We pride ourselves on being a flexible financial services provider, empowering our members with options that best fit their unique needs. If you’re looking to open a chequing account, it’s important to review your options and your specific needs before making the final decision on what account is best for you. Once you’ve identified the best chequing account for you, we will help get you set up.
What’s the difference between a chequing account and a savings account?
Once upon a time, chequing accounts were repositories for funds to manage your cheque book purchases, but with e-transfers and digital deposits available, writing cheques isn't as necessary. Now, a chequing account is used to manage your day-to-day banking needs, to deposit your paycheque, pay your bills, perform debit transactions etc. The fee packages for chequing accounts are often based on anticipated use and will vary from pay-per-use to unlimited transactions.
Alternatively, a savings account is used for longer-term savings. Financial institutions will charge more for transactions on these accounts, as they are not meant for daily use. As a reward, banks will provide savings account holders with a higher level of interest on the balance of funds held in the account.
The power of the chequing account
Your chequing account gives you access to your money in a variety of different ways. With your debit card, you can access your funds at ATM machines and use it to purchase items at merchants who accept debit card transactions. You can use your chequing account to pay bills and transfer funds.. And yes, while cheque writing is an increasingly lost art, your chequing account does give cheque writing privileges if you need them.
Understand your needs and options
Different financial institutions provide different packages and options for chequing accounts. So, how do you pick? This is where you need to do some homework, and where we can help.
Review your spending
Do you regularly buy coffee or go out for lunch? Are you breaking out your debit card multiple times a day, paying bills through online banking and taking advantage of pre-authorized withdrawals? Or are you more conservative, using your accounts as little as possible? The frequency with which you use your chequing account will impact the administrative fees you may be subject to and thus, what you will need and want covered by your banking package fee.
Review your needs
No matter where you choose to bank, you will be presented with chequing account package options, that have an associated fee. More than just transactions, it’s important to think of what other ways you use your bank account. Larger, more inclusive packages, can include features like free e-transfers and money orders. If you don’t need any of the bells and whistles, you can sign-up for a pay-per-use account with no monthly fee. Take some time to review the different options and assess the level of value the various benefits provide.
Still not sure what chequing account is best for you? We offer a variety of chequing accounts that were built with your needs in mind. Give us a call and we’d be happy to walk through the options with you. We’re here to help!