The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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Is your chequing account working hard enough?
– moneysense.ca
Your chequing account could be the behind-the-scenes hero of your everyday banking activities, if you have the right one. The features can vary from bank to bank and financial institution to financial institution, so it makes sense to shop around if you’re opening a new chequing account or you want a better one. Some Canadian banks offer chequing accounts with low or no fees, added services and generous welcome offers that can help you save and earn money.
How does your account measure up? Look at the features and perks when comparing chequing accounts.
1. What’s the minimum balance requirement?
Some chequing accounts have a monthly fee. Banks and other financial institutions may waive the fee if you keep a minimum balance—typically a few thousand dollars—in your account. Others, like the Simplii Financial No Fee Chequing Account*, have no minimum account balance.
Even if your chequing account features no minimum balance, keep in mind how much money you need on hand to cover automatic bill payments, such as streaming subscriptions or a gym membership…
