transfers, this may not be the account for you if you make many Interac e-Transfers. Additionally, if you require teller-assisted transactions, no-fee accounts may not be the best fit as some don’t offer teller services or will charge a fee for every teller-assisted transaction.