Name: Chequing vs savings account
Creator: NerdWallet

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ALSO CONSIDER: Best no-fee chequing accounts | Best Chequing Account Offers and Promotions | Best Student Bank Accounts | Best Senior Bank Accounts

A chequing account is an all-purpose bank account for everyday expenses. Use it to pay bills, access cash with your debit card, handle day-to-day transactions and manage your money in the short to medium term.

The best chequing account will make it easy for you to tackle most financial tasks.

Summary of our picks for the best chequing accounts
The best chequing accounts in Canada
Beginner’s guide to chequing accounts

Partner spotlight

BMO Performance Chequing Account

Earn up to a $450* welcome bonus when you open a new BMO Chequing account and a 5.25% promo interest rate when you add a Savings Amplifier account*.

Apply Now

Summary of best chequing accounts

Best high-interest earning hybrid account, EQ Bank’s Savings Plus Account
Best student account with free unlimited transactions, HSBC Student Chequing Account
Best online account with cash back, KOHO Spending and Savings Account
Best banking package with a generous intro offer, BMO Performance Chequing Account
Best rewards, RBC Signature No Limit Banking
Best senior account with special discounts, CIBC Smart™ Plus for Seniors
Best senior account with free premium perks, TD All-Inclusive Banking Plan
Best no-fee account with special offers for students, Simplii Financial No Fee Chequing Account with Student Banking Offer
Best low-fee account with a rebate, TD Every Day Chequing Account
Best premium chequing account with perks, National Bank The Total Chequing Account

Our pick for a banking package with a generous intro offer

BMO Performance Chequing Account

Bonus Offer

$450*

Earn $350* with a Performance Chequing Account. Plus an additional $100* when you add a second member and make it a BMO Family Bundle. Our most popular account offers unlimited everyday banking transactions for a competitive price. 5.25% interest rate (volatile rate) from July 4th until October 31st, 2023 if you add a Savings Amplifier Account.
Monthly Fee

$16.95

Waive the monthly fee by maintaining a $4,000 minimum balance.

Waived with minimum balance
Number of Transactions

Unlimited

Apply Now

Enjoy unlimited everyday banking transactions, no-fee daily banking for loved ones through a family bundle, up to a $40 annual fee rebate on your BMO credit card, and more on the Performance Chequing Account.
The Bank of Montreal (BMO) is one of Canada’s Big Six banks offering personal and business accounts, lending products and investment services. Read our review of BMO for more information.

Performance Chequing Account, as one of BMO’s popular accounts, offers unlimited everyday banking transactions for a competitive price.
Open an account in minutes and earn a welcome bonus of up to $450*.
Add an account and subtract the fees with the BMO Family Bundle that lets your loved ones enjoy no-fee daily banking with all the benefits and privacy of separate chequing accounts.
Enjoy unlimited transactions when visiting a BMO branch or ATM and when using BMO Online, Mobile, and Telephone Banking.
Get up to $40 of your BMO credit card annual fee rebated annually with a Performance Plan Chequing Account. Enjoy all the perks of a BMO credit card, with lower fees.
Feel secure with OnGuard Identity Theft protection at no charge. You’ll get complimentary access to OnGuard with the Performance Plan – saving you over $150 a year.
Enjoy all these benefits for $16.95 per month – or, pay no monthly fee when you keep a minimum balance of $4,000.
The Performance Plan chequing account is eligible for CDIC insurance.

Our pick for a chequing account that earns rewards

RBC Signature No Limit Banking

Bonus Offer

$599 Value

Receive iPad at no cost by completing the qualifying criteria: 1. Open an eligible RBC bank account by September 13, 2023. 2. Set up and complete two of the following qualifying criteria by 9:00 PM Eastern Time January 9, 2024: a. Your payroll as a direct deposit. b. Two pre-authorized monthly payments (PAPs). c. Two eligible bill payments to a service provider. Offer Ends September 13, 2023. Conditions Apply.
Monthly Fee

$16.95

$10.95 or $5 monthly fee with Value Program Rebate.¹⁰ $12.95 monthly fee for seniors¹¹ or less with Value Program Rebate.¹⁰

Rebates available
Number of Transactions

Unlimited

Apply Now

RBC Signature No Limit Banking offers unlimited debit transactions, free Interac e-Transfers®, and up to a $48 annual fee rebate on eligible RBC credit cards.
Royal Bank of Canada (RBC) is one of Canada’s Big Six banks providing banking, investment, and lending solutions to individuals and businesses since 1869. Read our review of RBC for more information.

