Chequing Account

A chequing account (also often called a “checking” account) is a type of bank account designed for everyday transactions, such as paying bills, making purchases, and depositing paychecks.

Chequing accounts typically offer features such as debit cards, online banking, mobile banking, and check-writing capabilities. They may also earn a small amount of interest, although interest rates are generally lower than those offered on savings accounts.

Many chequing accounts come with monthly fees, but these fees can often be waived by maintaining a minimum balance or meeting other requirements. They are useful for your day to day life.

• Related Terms: Savings Account, Bank Account, Debit Card, Overdraft, Bank Fees