To make comparing even easier we came up with the Finder Score. Welcome offers, account fees and features across 60+ chequing accounts and 25+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the account - simple.
A good chequing account is basically an essential requirement for life in Canada. Whether you’re getting a paycheque deposited or transferring money to someone else through Interac e-Transfer, a good chequing account make managing your finances easy.
But how do you know which account is right for you? Let’s break down the different types of chequing accounts in Canada, including features, how chequing and savings accounts differ and how to open and close a chequing account in Canada.
Also known as an everyday banking account or a spending account, a chequing account is a type of bank account that enables you to store money in the bank for easy access to spending. You can deposit money, like your paycheque, directly into a chequing account and access your money via debit, ATMs, electronic transfers, cheques and email money transfers.
In simpler terms, it’s an account with 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.
Since chequing accounts are designed for spending money as opposed to storing money away, banks either don’t pay interest on the balance or pay a very small amount of interest. If you’re looking to earn a high interest rate on your money, look for savings accounts instead.
A debit card is a spending card that’s linked to your chequing account so you can access your money at ATM’s, debit card terminals and online. Many debit cards have security chips that let you use Mastercard Tap & Go or Visa payWave to make purchases in a few seconds by holding your card up to the debit terminal. Alternatively, you can punch in your PIN to access your funds.
Your debit card lets you access your funds from an Automatic Teller Machine (ATM). Your bank will also provide you with a network of ATMs that you can use for free. Some banks may also have global ATM alliances, which means you can freely access your money using specific ATM’s overseas.
If your bank doesn’t have a global ATM network, you’ll have to pay a fee when withdrawing funds from an ATM while travelling outside of Canada. If you frequently travel internationally, it may be worth opening a chequing account that offers free international ATM withdrawals and doesn’t charge currency conversion fees.
Many financial institutions let you link your chequing and savings accounts so you can easily transfer money back and forth and make the most of the higher savings account interest rates.
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 | Everyday spending | Saving or accumulating wealth |
| Features |
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| Drawbacks |
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Here are some questions to ask to help you find the right chequing account for your needs:
Yes, some banks operate entirely online, and many major banks and credit unions offer chequing accounts you can open and maintain without needing to visit a branch in person. An online chequing account is an everyday banking account that comes with a debit card to pay for purchases and access cash. You can manage your funds online or via mobile app.
If you’re thinking of going digital, compare online bank accounts based on:
Once you’ve chosen 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 opening a chequing account:
Depending on the bank, your account could 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 your new debit card. You’ll need to activate your debit card. The instructions for doing so will be included in the welcome package.
You can usually close a chequing account online or through your bank’s mobile app. That said, some major banks and credit unions require may require that you visit a branch in person to close the account. You can also call your bank and close the account over the phone.
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.
If you want to close your chequing account, make sure all your direct debits and credits have been successfully cancelled or transferred to a different account and you’ve given any new chequing account details to anyone who pays you money or withdraws payments from your account.
If you’re no longer using the chequing account, it’s important to close it, as your bank may charge inactivity fees or monthly maintenance fees may continue being charged.
When choosing a new bank account, almost two-thirds of Canadians (63.72%) look for accounts with low or no monthly fees, according to the Finder: Consumer Sentiment Survey March 2026. Low or no transaction fees are the second most preferred feature (50.42%), followed by free e-Transfers (44.18%).
These results matched the Finder: Consumer Sentiment Survey January 2025, although the numbers of votes each feature received differed slightly.
The least important account features also stayed the same year over year, with budgeting and expense tracking tools (3.97%) and mobile wallet support (10.56%) receiving the least number of votes. Canadians appear to be less concerned with bells and whistles than practical features and affordability.
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