Switch to an RBC chequing account and complete the criteria to receive iPad no cost. Conditions apply. Ends September 13, 2023.
Unlimited debits transactions in Canada, valuable savings and even more.
Get a credit card for less – Up to $48 rebate on the annual fee of an eligible credit card.⁵
FREE Interac‡ e-Transfer transactions.⁶𝄒⁷
3 non-RBC ATM fees waived/month, $2 each thereafter.⁸
5 FREE cross-border debits/month, $1 each thereafter.⁹
No minimum balance (even to get rebates).
Monthly Fee¹: $16.95 (or less with rebate).²
$10.95 or $5 monthly fee with Value Program Rebate.¹⁰
$12.95 monthly fee for seniors¹¹ — or less with Value Program Rebate.¹⁰
Avion Points¹² – Enroll your account in the Value Program to get a minimum of 1 Avion point for every $10 you spend in-store and online using your enrolled account.
Overdraft Protection¹⁵ – Fee waived (overdraft interest applies if used).
Safe Deposit Box¹⁶ – Up to $12/year discount on regular fees.
Non-Sufficient Funds (NSF) Fee – 1 NSF fee rebated every calendar year.²⁶
Personalized Cheques¹⁷ – FREE.
Bank Drafts¹⁸ – 6 FREE/year, $9.95 each thereafter.
Online, Mobile and Telephone Banking FREE.
eStatements FREE.
Monthly Paper Statements $2.25 without cheque image, $2.50 with cheque image.
Right Account Guarantee® If you’re not completely satisfied within the first 4 months, we’ll refund your monthly fees for up to 3 months.¹²

Our pick for a no-fee account with special offers for students

Simplii Financial™ No Fee Chequing Account with Student Banking Offer

Bonus Offer

$400

Earn $400 when you open a No Fee Chequing Account and set up an eligible direct deposit of at least $100 a month for 3 straight months. Conditions Apply. Offer expires October 31, 2023.
Monthly Fee

$0
Number of Transactions

Unlimited

The Simplii Financial™ No Fee Chequing Account for students comes with attractive perks and offers, unlimited debit transactions, free access to a large ATM network and more.
Simplii Financial™ is an online bank owned by CIBC that offers savings and chequing accounts, credit cards, mortgages, loans, lines of credit, registered plans, GICs, and mutual fund accounts. Read our review of Simplii Financial for more information.

Join Simplii Financial™ and earn $400 when you open a No Fee Chequing Account and set up an eligible direct deposit of at least $100 a month for 3 straight months. Offer expires October 31, 2023.
No monthly fees and no minimum balance even after you graduate.
Free access to Canada’s largest ATM network through CIBC.
Free daily banking: unlimited debit purchases, bill payments, withdrawals and Interac e-Transfer®.
If you are an International student Simplii’s International student GIC Program is designed to help you get a study permit quicker and meet visa requirements.
Deposits are eligible for CDIC insurance.

Our pick for a high-interest earning hybrid account

EQ Bank’s Savings Plus Account

Interest Rate

3.00%

Customers who set up direct deposit on their EQ Bank account will also get a bonus interest on recurring pre-authorized debits. Here’s how to get the bonus interest: (a) Set up $500/month or more in either direct deposit for your pay or recurring pre-authorized debits. (b) Applies to your Savings Plus Account, Joint Savings Plus Account and EQ Bank Card¹ balance. (c) Once set it up, they’ll be eligible for the increased rate of 3.00%* for 12 months! (d) Those who already set up the above automatically qualify for bonus interest!

Promotional rate
Bonus Offer

N/A
Monthly Fee

$0

Apply Now

Why we like it

EQ Bank’s Savings Plus Account is the digital-first bank’s flexible hybrid chequing and savings account. It features a high interest rate, no monthly fees, and free and unlimited transfers.
The bank also offers joint accounts, US dollar accounts, TFSAs, RRSPs, and GICs.

