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Choosing a checking account with Hardbacon
Before choosing a checking account with our comparison tool, the first step is to determine the purpose of your account. On the left filter, select the account type based on your age/status (youth, students, senior...). You can also choose one or many specific financial institutions, if you want to limit your choices. Click on "More Details" when you want to know more about a specific checking account.
Frequently Asked Questions
To estimate the monthly fees of a checking account, enter the number of monthly transactions onto the right sidebar and you will see an amount appearing next to “Estimated Monthly fees”. Here is how this amount is calculated. First, we subtract the number of free transactions included in the number of transactions made monthly, then we multiply the result with the additional transaction fees. We, then, add up the monthly account fees to obtain the final result.
Interac transfers are free for most checking accounts in Canada. However, some banks charge between $0.50 and $2.50 per Interac transfer. If you consider using this service, make sure the Interac transfer is free. To check, click on “More Details” and the information is under “Interac Transaction”.
Regardless of the financial institution, large or small, there is no risk of losing the money deposited in your checking account if it is below $100,000. It is the maximum insurable amount defined by the Canada Deposit Insurance Corporation (CDIC). Every Canadian bank is a member of the CDIC. Other types of institutions are also members, like insurance companies, financial cooperatives and more. If you want to make sure that your money is secure, visit the CDIC website to verify if your institution is a member.
Online banks charge few to no fees, which allows its users to enjoy a checking account with almost no fee. On the other hand, their service offers are more limited and they do not have physical branches. For example, If you lose your card, you will have to wait for a new one to be sent in the mail. Another factor to consider when opening a checking account from an online bank is the network of automatic teller machines (ATMs). A checking account open at an online bank would not provide you with a network of ATMs, which can be costly over time due to the “external ATM fees.” “External ATM fees” are charged every time you withdraw money from a third party’s ATM. However, the online bank Tangerine allows free transactions in every ScotiaBank ATMs, and Manuvie Bank allows free transactions in ATM’s belonging to National Bank and Laurentienne Bank.