A good chequing account is the bread and butter of banking and money management. And today, most banks will let you open one without having to visit a branch. But there are certain requirements to meet, as well as important considerations to keep in mind when comparing your options.
To get started you’ll need to spend some time shopping around to compare banks and account options. It’s convenient to do this online, and there are tons of different chequing accounts out there to choose from.
Once you’ve made a decision, navigate through the bank’s website to open the account that you’ve chosen.
When applying for a bank account online in Canada, you’ll need to provide two forms of official ID as well as your basic personal information. You’ll be asked for your name, address and date of birth, as well as your Social Insurance Number (SIN). Enter your information as prompted, and you should work your way through basic setup in a couple of minutes.
Perhaps the most important step when opening a bank account is to verify your ID. When opening a chequing account online, you’ll be prompted to share your passport and/or government-issued ID in order to satisfy security requirements. The exact verification process can vary, but most banks will ask you for a picture or scan of your identification documents. You might also have to provide answers to security questions, or set up two-factor authentication via email, text or mobile banking app.
If you’re opening a new account with your current banking provider, then you may have the option of skipping these steps since you’re already registered with them.
Once you’ve been verified and all of your information is confirmed, the final step is to activate your account. Depending on the chequing account you’ve signed up for, you may need to activate a physical debit card that will arrive via mail. Or it could be a matter of sending funds to your account in order to begin using it.
Follow your bank’s instructions after opening your account online.
Opening a chequing account online isn’t a complex process. The initial sign up can take just 10 minutes, but there are certain documents that you need to have in order to open a bank account in Canada.
The first thing you’ll need is your ID. In fact, most banks will require you to provide two pieces of verified identification and they must be the original documents, not copies. One document should state both your name and address, while the other should show your name and date of birth.
This helps the bank to be sure that you are who you claim to be, which protects both you and the bank from the potential risks of fraud.
Here’s the list of documented ID types that you can use to open a bank account in Canada:
In addition to your ID, there are some basic eligibility requirements that typically must be met in order to open a Canadian bank account:
Opening a new bank account is kind of a big deal. There are a lot of options out there today, which is great, but you’ll want to get it right the first time. It’s worthwhile to think about exactly how you’ll be using your chequing account, what kind of transactions you’ll be making regularly, and any other details that are important to you and your financial needs.
We can look at some of the key features of a chequing account to help narrow down your search:
Many traditional bank accounts come with fees, including monthly, transaction and overdraft fees. The exact cost of these various fees will differ between banks and account types. On the other hand, a lot of banks that operate exclusively online offer no or low fee chequing accounts.
Either way, you may want to take a close look at the fees associated with any account you’re considering.
While the conventional big banks won’t typically offer interest on a chequing account, some online banks have started to do so. Interest is usually reserved for savings accounts, but if you can find a chequing account with APY then you’ve got the best of both.
If growing your money is a priority (and why wouldn’t it be?) then looking for a chequing account with a nice annual percentage yield could be the way to go.
Online banks may have shiny offers like high-interest chequing accounts, but they can’t provide you with face to face service. If in person banking services and customer support is something you value, then you’ll want to consider that trade off. Even among brick and mortar banks, opening hours and branch services will vary.
Some chequing accounts will require you to maintain a minimum value in order to operate. And if your account dips go below that, you’ll probably incur a fee. When choosing a new chequing account, be sure to read up on any minimum balance requirements and associated fees.
Some Canadian banks may limit the number of transactions you can make each month, or charge you a fee for exceeding a certain number of transactions. If that could be a dealbreaker for you, look out for chequing accounts with low fees, or better yet, unlimited transactions.
This can be easy to overlook, but knowing that the bank you choose is insured with the Canadian Deposit Insurance Corporation (CDIC) is vital. In the unlikely event your bank goes under, this will insure your account for up to $100,000.
If you’re big on the little details, you’ll want to consider how your potential choices measure up when it comes to additional features. Some bank accounts can offer customers early paychecks, overdraft protection coverage and online savings tools, among others.
Once your new chequing account is open, you can work on getting it set up so that it’s tailored to your spending habits. Depending on your bank provider, you should be able to manage most of the details of your account online, including:
To make comparing even easier we came up with the Finder Score. Welcome offers, account fees and features across 60+ chequing accounts and 25+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the account - simple.
Opening a chequing account online is a straightforward process, although you may need time to thoroughly compare all of the variables when choosing a specific account and bank.
With so many options among both traditional providers and online neo-banks, the good news is you’re sure to find a chequing account that meets your unique banking needs.
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