Best Chequing Accounts Canada

Choosing the right chequing account is essential for managing your daily financial transactions with ease and efficiency. With numerous options available in Canada, it can be overwhelming to decide on the perfect one for your needs. In this article, we will discuss the top 5 chequing accounts in Canada, highlighting their unique features and benefits to help you make an informed decision.

1. Tangerine No-Fee Daily Chequing Account

Tangerine’s No-Fee Daily Chequing Account is an excellent choice for those who prefer online banking and want to avoid monthly account fees. As a Tangerine client, you will have access to the following benefits:

• No monthly account fees or minimum balance requirements
• Unlimited transactions, including Interac e-Transfers
• Free access to over 3,500 Scotiabank ATMs across Canada
• Earn interest on your account balance
• First book of cheques (50) is free
• Mobile cheque deposits
• Overdraft protection available (subject to approval)

Tangerine’s online and mobile banking platforms provide a seamless user experience, making it easy to manage your finances on the go. This account is perfect for those who value convenience and want to avoid fees while still earning interest on their balance.

2. Simplii Financial No Fee Chequing Account

Simplii Financial’s No Fee Chequing Account is another top contender for individuals who prefer online banking and want to eliminate monthly fees. Simplii Financial is owned by CIBC, which means clients have access to a vast network of ATMs across Canada. Key features of this account include:

• No monthly account fees or minimum balance requirements
• Unlimited transactions, including Interac e-Transfers
• Free access to over 3,400 CIBC ATMs across Canada
• Mobile cheque deposits
• Overdraft protection available (subject to approval)
• First book of cheques (50) is free

Simplii Financial’s online and mobile platforms are user-friendly and offer a wide range of banking services, making this account an excellent choice for those looking for a no-fee, online banking experience.

3. Scotiabank Basic Plus Bank Account

The Scotiabank Basic Plus Bank Account is a great option for those who require more extensive banking services and are willing to maintain a minimum balance in their account. This account comes with several attractive features:

• No monthly account fee with a minimum daily closing balance of $3,000
• 25 free transactions per month (additional transactions are $1.25 each)
• 10 free Interac e-Transfers per month (additional e-Transfers are $1.00 each)
• Access to over 3,500 Scotiabank ATMs across Canada
• Mobile cheque deposits
• Overdraft protection available (subject to approval)

The Scotiabank Basic Plus Bank Account is an excellent choice for individuals who value in-person banking services and can maintain a minimum balance to waive the monthly account fee.

4. TD Canada Trust Minimum Chequing Account

TD Canada Trust’s Minimum Chequing Account is ideal for individuals who need minimal banking services and are willing to maintain a low minimum balance. Key features of this account include:

• No monthly account fee with a minimum daily closing balance of $2,000
• 12 free transactions per month (additional transactions are $1.25 each)
• 2 free Interac e-Transfers per month (additional e-Transfers are $0.50 each)
• Access to over 2,800 TD ATMs across Canada
• Mobile cheque deposits
• Overdraft protection available (subject to approval)

With a lower minimum balance requirement compared to some other options, the TD Canada Trust Minimum Chequing Account is an attractive choice for those who can maintain the required balance and only need a limited number of monthly transactions.

5. RBC Royal Bank Day to Day Banking Account

RBC Royal Bank’s Day to Day Banking Account is a popular choice for individuals who require a reasonable number of monthly transactions and are willing to pay a low monthly fee. This account offers the following features:

• $4.00 monthly account fee (waived with the RBC MultiProduct Rebate if eligible)
• 12 free transactions per month (additional transactions are $1.25 each)
• Unlimited free Interac e-Transfers
• Access to over 4,200 RBC ATMs across Canada
• Mobile cheque deposits
• Overdraft protection available (subject to approval)

With unlimited free Interac e-Transfers and a low monthly fee, the RBC Day to Day Banking Account is a suitable choice for those who require a moderate number of transactions and prioritize convenient money transfers.

Summary

Selecting the best chequing account for your needs is a crucial step in managing your finances effectively. The top 5 chequing accounts in Canada mentioned in this article offer a variety of options, from no-fee online banking to accounts with lower minimum balance requirements. By considering factors such as fees, transaction limits, ATM access, and your banking preferences, you can find the perfect chequing account to suit your financial needs.

Remember that financial institutions may change their fees, terms, and conditions at any time. It is essential to review the account details and contact the bank for the most up-to-date information before opening a new chequing account. With the right research and consideration, you can find a chequing account that aligns with your financial goals and makes managing your day-to-day transactions a breeze.