The banking industry in Canada is dominated by five banks known colloquially as the Big Five. According to the Banker’s Association of Canada the Royal Bank of Canada (RBC) is the largest, followed by TD Canada Trust (TD), Bank of Nova Scotia (Scotia), the Bank of Montreal (BMO) and then Canadian Imperial Bank of Commerce (CIBC). Bloomberg lists several of these Canadian banks among the world’s strongest banks with assets of over $100 billion. These five banks provide many chequing account options Canadians can use for their day- to-day banking. Finding the right account can take a lot research and time; it can be quite tedious to navigate through the abundance of information provided by the banks. Let’s take a look at the different options through a comparison of the chequing accounts available in Canada.
Which type of chequing account are you interested in?
- The Short Accounts (where account fees cost $4 or less)
- The Tall Accounts (where account fees cost around $10)
- The Grande Accounts (where account fees cost around $13)
- The Venti Accounts (where account fees cost more than $22)
- The Frappucino Accounts (where there are no account fees)
There are lots of different options and things to consider when it comes to choosing a daily chequing account. Whether it’s a basic account with no frills or a premium account with all the perks, there are plenty of options from many different providers that suit the needs of all Canadians.
Which bank account(s) do you use and why?
