What are checking accounts?

A checking account serves as a versatile bank account designed for daily expenditures. It allows you to cover bills, withdraw cash using your debit card, conduct regular transactions, and effectively manage your finances. Choosing the optimal checking account simplifies handling various financial responsibilities. People who require in-person services and customer services should consider these checking accounts to meet their daily banking needs:

BMO Performance Chequing Account

BMO, also known as the Bank of Montreal, stands as one of Canada’s major financial institutions among the Big Six banks. It provides a range of services including personal and business accounts, lending solutions, and investment services. Its Performance Checking Account is one of the best on the market for people who are looking for in-person services and customer service. Here are the key highlights of this account:

• Performance Checking Account offers unlimited number of transactions for a competitive fee. The monthly fee of $16.95 is waived with minimum balance of $4,000. The transactions are available at BMO branches or ATMs, as well as through BMO Online, Mobile, and Telephone Banking.
• Additionally, you can receive a cash bonus of up to $600: get $350 when you open a new BMO Performance Chequing Account and deposit any amount by July 2nd, 2024. Gain an extra $50 by inviting a family member to join the BMO Family Bundle and having them open their account by July 2nd, 2024.
• With the BMO Family Bundle, you can incorporate an additional account while eliminating fees, enabling your loved ones to enjoy fee-free daily banking with the added convenience and privacy of separate chequing accounts.
• You can also get a promotional interest rate of 5.5% (conditions apply), when you open both a Performance Chequing Account and a Savings Amplifier Account.
• Moreover, by opting for a Performance Plan Chequing Account, you are eligible for an annual rebate of up to $40 on your BMO credit card’s annual fee. This plan allows you to access all the benefits of a BMO credit card at reduced fees.
• Rest assured with complimentary OnGuard Identity Theft protection, a feature included with the Performance Plan, saving you over $150 annually.
• Last, but not least, the Performance Plan chequing account qualifies for CDIC insurance, ensuring peace of mind for your deposits.

CIBC Smart™ Checking Account

CIBC, Canadian Imperial Bank of Commerce, provides a flexible monthly fee that adapts based on the number of transactions you conduct. Here are its main features:

• You can bank conveniently in-person, online, or via the mobile app.
• When you open your first chequing account and fulfill qualifying actions, you receive a $400 Costco Shop Card.
• The monthly fee varies based on the number of transactions: $16.95 for unlimited transactions, $6.95 for up to 12 transactions, or $6.95 plus $1.25 for each additional transaction for 13 to 20 transactions.
• What is more, the monthly fee is waived by maintaining a minimum daily balance of $4,000.
• Interac e-transfer transactions are free. However, they contribute to your total transactions count.
• You can access nearly 4,000 ATMs across Canada, with one free non-CIBC ATM withdrawal per month within Canada.
• You can shop online and in-app directly from your CIBC Smart Account using Visa Debit.
• You can utilize CIBC Insights. This is a feature within the CIBC Mobile Banking App. It allows you to manage daily spending and enhance savings with personalized tips based on your debit and credit card activity.
• You can receive alerts with CIBC Smart Balance Alert to preemptively address low account funds and avoid non-sufficient funds (NSF) fees and declined payments.
• There are also digital payment options including Visa Debit, Click to Pay, Google Pay, Apple Pay, and Samsung Pay available.
• You can save up to 10 cents per litre on gas by linking your CIBC card with Journie Rewards at participating Pioneer, Fas Gas, Ultramar, and Chevron locations.
• This offer is exclusively available to Canadians aged 25 and older. Specific CIBC Smart Account offers are tailored for students, newcomers, and foreign workers.
• Deposits are eligible for insurance from CDIC.

RBC Signature No Limit Banking Checking Account

RBC, or Royal Bank of Canada, is another stable option for lovers of in-person services. Here is the summary of its Signature No Limit Checking Account:

• You get unlimited debit transactions within Canada along with valuable savings and benefits.
• You can choose between a monthly fee of $16.95 (or less with rebate), $10.95, or $5 with the Value Program Rebate. To get the rebate, you must have two other RBC products like an investment account or a credit card. You must also carry out at least 2 out of 3 regular account activities each month. Pre-authorized payment, direct deposit or eligible bill payment all qualify as regular account activities.
• You can receive up to a $48 rebate on the annual fee of an eligible credit card.
• No minimum balance is required, even to qualify for rebates.
• You get free Interac e-Transfer transactions. You will have three non-RBC ATM fees waived per month as well. The fee for each subsequent withdrawal is $2.
• You can get five free cross-border debits per month, with a $1 fee for each additional transaction.
• If you enroll your account in the Value Program, you will earn a minimum of 1 Avion point for every $10 spent in-store and online using your enrolled account.
• You can get your fees waived on overdraft protection (overdraft interest applies if used). You may get discounts of up to $12 per year on regular safe deposit box fees.
• You can receive a rebate on one Non-Sufficient Funds (NSF) fee per calendar year.
• You will also get one free book of cheques, with fees applicable thereafter. You will get six free bank drafts per year, with a charge of $9.95 each thereafter.
• You can access online, mobile, and telephone banking services for free, along with complimentary eStatements.
• You are free to choose between monthly paper statements with or without cheque images, with fees applicable.
• If you’re not completely satisfied within the first 4 months, RBC will refund your monthly fees for up to 3 months.