Banking: Everything you need to know about the best chequing accounts in Canada
The best chequing accounts in Canada: everything you need to know
Designed to handle day-to-day transactions, Canadian chequing accounts all have their advantages. Those from Scotiabank, BMO and National Bank caught our attention. In our opinion, they are the best chequing accounts in Canada. In the following lines, discover each package, from its main features to its target customers.
How to determine your checking account needs
To help you make the right choice for your needs, here are a few criteria to consider:
Monthly fees
First of all, are you willing to pay more for greater freedom? Because the higher the monthly fee, the more services are included in the account. Be aware that they may vary depending on your age.
Transaction limit
Indeed, a maximum transaction limit is assigned by the bank. For this reason, you may be charged for each additional transaction over the limit.
Interac Transfers
Interac e-Transfer is a fast and efficient way to transfer funds to a colleague, friend or family member. Nevertheless, learning about the terms and conditions surrounding this type of transaction is a good idea. Generally, there is no charge for receiving funds by email for chequing accounts in Canada. However, other types of operation can also pay off.
Overdraft protection
Has your transaction been rejected for lack of funds? Overdraft protection is there to protect you by providing a short-term loan. Of course, this should never be an option! We recommend that you avoid overdrawing your account. Be warned!
Scotiabank Chequing Accounts
With its 4,000 branches, Scotiabank offers five banking packages. In Canada, it is known for having the most advantageous chequing accounts. In addition to receiving personalized financial advice, you will be rewarded on all your purchases.
- Scotiabank Basic Bank Account
- Scotiabank Base Bank Plus Bank Account
- Scotiabank Student Banking Advantage Plan
- Scotiabank Preferred Package
- Scotiabank Ultimate Package
Scotiabank Basic Bank Account
Would you like a basic account for all your financial needs? The Scotiabank Basic Bank Account will cost you only $3.95 per month.
Eligible for overdraft protection, it offers 12 free transactions per month plus Scene+ rewards on your debit transactions.
Scotiabank Base Bank Plus Bank Account
Is a maximum of 25 free debit transactions per month enough for you? Would you like to make transactions at an ATM? Costing just $11.95 a month, the Scotiabank Basic Plus Bank Account could be free if you maintain a balance of $3,000 in the account.
To learn more about the features of the package, this article includes the essential information.
Scotiabank Student Banking Advantage Plan
In addition to the $75 bonus for opening a Scotiabank Student Banking Plan, you’ll also receive 7,500 Scene+ points.
Students are the target clientele for this package; they will benefit from free printed or paperless statements and unlimited debit and Interac e-Transfer transactions.
Scotiabank Preferred Package
Scotiabank Preferred Package costs just $16.95 and could be free if you maintain a balance of $4,000. When you open a new account, you’ll receive a $350 bonus!
You can also send money anywhere in the world for $1.99 with Scotiabank’s International Funds Service. If you are 60 or older, save up to $4.00 on the monthly account fee.
Scotiabank Ultimate Package
Recommended by several Facebook group members, the Scotiabank Ultimate Package is the most competitive of all. For us, it represents the best option offered by the banner.
When you sign up for a new package, you’ll receive a welcome bonus of $350 for a limited time only! Note that Scotiabank is one of the only institutions that rewards customers on debit card activity linked to the Ultimate Plan chequing account. 1 Scene+ point is given for every $5 spent with the Scotia Debit card.
Chequing account with National Bank
Would you like to realize your most significant projects? National Bank is here for you. With its 4 main chequing accounts, it offers you a wide range of advantages. That’s why it’s one of Canada’s favorites.
- The Minimalist
- The Modest
- The Connected
- The Total
The Minimalist
With 12 transactions per month, Le Minimaliste costs $3.95 per month for people aged 25 to 59. For all other age groups, it’s free!
In addition to having access to check images, online and mail statements are free to all.
The Modest
With a balance of $3,000 or more, Le Modeste costs you absolutely nothing. Otherwise, it’s just $10.95 a month. It includes access to cheque images, free online statements and low online brokerage rates.
The Connected
In addition to a discount of up to $30 on a Mastercard credit card, Le Connecté offers unlimited digital transactions. It is also possible to deposit checks online.
The Total
Overdraft protection, foreign currency drafts and 100 personalized cheques per year; are all features of National Bank’s Total.
Priced at $28.95 per month, the package is free if you have a balance of $6,000 in your account.
Chequing account with BMO
Are you looking for first-rate banking experience? Just want a basic account? BMO Chequing Accounts offer unlimited Interac transfers and the possibility of checking your credit score at any time. Here are the different packages:
- Performance
- Premium
- Plus
- Practical
- Air Miles
Performance
With an account opening fee of $400, the Performance package offers unlimited day-to-day banking. Plus, get up to $40 off the annual fee on eligible BMO credit cards.
Premium
With BMO’s most advantageous package, get a preferred exchange rate for U.S. dollars when you transfer funds between your Canadian and U.S. dollar accounts. Plus, a $400 account opening bonus and up to $150 off the annual fee for an eligible BMO credit card.
Plus
With 25 transactions per month and free Interac transfers, Plus is BMO’s most flexible and cost-effective package. A $100 account opening bonus and a U.S. dollar savings account are included.
Practical
A package with low monthly fees and low-rate savings account with no fees – that’s a yes! With 12 transactions per month, Pratique will cost you only $4 per month. For more information, read this article.
Air Miles
Unlimited transactions and Interac transfers are free; all you need is the Air Miles Reward Accumulator.
Earn one mile for every $30 spent on your BMO debit card, and 25 bonus miles every month if you’re also a BMO® AIR MILES® World Elite®* Mastercard cardholder. All this for $15.95 a month.
Making an informed choice
It is important to shop around before making your final choice. Take the time to look at all packages thoroughly, from features to target audience. That way, you’ll find what suits you best, depending on your age and needs.
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Frequently asked questions about chequing accounts
What is the best chequing account in Canada?
There is no single best chequing account: the right choice depends on your needs. Scotiabank, BMO and National Bank all offer competitive packages, often free if you keep a minimum balance. Compare monthly fees, the transaction limit and included Interac e-Transfers using our chequing account comparison tool.
How can I avoid monthly chequing account fees?
Most banks waive monthly fees if you keep a minimum balance in the account. For example, Scotiabank’s Preferred Package becomes free with a $4,000 balance, and National Bank’s The Modest is free with $3,000. In addition, students and seniors often qualify for free or discounted accounts.
Can you get a bonus when opening a chequing account?
Yes. Several banks offer welcome bonuses for opening a new package, subject to conditions (direct deposits, transactions, etc.). These amounts change regularly: check our up-to-date articles on Scotiabank and BMO offers for the current bonuses.
What is the difference between a chequing account and a savings account?
A chequing account is for day-to-day transactions (payments, transfers, withdrawals) and pays little or no interest. A high-interest savings account is meant to grow your money and usually limits transactions. Many Canadians use both in parallel.
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