Recently, I have decided to check which personal financial issues worry people the most. To do this, I have followed a couple of Facebook groups. They have shown that many people ask what are the top free chequing accounts in Canada.
We are all aware that certain banks can charge unreasonable fees. If you have recently graduated or have a limited budget, you might be looking for a usual chequing account that will not ding you when using a debit card.
To improve your finances, it is essential to avoid such monthly fees. Why the majority of us is paying fees on such things as chequing accounts? It’s easy. We just don’t spend time looking for a better option.
It often happens to people. Instead of trying their best and finding the best option, they choose the first one they find. It goes the same with loans. You should always do thorough research to make a wise choice. When googling online payday loans in Ontario, you should also analyze all the options available and select the one that fits you the most.
Yet, busyness and laziness are bad excuses for one’s inability to manage money wisely. After thinking of changing financial institutions myself to cut down on fees, I have decided to review the best free chequing accounts that are available nowadays.
Why People Use Chequing Accounts?
Before jumping into the huge list, I want to explain what is the role of chequing accounts. I didn’t have a chequing account before I have moved out from my parents. I had a usual savings account and a debit card. It seems that many people still have these. However, later I understood that my savings account played the role of a chequing account for me. Ironically, I wasn’t really using it to save money.
As a rule, a chequing account is used for everyday transactions, withdrawals, deposits, writing checks, moving money around, and paying bills. For sure, there is a number of ways to save money. But what if you lack self-organization? The mentioned chequing accounts usually have too much activity, so banks charge fees for it. On the contrary, savings accounts are not charged with any fees. Even if you use your chequing account quite often, banks don’t have a right to charge you for this. They are making money from you anyway. With all the things being said, let us proceed to the options you should consider.
The No-Fee Daily Chequing Account from Tangerine is a good option for those looking for a free online chequing account. The word “free” includes bill payments, unlimited debts, Email Money Transfers, pre-authorized payments, and mobile cheque deposits. You also get the first book of 50 cheques for minimum balance or monthly fees.
Except for that, this account deserves your interest for sure. The more money you keep on this chequing account, the better conditions you have. Yet, I would not recommend you keeping big sums on it. It is better to put your cash into a high-interest savings account.
Are there any disadvantages? For every Interac e-transfer you will be charged $1. Furthermore, it will take 2-3 days to make an Electronic Money Transfer. Electronic Fund Transfers can take 1-2 business days to go through. Nonetheless, Tangerine is one of the best recommendations for Canadian free chequing accounts for people who cannot afford to pay fees.
This option is similar to Tangerine. It does not have brick and mortar locations as well. The owner of Simplii is CIBS. Simplii pays out smaller interest than Tangerine does. However, it is not that important because your aim is not to earn interest. If you need this, you should use investments or savings accounts.
Other benefits of the account include free Interac e-Transfers, direct pension, payroll deposits, and pre-authorized bill payments. You can also withdraw your cash from CIBC ABMs for free.
Coast Capital Savings
This free chequing account has the best customer service. People working here are really friendly and helpful. Banking with Coast Capital is a good option because of their free chequing account. It cannot propose you such an interest like PC Financial or Tangerine, yet, it offers the clients the unlimited number of day-to-day transactions. It is a credit union, so you can withdraw cash from any ABM on The Exchange or Coast Capital ABM.
One more strong rival to free chequing accounts from PC Financial and Tangerine – Envision Financial. It does not require any minimum balance or monthly fee. You also receive free Interac e-transfers and you can withdraw money from more than 3,300 ABMs in Canada.
There is only one disadvantage: it operates specifically in British Columbia and has only 21 branches across the Fraser Valley, Lower Mainland, and Kitimat. It is quite a good deal for the residents of B.C.
The option is a famous Southern Ontario credit union. It proposes three various credit types of Canadian free chequing accounts.
Daylight No-Fee Banking Bundle was the first one of its kind. It proposes the usual no minimum balance or monthly fee, unlimited withdrawals, EFTs, and cheques. Its customers can also make free withdrawals with Exchange and DUCA ABMs. The chequing account does not propose any interest fee. There are also costs associated with bank drafts, Interac e-transfers, paper statements, and certified cheques.
Aim for More Banking Bundle was the second one. What is the difference? It gives only 3 free transactions at other ABMs, 3 Interac e-transfers a month. To become its customer you should be 16-29 years old.
The Feel Free Retirement Bundle is the last one. This one is available to customers that are older than 60 years. It proposes its customers unlimited transactions at Exchange and non-DUCA ABMs, free personalized cheques, unlimited bank drafts, and free paper statements.
Innovation Credit Union
No-Fee account of Innovation Credit Union has got all the usual features, including unlimited debits. Furthermore, it offers its customers free Interac e-transfers. This chequing account is available mainly for the residents of Saskatchewan. The same as Coast Capital Savings does, it is actively used because it’s a federally regulated credit union that helps to serve the customers all over Canada.
Check for the best personal finance books list to improve your financial literacy.
This free chequing account deserves your attention as well. I wondered if there are many ways to get on the bandwagon. Motive Financial, which was previously called Canadian Direct Financial, can do this. It offers unlimited withdrawals and deposits, 50 cheques for free. Moreover, in their Motive Chequing, it has a competitive interest rate on all balances.
No-Fees For Me Account from this credit union has the typical features we have mentioned before. Yet, it has one unusual twist. You have a selection of these free upgrades:
- Personal banking upgrade – three free Interac e-transfers each month, CDN drafts, personal cheque supply, pre-approved $500 overdraft after opening.
- Investing upgrade – safety deposit box for half price, an automatic saving feature called ChangeUp.
- Student Upgrade – student loan discount, 3 free Interac e-transfers each month, student MasterCard, and a pre-approved overdraft of $500.
The article examines some of the best free chequing accounts in Canada for the sake of your comfort. Have we missed any? If you know others, let us know in the comments below.