Best Chequing Account in Canada
A chequing account is a specific bank account that can be used to manage personal cash flow. It let you perform important financial procedures such as electronic deposits, fund transfer, and AMB transactions, etc. Most of these accounts offer little or no interest at all. They are designed to keep your cash flow consistent particularly when you don’t have to save money in the long run. Let’s take a look at some of the best chequing accounts in Canada you must consider.
Tangerine Chequing Account
It’s a free and high-interest savings account offering approximately 2.08% of the promotional rate for the first five months. It let you perform unlimited transactions with no monthly fee. Remember an account is considered inactive if you have not made any transaction throughout the year and consequently you will be charged $10/year for an inactive account.
Key Features
- Easy access to 3,500 Scotiabank ATMs in Canada and 44,000 around the globe
- A versatile application that supports immediate cheques deposits
- Unrestricted email money transfers
- Up to 0.15% interest payments on your account credit
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Scotia Basic Banking Account
Scotia Basic Banking Account comes with a flexible rewards plan. It allows cardholders to save points on debit card transactions. You will be charged only $3.95 per month. Though there is no fee for consumers above 60 years old. However, the number of free transactions is restricted, and therefore it makes a good choice for minimal banking.
Key Features
- $3.95 is charged per month
- Two free Interac e-transfers per month
- Scotia reward program for travel, mobile banking application, and merchandise
- Limited free transactions per year
BMO Chequing Account
This chequing account comes with five options with a monthly fee from $4 to $30. Though all of these options offer unlimited Interac transactions. Also, three of them don’t cost any monthly fee if you keep a minimum average account credit. Among these five accounts, we would choose BMO’s Performance Plan account as a highly recommended option. You will be charged $15.95 as the monthly fee but that can be waived if you maintain a balance of minimum $4,000. Further, there are exclusive discounts for senior citizens, youth, members of the defense community, and Canadian immigrants.
Key Features
- Unlimited transactions and Interac e-Transfers
- One free non-BMP AMB transfer every month
- $5 monthly fee for standard protection
Motive Chequing Account
This no-fee chequing account offers unlimited transactions and 50 free cheques. Though e-transfers will cost you $1. You can have free withdrawals from the Exchange Network ATMs. On the other hand, it will cost you $1.50 for withdrawals from Non-Exchange Network ATMs. You will be more than comfortable to do all your banking on electronic devices.
Key Features
- No monthly fee
- Unlimited transactions and e-transfers
- Interac e-transfers will cost $1
- 5 RBC Chequing Account
RBC Royal Bank
RBC comes with four different chequing accounts with special discounts for youngsters and seniors. The fee ranges from $4 up to $30 per month with premium features in the highest-priced account. RBC’s Day to Day Banking chequing account is an excellent choice with a monthly fee of $4. If you are a senior citizen or a beneficiary of a disability savings plan, you will pay a partial or no fee. Lastly, you will get a mobile application, debit card, and low-cost protection.
Key Features
- Unrestricted free Interac e-Transfers
- 12 free debits per month
- Additional transactions will cost $1
- Option to save money with Petro-Canada
Wealth Simple Chequing Account
The perfect combination of chequing and savings account! With no monthly fee, the account works perfectly both for spending and savings. Also, the interest rate is one of the finest you will find in Canada. Moreover, it offers an online investment service that allows you to invest up to $10,000 for free.
Key Features
- 0.90% interest rate on each dollar
- No monthly account charges
- Free and unlimited ATM withdrawals, e-Transfers and bill payments
- No foreign exchange transaction fees
- CIPF protection
Manulife Advantage Chequing/Savings Account
With the Manulife Advantage account, you will get unlimited transactions for maintaining a minimum balance of $1,000. Chequing accounts typically pay little or no interest and therefore this chequing account truly standout. There is no monthly fee, though the service fee is applicable.
Key Features
- No monthly fee
- Unlimited transactions on holding a minimum $1,000 balance
- Free online and mobile banking
- Free Canadian bank-to-bank transfers
- If the account balance is less than $1,000, you’ll be charged $1 for debit purchases and Interac e-transfers
There are several options to choose from for the best chequing accounts in Canada. If you have read this far, you are more likely to have a better idea about the recommended options for your banking requirements. You can save some good money that can be invested in other endeavors. Enjoy comfortable banking!
