How To Choose The Chequing Account That’s Right For You

Getting a new chequing account is pretty straightforward. You don’t even need to walk into a brick-and-mortar bank building these days. That said, not all chequing account options are on the same level. This is why choosing the account that’s the perfect fit requires some consideration.

People use chequing accounts for different reasons, including cash deposits and withdrawals, paying for products, expense tracking, and money transfers to family. There’s no denying that such an account has tons of benefits. If you’re unsure how to get the best account for you, feel free to check out the criteria detailed below.

Account Fees


There are lots of hidden fees that can be attached to a chequing account. When looking to open an account, opt for a bank that offers comparatively lower fees. For example, the Canadian digital bank Motusbank offers customers zero-fee chequing accounts with no minimum balance and no monthly account fees. You should note that this isn’t always the case with other service banks. While many banks are toeing the line of low account fees, even those can add up significantly.

A chequing account can cost you up to $170 in just annual maintenance fees. With other requirements like overdraft fees, ATM fees, monthly account fees, and minimum account balances, it’s easy to see why things can get costly. If your current bank doesn’t offer a zero-fee option or if it’s too expensive, you should probably consider another one that at least offers a better price on fees. Also, a chequing line of credit helps to avoid those expensive overdraft fees.

Interests, Rewards, and Other Incentives

Sure, chequing accounts are markedly different from savings accounts. They’re built to hold money for longer and so you can expect significantly larger interest rates. Still, if you conduct more research, you can find banks that offer attractive interest rates.

There are lots of other incentives that you can look out for as well. Let’s say you’re shopping online for women dresses, for example. Some banks even reward you for midi dress purchases when using your debit card or credit card. Why not? Bank competition is incredibly high.

What’s more, cash backs, signup cash bonuses, and many other promotions are incentives that could sweeten the deal. However, you must note the conditions that come with these offers. If you’re interested in earning a reward, you should consider other factors more.

Accessibility and Convenience


To choose the best account, you want to ensure your money is easily accessible. After all, that’s one of the reasons to open such an account. When concerning cash withdrawals, big banks with extensive ATM networks mean that you can easily access your money when you need it while avoiding ATM fees.

You also want convenience, so that you don’t have to travel too far to the bank’s office. Instead, you should be able to carry out regular tasks like cash transfers, bill payments, and account management with your computer or mobile device. Therefore, your account must allow for convenience and flexibility when conducting day-to-day transactions.

Customer Service Options

Opening a chequing account may only take a few minutes, but you could potentially be stuck with that bank for the long term. And that’s why quality customer care is an essential factor to consider. Simply put, a bank with top-notch customer service could prove pivotal for you in the future. From accessing a credit facility to handling those frustrating issues and getting a mortgage for your property, you don’t want to have to deal with poor customer care.

The Fine Print

Here’s where many chequing account customers fall victim to vague and flowered (but ultimately false) marketing by their banks. Unfortunately, only 7% of customers read the small print, potentially leading to severe consequences. Many banks advertise that they offer “totally free” chequing accounts, limited-time offers, and discounts which may not be quite the case in reality. These offers come with terms and conditions. So, reading the fine print and even your bank’s privacy policy may save you from issues in the future.

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