How to Compare Chequing Accounts

Count your everyday transactions

Include debit purchases, withdrawals, bill payments and transfers when reviewing a chequing account. Ask which transactions count towards an allowance.

Look beyond the monthly fee

Review overdraft terms, foreign ATM charges, wire fees and the rules for waiving a monthly fee. A waiver may tie up money you would prefer to keep elsewhere.

Before you decide

• Read the current product agreement and full fee schedule.
• Confirm the legal provider, eligibility and applicable protection.
• Keep the terms you relied on and note questions for the provider.

A practical example

For illustration, a plan priced at $12 a month costs $144 a year before extra charges. A cheaper plan may cost more overall if your usual transactions exceed its allowance. These figures are hypothetical.

Questions to ask the provider

• Are e-Transfers included?
• Are overdraft charges separate?
• What happens if I miss a fee-waiver condition?