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Chequing accounts

Choosing a chequing account Add to ...

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

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

  1. Direct deposit – Your employer may be able to deposit your pay directly into your account.

  2. Pre-authorized debits (PADs) – Transfer money from your account automatically each month to pay bills or to save and invest.

  3. 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.

  4. 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.

  5. 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

Follow us on Twitter: @GlobeInvestor

 

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