FinviloHow to choose a chequing account in Canada
Count your monthly transactions and look at the balance you normally keep. If you bank online and keep a low balance, a no-fee account is usually cheapest. If you can keep a big bank's minimum balance, its fee may be waived and you get branch access too.
What to compare
Fees are only part of the picture.
- Monthly fee and the minimum balance that waives it
- Included debit transactions and Interac e-Transfers
- Free ATM network and fees for other ATMs
- Cash and cheque deposit options
- Discounts for students, seniors and newcomers
The low-cost account option
Many large banks have agreed with the federal government to offer low-cost accounts with a capped monthly fee and no-cost accounts for eligible people, such as youth, students, seniors on the Guaranteed Income Supplement and RDSP beneficiaries. Ask your bank for these accounts by name.
Switching accounts
Open the new account first, move direct deposits and pre-authorized payments, then close the old one once no payments are pending.
Frequently asked questions
- Is my money protected?
- Deposits at CDIC member institutions are covered up to CAD 100,000 per category. Provincially regulated credit unions are covered by provincial insurers.
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Official sources
General information only, not personalized financial, tax or legal advice. Rules change; confirm current details with the source.