Customers who set up direct deposit on their EQ Bank account will also get a bonus interest on recurring pre-authorized debits.
Here’s how to get the bonus interest: (a) Set up $500/month or more in either direct deposit for your pay or recurring pre-authorized debits. (b) Applies to your Savings Plus Account, Joint Savings Plus Account and EQ Bank Card¹ balance. (c) Once set it up, they’ll be eligible for the increased rate of 3.00%* for 12 months! (d) Those who already set up the above automatically qualify for bonus interest!
2.50% interest rate*.
No monthly fee.
This hybrid account gives you the benefits of savings with the flexibility of chequing.
Mobile Cheque Deposit is available through the EQ Bank mobile app.
Zero monthly banking fees.
No transaction or service fees. EQ Bank does not charge account fees, fees for sending or receiving Interac e-Transfers®, fees for bill payments, overdraft fees, or dormant account fees.
No minimum balance, but a $200,000 maximum balance.
Access your money immediately through the mobile app and online banking website, where you can deposit or transfer funds using Interac e-Transfers® or Electronic Funds Transfer (EFT) to linked accounts.
Eligible for CDIC deposit insurance.
As of December 2022, EQ Bank is available to Québec residents.
*Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

Our pick for a student account with free unlimited transactions

HSBC Student Chequing Account

Bonus Offer

Up to $150*

Earn up to $150* with an HSBC Student chequing account. Conditions apply. Offer ends November 30, 2023.
Monthly Fee

$0
Number of Transactions

Unlimited

Apply Now

The HSBC Student chequing account includes unlimited account transactions, free Interac e-Transfers®, and no monthly fees.
HSBC is one of the largest global banks offering financial services like wealth, personal and, commercial banking in over 63 countries.

Get up to $150* when you open an HSBC Student Account.
Open an account online and receive $100 cash bonus*, even before you arrive in Canada
No monthly fees.
No minimum balance required.
Unlimited chequing account transactions.
Free Interac e-Transfer®.
Free withdrawals from your account at HSBC Bank Canada or THE EXCHANGE® Network ATMs.
Free mobile cheque deposit.
Secure Mobile & Online banking.
Issued by HSBC Canada. *Terms and conditions apply. Applies for new HSBC customers only. Offer ends November 30, 2023.
®Trade-mark of Interac Inc. Used under license. ®THE EXCHANGE is a registered trademark owned by Fiserv Inc. licensed for use in Canada by FICANEX Services Limited Partnership.

Our pick for an online account with cash back

KOHO Spending and Savings Account

Interest Rate

Up to 4.50%

Interest Rate varies by selected subscription plan. Easy Plan: 0.5%, Essential Plan: 4.5% on your first $500, and 2% on anything after that, Extra Plan: 4.5% on your first $1000, and 3% on anything after that, Everything Plan: 4.5%.

No minimum balance required
Bonus Offer

30-day free trial

All KOHO subscription plans come with a free 30 day trial.
Monthly Fee

$0-$19

Monthly Fee varies by selected subscription plan. Easy Plan: $0, Essential Plan: $4, Extra Plan: $9, Everything Plan: $19.

Apply Now

Why we like it

This hybrid chequing-savings account earns up to 4.50% interest on savings and up to 6.00% cash back on purchases depending on the subscription plan selected.
KOHO is a virtual bank that also offers cash back prepaid Mastercards cards

Interest Rate varies by selected subscription plan. Easy Plan: 0.5%, Essential Plan: 4.5% on your first $500, and 2% on anything after that, Extra Plan: 4.5% on your first $1000, and 3% on anything after that, Everything Plan: 4.5%.
Monthly Fee varies by selected subscription plan. Easy Plan: $0, Essential Plan: $4, Extra Plan: $9, Everything Plan: $19.
The account comes with the KOHO prepaid Mastercard that earns up to 6% instant cash back on spending (depending on the selected subscription plan).
The mobile app comes with spending pattern analysis, budgeting, automated savings and a RoundUp! feature that helps you save money on every purchase.
Free and unlimited transactions, including e-Transfers and domestic ATM withdrawals.
No transaction or service fees.
No minimum balance.
Immediate access to your money through free withdrawals, e-Transfers, and more.
Eligible for up to $100k CDIC deposit insurance.

