Are you aware that millions of Canadians don’t have a bank account? Many people feel that they do not have enough money to warrant using a bank. Some prefer to use cash to avoid the hassle of using a credit card or check.

There has been a lot of mistrust of financial institutions today, but that doesn’t mean you shouldn’t have a chequing account. You need one to keep track of your money.

Check out the five main benefits of opening a chequing account:

1. Access to cheaper loans and financing

Those with a chequing account at large banks can obtain loans and finance with lower interest rates. Instead of requesting these services at financial institutions with higher fees, you can get better payment options with the banks. Also, if you are self-employed and intend to finance a car or a house in the future, you can prove your income using your chequing account statements.

2. No Transaction Limits

Electronic transfers from chequing accounts are not subject to federal limits. However, transfers from savings accounts are. Generally, you can only make up to six transactions in a single month with a savings account. That’s somehow limiting if you consider how much money you spend monthly.

To maximize your savings, open both chequing and savings accounts. From your chequing account, make direct transfers to your savings account. You will also save money this way.

3. Ease of receiving payments

This benefit of opening a chequing account is especially important for those who work as a service providers. Customers deposit payments on the spot with an active chequing account, and you don’t have to carry money around in your wallet.

Another benefit is to be able to move the money directly in the bank application.

Today, most banking institutions like Scotiabank allow you to perform many financial activities using online or mobile banking if you have a smartphone, computer, or tablet.

4. Earn Rewards

Many chequing accounts like HSBC are now offering rewards similar to savings accounts and credit cards.

When you open the HSBC Advance Chequing Account, you have access to HSBC +Rewards and the lowest interest rate credit card. That’s not all; you can earn a welcome bonus of $350 when you open an HSBC Premier Chequing account:

• $300 for opening a chequing account
• $50 for opening the account online

5. Possibility of splitting purchases

Credit cards and chequebooks are some of the products available for those who have a chequing account at the bank. When used correctly, they help you achieve more expensive purchases through instalment payments.

However, it is essential to have control when spending. Avoid using the maximum credit card limit provided by the bank and paying the minimum bill. This way, you avoid bigger debts and manage to control your monthly expenses.

6. Control what you receive and spend

You can check your chequing account balance and see how much money you have left whenever you want. In addition, you can pull up the statement, which shows all the payments and transactions you have made up to that moment. You can check your financial transactions through the ATM, at the branch, through internet banking, and the bank’s applications.

In conclusion

You are better off financially if you have a chequing account.

Access your money quickly, complete financial transactions on your phone or tablet, and easily monitor your spending so you can make better financial choices.

A chequing account is a necessity these days, so you’d better choose one that’s right for you.