Our chequing accounts guide below will teach you about the different types of Canadian chequing accounts, the typical features to expect, how to open a chequing account in Canada, how to compare chequing accounts and the main differences between a chequing and savings account.
A chequing account is typically referred to as an “everyday banking account”, which means you can usually bank with little to no limits. You can deposit your paycheque directly into your chequing account and access your money via ATMs, electronic transfers, cheques, email money transfers and cash back on debit purchases.
In simpler terms, it’s an account that has features to help you pay bills, go grocery shopping and withdraw cash from an ATM. The best Canadian chequing accounts will help you manage your everyday finances efficiently and help you reach your financial goals.
The typical account holder should have a chequing account for everyday use and a savings account to hold their savings. Here are the key savings vs chequing account differences.
| Chequing account | Savings account | |
|---|---|---|
| Purpose | Designed for everyday spending. | Designed for savings or accumulating wealth. |
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Here are some questions to ask to help you find the right chequing account for your needs:
An online chequing account is an everyday bank product that you open and maintain entirely online. You can pay for purchases and access cash with a debit card and manage your funds online or with a mobile app.
Some online chequing accounts are operated by completely digital banking providers, while others are operated by major banks and credit unions.
If you’re thinking of opening a bank account online, compare accounts based on:
Choosing an international bank could help, but be mindful that in each jurisdiction the banks are under their local regulations and are separate legal entities. Depending on how strict they are in the country that you’re working in, it may not be worth switching to another bank.
Some Canadian banks may be able to offer you worldwide assistance.
Canada’s banks are considered one of the strongest financial networks in the world. According to the Canadian Bankers Association, more than 99% of Canadian adults use at least one bank account and 31% pay no fees, at all, to use these accounts.(1)
Over the years, the addition of fintechs, money app disrupters and online banks, has only strengthened Canada’s banking services — helping to improve services, lower fees and increase the number and type of products available to Canadians.
Despite all this change — and the variety of products to select from — Canadians still rely on a chequing account as their day-to-day bank account. In January 2023, data from the Finder: Consumer Sentiment Survey Q1(2) was released, and showed that 17% of respondents were looking to open a new chequing account in Q1 2023.
The desire to open a new chequing account dropped from Q1 2023 to Q2 2023, with just over 1 in 10 Canadians (11%) planning to open a chequing account between April and June 2023 (compared to 17% between January and March 2023).
Once you’ve decided on the right Canadian chequing account, navigate to the bank’s website where you can start your secure online application. Depending on your personal situation, you may need to consider the following when you open a chequing account:
Depending on the bank, your account could potentially be opened immediately or within a few business days. Your bank will send you a package confirming the details of your new chequing account, along with its linked debit card. You’ll need to activate your debit card, with the activation instructions provided in the welcome package.
When you’re sure your new account is up and running properly, it’s time to close your old account. This should only be done when you’re sure all your direct debits and credits have been successfully transferred over and you’ve given your new account details to anyone paying money into that account.
It’s important to eventually close that old chequing account, even if it’s empty. Some banks may charge inactivity fees for not using your account. Others may continue to charge monthly fees, which could cause you to go into overdraft on your old account.
It may be easiest to go into a branch to close your account, and in some cases it’s required. Depending on the bank, you may also be able to close your account over the phone. The easiest way to know for sure which option your bank wants is to call them and ask.
If you want to be absolutely sure that your account is closed, try logging into your account online to see if it’s still active. You can also call or go into a local branch and ask a teller to verify that you’re no longer in their system.
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