Our pick for a seniors account with special discounts

CIBC Smart™ Plus for Seniors

Bonus Offer

$350

Get up to a $350 cash reward AND pay no monthly fee for 3 months when you open your first CIBC Smart or CIBC Smart Plus chequing account. Conditions apply.
Monthly Fee

$23.00

Waive the monthly fee by maintaining a $6,000 minimum balance in your account or $100,000 in Savings and Investments.

Waived first three months
Number of Transactions

Unlimited

When you open your first CIBC Smart Plus chequing account you can enjoy unlimited transactions, an annual fee rebate on premium credit cards, and free non-CIBC ATM withdrawals.
Canadian Imperial Bank of Commerce, also known as CIBC, is a full-service multinational financial institution and one of the Big Six banks in Canada. Read our review of CIBC for more information.

Get up to $350 when you open your first chequing account and pay no monthly fee for the first 3 months.
Enjoy all-in-one banking with over $1,100 in value.
Unlimited transactions including Interac e-transfer service.
Maintain a daily balance of $6,000 or $100,000 in combined eligible savings and investments, including GICs to pay no monthly fee.
Includes one eligible CIBC credit card with an annual fee rebate for the primary cardholder and up to 3 authorized users.
No CIBC fee for ATM withdrawals worldwide or for CIBC Overdraft Protection Service.
Enjoy free personalized cheques, bank drafts, money orders and stop payments on cheques and pre-authorized payments.
A $5 discount on the annual rental fee for a safety deposit box.
CIBC Overdraft Protection Service fee doesn’t apply to CIBC Smart Plus Account.
Deposits eligible for insurance from CDIC.

Our pick for a seniors account with free premium perks

TD All-Inclusive Banking Plan

Bonus Offer

Up to $450

Earn $300 by opening a TD All-Inclusive Banking Plan by October 31, 2023 and complete two of the following actions by December 22, 2023: 1. Set up a Recurring Direct Deposit from your employer, pension provider or the Government. 2. Setup a Recurring Pre-Authorized Debit Payment of at least $50. 3. Make an Online Bill Payment of at least $50 through EasyWeb or the TD app. Earn an extra $100 by adding a TD Savings Account, and complete both of the following within 30 days of account opening: 1. Set up a Pre-authorized Transfer Service or Simply Save. 2. Add $5,000 into the New Savings Account (balance must remain in the account for 90 days). Earn an extra $50 by adding Monthly Overdraft Protection Plan or Pay As You Go Overdraft Protection Plan by October 31, 2023.
Monthly Fee

$22.45

Waive the monthly fee by maintaining a $5,000.00 minimum balance.

Waived with minimum balance
Number of Transactions

Unlimited

You get unlimited transactions, no TD fees at ATMs, and an annual fee rebate on TD credit cards when you open a TD All-Inclusive Banking Plan.
TD Bank, founded in 1955 is one of Canada’s Big Six banks offering bank accounts, credit cards, loans, and investment solutions. Read our review of TD Bank for more information.

Earn $300 by opening a TD All-Inclusive Banking Plan by October 31, 2023 and complete two of the following actions by December 22, 2023: 1. Set up a Recurring Direct Deposit from your employer, pension provider or the Government. 2. Setup a Recurring Pre-Authorized Debit Payment of at least $50. 3. Make an Online Bill Payment of at least $50 through EasyWeb or the TD app. Earn an extra $100 by adding a TD Savings Account, and complete both of the following within 30 days of account opening: 1. Set up a Pre-authorized Transfer Service or Simply Save. 2. Add $5,000 into the New Savings Account (balance must remain in the account for 90 days). Earn an extra $50 by adding Monthly Overdraft Protection Plan or Pay As You Go Overdraft Protection Plan by October 31, 2023.
Monthly fee rebate when you maintain a minimum monthly balance of $5,000.
Unlimited transactions per month.
Annual fee rebate on TD credit cards
No TD fees at Non-TD ATMs or Foreign ATMs.
Free to send or request money using Interac e-Transfer®.
Free premium perks that include a small safety deposit box, certified cheques, money orders, and personalized cheques at no additional cost.
With TD Fraud Alerts, suspicious transactions on your TD Access Card can be blocked and unblocked in real-time.
Earn big rewards on the little things including 50% more Stars at participating Starbucks stores. Simply link your eligible TD Access Card with Visa Debit with your Starbucks Rewards account to start earning. Conditions apply.
Choose one or more bank accounts from the following, a TD All-Inclusive Banking Plan, a TD ePremium Savings Account, or a TD Borderless Plan, with one application that works for you.
Benefits of banking with TD: TD app; TD MySpend to track finances; TD Mobile Deposit; Direct Deposit; Overdraft Protection; Simply Save Program to grow savings.
Open your account online by filling out your secure application in approximately 5 minutes.
Deposits are eligible for CDIC insurance.

