Unlimited Chequing Accounts

Unlimited chequing accounts offer account holders unlimited transactions and services. You’re able to do as many daily banking transactions as you wish and they typically provide the most number of services and features compared to other accounts. Banks usually offer a couple of chequing accounts with unlimited transactions. The difference between them is the number of additional services included. Some of the typical additional features include free Interac e-Transfers and free use of any ATM in Canada.

Common Account Features

Unlimited chequing accounts typically includes unlimited cheque transactions, ATM deposit and withdrawals, bill payments, debit-card transactions, and pre-authorized payments. Some unlimited accounts also offer free Interac e-Transfers, free use of any ATM in Canada, overdraft protection, and credit card rebates.

Common Account Fees

Since you’re able to conduct an unlimited number of transactions for free with an unlimited account, there aren’t very many account fees aside from the monthly fee. Monthly fees can range between $10 to $30. However, there are some providers that offer unlimited chequing accounts for no monthly fee such as digital banks and credit unions. Additional account fees for services such as Interac e-Transfers or use of non-bank ATMs still apply to some unlimited accounts.

When to Use an Unlimited Account

Unlimited accounts are best for individuals who conduct a lot of banking transactions, especially if you send a lot of e-Transfers or have a tendency to make a number of ATM withdrawals. As unlimited accounts have the highest monthly fee due to their extensive service offering, these accounts are best if you’re able to maintain the required minimum balance to waive the monthly fee.

How to Save Money With an Unlimited Account

To save the monthly fee on an unlimited account, you must meet the minimum required balance. The minimum monthly balance required fluctuates between $3,500 and $5,000 depending on the provider and the number of services offered with the account. You’re also able to save money on unlimited accounts through rebates if you’re a student, senior, or have multiple products at the bank. Additionally, the majority of digital banks and credit unions offer unlimited chequing accounts for no monthly fee.

When Not to Use an Unlimited Account

f you don’t make a lot of banking transactions per month (less than 10 to 15), unlimited accounts aren’t for you as you don’t make enough transactions to warrant the monthly fee. Also if you’re unable to maintain the monthly balance requirement to have the monthly fee waived, you should consider whether you need all the services offered by an unlimited account and whether it’s worth the high monthly fee.