Top 3 Free and Premium Chequing Accounts

Introduction

In Canada, chequing accounts are the foundation of one’s personal finances. A chequing account is primarily used within banking institutions for day-to-day transactions. Typically, this account can accept direct deposits from your employer, deposit cheques/e-transfers and used to withdrawal cash at ATMs. It can also allow for easy distribution of funds for bill payments, e-transfers, money orders and wire transfers.

While this might seem fairly straight forward, all banks provide different incentives to use their services. Below is a list of what you should be looking for in a checking account:

·       Zero monthly fees

·       Unlimited free transactions including debits, POS payments, pre-authorized bill payments, transfers, and more

·       No minimum balance (for free accounts only)

·       Easy access to free ATMs

·       Versatile mobile app with the ability to make mobile cheque deposits and a user-friendly website for online banking

·       Free and quick e-transfers

·       CDIC insurance – up to $100,000

·       Free electronic statement

·       Free trading transactions

·       Waiver of credit card annual fee

·       Interest earnings on remaining balance or increased interest rates on bundled savings accounts

For this article, Construct Your Finances will list our top 3 free chequing accounts and top 3 premium chequing accounts. Links to the institution’s page will be provided to see if the accounts are right for you.

Top 3 Free Accounts

Before we start, note all the free accounts do not have a physical branch. Some of the accounts are linked to larger institutions but do not have a branch you can physically visit. With that said, here are our top 3 free chequing account recommendations:

1)       EQ Bank – Savings Plus Account

a.       Free e-transfers

b.     1.65% interest – calculated daily and paid monthly

c.      Free bill payments and deposits

2)      Tangerine – No-Fee Daily Chequing Account

a.       Free e-transfers

b.       Free ATM access to Scotiabank ATMs

c.       Tracks and categorizes your spending for easy budgeting

3)      Simplii Financial – No Fee Chequing Account

a.       Free e-transfers

b.       Free ATM access to CIBC ATMs

c.       Overdraft protection up to $5,000 for a monthly charge of $4.95

Top 3 Premium Accounts

The top three (3) premium chequing accounts listed below all provide similar benefits at a $30 monthly fee. All accounts include the following perks over and above the free accounts:

·       Unlimited transactions

·       Free e-Transfers

·        Safety deposit fees waived or reduced rates

·       Credit card rebates (varies dependent on institution)

·       Monthly fees are waived with an account minimum

The top 3 premium chequing accounts and some special perks are as follows:

1)      Scotiabank Ultimate Package

a.       Increased Momentum (PLUS) Savings Account rates (up to 2.55%)

b.       Increased GIC rates

c.       10 free equity trades at Scotia iTrade ($100 value) in the first year

2)      BMO Premium Chequing Account

a.       Increased GIC rates (0.15% bonus on posted rate)

b.       Family Bundle Option

3)      TD All-Inclusive Banking Plan

a.       Monthly fee is cheapest for seniors - $22.45/month

b.       Rebate of $3.00/month on Borderless Plan

To summarize, look to reduce monthly account fees, increase account perks and simplify your personal banking needs, starting with your chequing account.

That wraps up Construct Your Finances – Best Canadian Chequing Accounts – 2022 Edition