What is a Chequing Account?

A chequing account is your main everyday money account.

It’s where your paycheque lands, your bills come out, and your debit card transactions happen. You use it for spending, paying, and getting paid, not for long term saving.

An Alternative: KOHO Essential

With KOHO Essential:

• It has a low monthly plan fee that can be waived when you set up direct deposit or add +$1,000.

• Use a prepaid Mastercard® for groceries, bills, subscriptions, and travel.

• Grow your savings with a 2% interest savings rate on your entire balance.

• Earn 1% cash back on groceries, eating & drinking, and transportation.

• You can subscribe to Credit Building for $10/month, it's an affordable way to build your credit history.

• Enjoy unlimited transactions and free e-transfers (never worry about fees when sending money to someone again).

• No minimum balance, ever.

What a Chequing Account is Used For

People typically use a chequing account to:

• Receive income – paycheques, government benefits, transfers from others

• Pay bills – rent, utilities, phone, subscriptions

• Spend day to day – groceries, gas, eating out, online shopping via card or transfers

• Move money – e-transfers, ATM withdrawals, paying friends back

It’s designed for frequent transactions, not for parking money long term.

Chequing vs Savings

• Chequing account:

  • Lots of transactions

  • Usually low or no interest

  • Main hub for spending and bills

• Savings account:

  • Fewer transactions

  • Typically higher interest

  • Better for building an emergency fund or saving toward goals