Chequing Account


Updated: Sep 11, 2020
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Free Online Canadian chequing accounts. Compare & apply online.

Chequing accounts in Canada are similar to those in the United States, and make your life easier when paying for services and goods. You can access the money on the bank account instantly and withdraw or deposit how much you want. As long as you use it responsibly, this account will be completely harmless.

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Editor's suggestion: Chequing Account - Nov 28, 2020

There are many different types of bank accounts you can open up in Canada. One of those options is the chequing account (or checking account). With this account, users can instantly access the funds that they’ve previously deposited.

But this account can also be used for payments with account information, checks, or a debit card. In general, people use these accounts for their paychecks and as their main financial hub. All banks in Canada offer chequing accounts.

Some of them are free, while others come with fees. Here’s what you need to know about them.

Chequing Accounts Explained

These accounts are deposited accounts offered by various banks and credit unions. Users can freely deposit and withdraw their money as they please without any fees. They offer a lot of liquidity, and you can access them through:

These accounts are meant to be used daily. Since they have no limitations in terms of deposits and withdrawals, these accounts also rarely offer any interest. There are several types of chequing accounts:

  • Personal or commercial accounts
  • Business accounts
  • Student accounts
  • Joint accounts

Chequing Account Features

These accounts are probably one of the most popular types of bank accounts in Canada. They come in many shapes and sizes. However, here are some of the most important features to look for in one:

Automatic Payments

Most accounts offered today let you set up automatic payments. They can be used for recurring expenses like rent, bills, or some monthly installments.

Security

Banks usually have several security features with these accounts, including account monitoring, chips, photo ID verification, etc. You can even add virtual locks to reinforce security further.

Debit Card

If you have a chequing account, you need to get a debit card for it. This card lets you pay for anything easily without having to go through the trouble of writing checks or carrying money with you. Whenever you use a card, you will spend money from your account, simple as that.

Direct Deposits

Direct deposits are an easy and safe way to receive a paycheck into your account instantly. You don’t have to lift a finger.

Online Banking

All of the top banks in Canada offer online banking. You can even find completely online banks that offer lower fees for chequing accounts.

Benefits of Chequing Accounts

The chequing accounts are very versatile and liquid, which is why they offer lots of benefits:

Easier Money Management

Adults and kids can quickly learn financial responsibility and see what they are doing with their money. You will see all the bills, payments you’ve made, and how you are spending in general.

Improve Credit Score

If you maintain a chequing account properly, it can help boost your score. Pay bills regularly, don’t make any bounced checks, and ensure that your balance isn’t zero, and you will demonstrate financial responsibility.

Get a Debit Card

It’s always a good thing to use a card. Stop carrying cash with you and make your payments easier.

Earn Through Interest

Some chequing accounts are high-yield, meaning that they offer interest when you earn money. However, this earning potential is only possible if you have lots of money on your balance.

Pros & Cons of Chequing Accounts

Pros

  • Tracking your spending
  • Potential to earn through interest
  • Low or no ongoing costs
  • Get rid of cash
  • Easier money management
  • Build credit score

Cons

  • Your account can be blocked
  • Not all account activities are reported to credit bureaus
  • They can have fees

The Bottom Line

Chequing accounts are essential for money management and payments. If you want to pay with a card, set up recurring payments for bills, and track your spending, you can’t go wrong with this account type. It’s no wonder why they are so popular.

These accounts come basically at no cost and make your life a lot easier. However, before getting one, make sure to read all of the conditions set by the bank.

Canadian Chequing Account Offers Recap


Chequing Account FAQs. What People Ask About Chequing Accounts

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