While you may not actually write too many cheques these days, it’s still a good idea to have some kind of chequing account. After all, you need something to put your money in for everyday expenses!
Bank fees have definitely gone up over the years, so it can be harder, but not impossible to find a low-fee chequing account.
Determine what’s important to you
To make sure you get the right kind of chequing account for you, think about the following:
- Do you like being able to hit up the ATM as frequently?
- Do you pay people by e-transfer frequently?
- Do you use your debit card a lot to pay for things or are you more interested in paying by credit card?
All of these things are important to think about, as you don’t want to end up with a chequing account that charges you a fee every time you hit the ATM or make any e-transfer!
Shop around
You can go with two options when it comes to opening a chequing account – open one with an online bank or one with a brick-and-mortar bank.
If you go with an online bank, you are much more likely to be able to find a no or low-fee chequing account. The drawbacks are though that it may not offer as many options as a brick-and-mortar one would (e.g. e-transfers or paying your credit card easily).
With a brick-and-mortar bank, you may be able to find a no or low-free chequing account, but you’ll have to keep a reasonably high balance in order to avoid getting dinged with fees. You will likely be able to get more options for services included than you will with an online bank. And with a brick-and-mortar bank, it’ll be easier to find ATMs, and online banks don’t tend to have very many!
So do a little research and see which option work for you.
Go Open Your Account
Now all you have to do is go open your account. Check ahead of time to make sure you have any paperwork or ID that may be required, and you’re good to go. Then take care of closing out your old account and be sure to move over any automated payments to your new account, so you don’t end up with unpaid bills.
The Takeaway
It can certainly be some work to find a new chequing account, but it’s well worth it and the savings will add up over time. Just take the time to do your research and find an account that suits both your budget and your needs!