Our pick for a low-fee account with rebate

TD Every Day Chequing Account

Bonus Offer

N/A
Monthly Fee

$10.95

Waive the monthly fee by maintaining a $3,000.00 minimum balance.

Waived with minimum balance
Number of Transactions

25

$1.25 fee for each transaction over monthly limit.

Per month

TD Every Day Chequing Account is a low-fee account that includes 25 transactions and a fee rebate for a minimum balance for your everyday banking needs.
TD Bank, founded in 1955 is one of Canada’s Big Six banks offering bank accounts, credit cards, loans, and investment solutions. Read our review of TD Bank for more information.

A budget-friendly account for everyday banking.
Monthly fee rebate when you maintain a minimum monthly balance of $3,000.
No transaction fees on your first 25 transactions in a month, additional transactions are $1.25 each.
No transfer fee to send or request money using Interac e-transfer.
Enjoy additional account benefits like EasyWeb View Cheque service, and paperless record keeping or online statements.
Earn big rewards on the little things including 50% more Stars at participating Starbucks stores. Simply link your eligible TD Access Card with Visa Debit with your Starbucks Rewards account to start earning. Conditions apply.
Benefits of banking with TD: TD app; TD MySpend to track finances; TD Mobile Deposit; Direct Deposit; Overdraft Protection; Simply Save Program to grow savings.
Open your account online by filling out your secure application in approximately 5 minutes.
Deposits are eligible for CDIC insurance.

Our pick for a premium chequing account with perks

National Bank The Total Chequing Account

Bonus Offer

N/A
Monthly Fee

$28.95

Waive the monthly fee by maintaining a $6,000 minimum balance.

Waived with minimum balance
Number of Transactions

Unlimited

The Total Chequing Account comes with unlimited transactions, free unlimited Interac e-Transfers®, and up to $150 off after enrolment of an eligible credit card.
National Bank of Canada or NBC, headquartered in Montreal, Quebec is one of Canada’s Big Six banks offering bank accounts, lending and investment solutions, and wealth management services. Read our review of National Bank of Canada for more information.

Unlimited access on all digital and counter transactions.
Unlimited and free Interac e-Transfers®.
Up to $150 off after enrolment of an eligible credit card.
Free use of the CIRRUS and Interac network.
Free stop payments for pre-authorized cheques and debits.
Free account statements by mail.
Integrated Line of Credit of up to $5,000.
Legal and estate assistance included.
Free safety deposit box rental for the first year, then benefit from a $10/year discount for subsequent years.
Free overdraft protection.
Special rates for online trading.
100 free cheques per year.
Access to ABMs in THE EXCHANGE network at no additional cost.
Eligible deposits are covered by CDIC.

BMO Performance Chequing Account

Earn up to a $450* welcome bonus when you open a new BMO Chequing account and a 5.25% promo interest rate when you add a Savings Amplifier account*.

Apply Now

Methodology to identify the best chequing accounts

NerdWallet Canada selects the best chequing accounts based on several criteria, including monthly fees, minimum balances, included services, savings on transaction fees, and more. The accounts considered for this list are available to Canadians in more than one province.

Beginner’s guide to chequing accounts

What is a chequing account?
What are the types of chequing accounts?
How to compare chequing accounts in Canada
How to open a personal chequing account

What is a chequing account?

Chequing accounts are transactional accounts for day-to-day use. They typically come with a debit card for shopping and ATM access. Unlike savings accounts, deposited money doesn’t usually earn interest.

Chequing account definition

A chequing account is an account for everyday spending. With it, you can pay bills, make online or in-store purchases, deposit and withdraw cash and more. Chequing accounts also come with cheque-writing privileges. Many chequing accounts have monthly fees, which may be waived by maintaining a minimum balance, and offer a limited number of free transactions.

Chequing vs savings account: What is the difference?

Chequing and savings accounts are both designed for everyday banking. Lots of people use both to cover their banking needs. But these accounts are intended for different purposes, and what separates them can help you decide how to use these accounts to your benefit.

