A chequing account is a type of bank account designed for everyday transactions. It allows easy access to money for deposits, withdrawals, bill payments, and purchases with debit cards or cheques.
Key Features
- Unlimited access: Funds can be deposited and withdrawn at any time.
- Payment tools: Supports debit card use, electronic transfers, and cheques.
- Low or no interest: Chequing accounts typically don’t earn significant interest.
- Fees: Many accounts charge monthly fees, though some are waived with minimum balances or student/senior plans.
Why It Matters
Chequing accounts are essential for managing day-to-day finances. They provide the convenience and flexibility needed for regular money management but are not intended for long-term savings.
Final Thoughts
A chequing account is the cornerstone of personal banking. It’s best used for transactions, while savings accounts or investments handle long-term financial growth.