Fees can vary for similar chequing accounts and services. Shop around and compare before you open an account.
Types of accounts
1. Regular chequing accounts
You may earn a small amount of interest.
You may be charged a fee each time you pay with a cheque, use your debit card or withdraw money from an ATM or teller.
Or you may pay a flat monthly service charge that allows you to make a certain number of transactions.
Some accounts will waive the monthly fee if you keep a minimum monthly balance.
2. Combined chequing and savings accounts
You may earn a little more interest than with a chequing account.
You can get your money quickly and easily.
You can write cheques. But you will often pay higher fees for writing them.
Tip: Use the Banking Package Selector Tool to compare chequing accounts across Canada.
5 common chequing account features
Direct deposit – Your employer may be able to deposit your pay directly into your account.
Pre-authorized debits (PADs) – Transfer money from your account automatically each month to pay bills or to save and invest.
Debit card – Use it to pay for items or get cash when you shop in a store that displays the “Interac” logo. The money is taken out of your bank account.
Bank machine/automated teller machine (ATM) access – Use your debit card at bank machines to make deposits, pay bills, move money between your accounts and get cash.
Telephone banking and Internet banking – Contact the bank’s customer service centre and arrange a password to use these services.
Content in this section is provided in partnership with Investor Education Fund, a non-profit organization founded and supported by the Ontario Securities Commission that provides unbiased and independent financial tools to help Canadians make better money decisions. To find out more, go to: GetSmarterAboutMoney.ca