Chequing account	Savings account
Designed for spending.	Designed for saving.
Rarely earns interest.	Earns interest.
Comes with a debit card and cheques.	Monthly transactions are limited.
Monthly fees are common.	Typically free to use.

What are the types of chequing accounts?

Chequing accounts come in all shapes and sizes for varying life circumstances and banking needs.

Basic chequing account

This no-frills account is one of the most common and popular chequing account options. It comes with all the essentials, including a debit card, ATM access and cheque-writing privileges.

No-fee chequing account

A no-fee chequing account, also known as a free chequing account, is a chequing account that doesn’t have any monthly fees. No fee isn’t entirely accurate, though — you may still pay one-time fees per use for things like using out-of-network ATMs or overdrawing your account.

Online-only chequing account

Digital banks offer online-only chequing accounts. These accounts are no different from traditional chequing accounts — you still get a debit card and ATM access — you just can’t visit a physical branch. Account management occurs through the provider’s online banking portal or mobile app.

Student chequing account

These chequing accounts are designed for students and typically offer unlimited debit transactions with no monthly fees. Many student accounts are limited to post-secondary students, and you usually need to provide proof of enrolment to qualify.

Youth chequing account

Youth chequing accounts are accounts for children, teens and young adults. They offer many of the same perks as student chequing accounts, except you don’t need to be a student to qualify. The age cutoff for youth chequing accounts is typically set at the age of majority, though some youth accounts accept applicants up to 24 years old.

Seniors chequing account

Some banks offer dedicated senior chequing accounts for those 60 to 65 years old and older — others provide senior discounts on standard chequing accounts. Typical account offerings include personal cheques, free monthly paper bank statements and unlimited transactions for low or no monthly fees.

Newcomer bank account

Newcomer accounts are for those new to Canada, including landed immigrants, permanent residents and foreign workers. Some banks offer dedicated newcomer accounts, while others waive fees on standard accounts for those of newcomer status.

Premium chequing account

Premium chequing accounts come with top-tier benefits like unlimited out-of-network ATM withdrawals, free global money transfers, preferred exchange rates, free personalized cheques and more. Expect to pay a higher monthly fee unless you can meet minimum daily balance requirements.

Joint chequing account

A joint chequing account is shared between two or more people. All account holders share equal responsibility for the account and can make transactions, deposits and withdrawals.

Foreign currency and USD accounts

Foreign currency chequing accounts are designed to send, hold and receive payments in foreign currencies. These can be USD-specific or multi-currency accounts. These accounts help cut back on foreign exchange fees and may include free wire transfers, too. You can convert your money back into Canadian dollars whenever you want.

Business chequing account

These chequing accounts are geared towards business owners with tiered monthly transactions and fees that scale by business size and need.

How to compare chequing accounts in Canada

Before you open a chequing account, consider the following questions.

How do you plan to use your chequing account?
How do you want to access your chequing account?
How can you save on bank fees?
What rewards and special features matter to you?

How do you plan to use your chequing account?

There are numerous ways to deposit, withdraw and transact, so take stock of your banking habits as you compare chequing accounts.

Deposit cash and cheques

Cash and cheques can be deposited at an ATM or bank branch during business hours. You may also be able to deposit a cheque using a bank’s mobile app.

Withdrawals

Like cash deposits, withdrawals can be made at an ATM or bank branch during business hours. You may also be able to withdraw cash when conducting a transaction in a store by requesting cash back.

You may be charged a fee for withdrawing money if you exceed your monthly transaction limit or use an out-of-network ATM.

Pre-authorized payments

Set up pre-authorized payments through your chequing account so you never miss a payment deadline. Money is automatically withdrawn from the account at a predetermined amount and frequency.

Pre-authorized payments can also move money from a chequing account into a savings account — a simple way to automate a savings habit.

Transfer funds

An electronic funds transfer (ETF) sends money from one bank account to another. You can move funds between two accounts in your name at the same institution or send money from your account to an external account.

E-transfers

An Interac e-transfer is an online money transfer. The only information you need to send an e-transfer is the recipient’s email address or phone number. Transfers are made safe with security questions and passwords agreed upon by sender and recipient. You can also set up auto-deposit, which waives the security question and password in favour of automatically depositing e-transfer funds to your account.

Other transactions

Additional transactions you can perform with a chequing account include money orders, bank drafts and wire transfers. Fees for these services are common.

How do you want to access your chequing account?

Consider your account access options as you compare chequing accounts.

In-person banking

If you prefer to bank face-to-face, opt for a financial institution or credit union with a well-established branch network. The Big Six Banks are among the largest in Canada and offer locations and ATMs across the country.

Some teller-assisted transactions come with a fee.

Over the phone

You can conduct numerous account transactions over the phone, like paying bills, checking your account balance and transferring funds between accounts. Some providers have automated phone services to complete these transactions, while others offer the assistance of live bank representatives during business hours.

Online banking

With the rise of digital banking, online account access has become nearly ubiquitous. Many banks offer online banking portals for customers to manage their accounts from a computer, tablet or mobile device. If available, you may also be able to access your account through a provider’s mobile app.

How can you save on bank fees?

Canadian bank fees are common, but there are ways to avoid being nickel and dimed.

Monthly account fee

Choose a no-fee account. Narrow your search by restricting your account options to those without monthly fees.
Meet minimum account balance requirements. Some chequing accounts rebate monthly fees if you keep your daily account balance above a certain threshold.

Transaction fees

Avoid out-of-network ATMs. Fees for using out-of-network ATMs are common, so stick with ATMs in your bank’s network when possible.
Consider the features you’ll use most. Some accounts have fees for services like paper statements, cash withdrawals and Interac e-transfers — others don’t. Identify the features you’ll use most and find an account that offers that feature for free.
Watch your account balance. Non-sufficient funds (NSF), or insufficient funds fees, are charged when there isn’t enough money in your account to cover an outgoing payment or transaction. Keep an eye on your account balance to avoid bounced payments and NSF fees.
Review the fine print. Scan the terms of conditions of your account for account fees triggered by certain events or transactions. The more you know about these fees, the better you’ll be able to keep them off your monthly account statement.
Look for discounts or rebates. If you’re a student, a senior or new to Canada, discounts and promotional offers may be available for you.

What rewards and special features matter to you?

Banks offer bonuses, promotions and perks to incentivize customers to sign up for new accounts.

Sign-up bonuses

Cash bonuses, merchandise and waived fees are common sign-up bonuses for chequing account applicants. To access these rewards, you typically need to complete a few qualifying activities within a certain period following your account activation. Some of these may include making an initial account deposit, paying a bill and setting up recurring direct deposits or pre-authorized debit transactions.

Rewards programs

Similar to credit card rewards, some chequing accounts earn points you can redeem for gift cards, merchandise, travel rewards and more. In fact, some chequing account rewards pair with credit card programs from the same provider so that customers can increase their point earning potential.

Chequing account interest rates on hybrid accounts

Chequing accounts that earn interest are uncommon. But you may be able to find an account that accumulates interest and functions like a chequing account by opening a hybrid account.

Hybrid accounts function like a chequing and savings account in one, combining interest-earning capabilities with flexible deposits and withdrawals. Online-only banks typically offer these accounts.

Bundled banking packages

Some banks and credit unions offer account bundles that package chequing and savings accounts. You may be able to open these accounts with a single application, and some bundles combine two or more sets of monthly fees into a single (potentially reduced) monthly payment.

How to open a personal chequing account

Check eligibility. Eligibility criteria vary by account and provider. Make sure you qualify for an account before you begin its application process.
Gather documentation. Account applications typically require that you provide your full name, residential address, contact information and social insurance number alongside at least one piece of government-issued photo ID.
Review application options. Some providers prefer for new customers to apply in-person at a branch — other applications, like those for digital bank accounts, are only available online. Find out if there is a preferred application method for the account you’d like to open.
Apply. Whether in-person, by telephone or online, the chequing account application process can often be completed in just a few minutes.

The right bank for your financial needs will depend on your lifestyle and spending habits. Some people open multiple accounts with different providers to take advantage of rewards programs or account features.

As many as you want. You can even hold multiple chequing accounts with the same provider. That said, monthly fees for multiple accounts could hurt your finances.

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Shannon Terrell

Shannon Terrell is a lead writer and spokesperson for NerdWallet, where she writes about credit cards and personal finance. Previously, she was a writer, editor and video host for financial…

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