The Canadian Western Bank Standard Account is a basic chequing account with a low monthly fee and a limited number of free transactions every month. The monthly fee can be waived as long as you have at least $1,000 in your account.
Canadian Western Bank is a well-known name in Canada's western provinces, but there are very few locations east of Alberta – and none at all in Quebec or the maritimes. With so many strong options out there for basic chequing accounts, it may be a tough call to decide whether this one is worth it.
Canadian Western Bank Standard Account features
The Canadian Western Bank Standard Account offers features customers have come to expect from a standard chequing account. Here are its most important features:
Why You Want It
Low monthly fee that's waived with only $1,000 in the account + 15 free transactions.
Eligibility
- Canadian resident
- Age of majority
Provinces
AB, BC, MB, NB, NL, NS, NT, NU, ON, PE, SK, YT
Features
Minimum Balance To Waive Fee
$1,000
# Of Free Monthly Transactions
15
# Of Free Monthly Interac E-Transfers
0
Monthly Fee
$4.00
Excess Transaction Fee
$1.00
Excess Interac E-Transfer Fee
$1.00
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
N/A
Promo End Date
N/A
Physical Locations
Automatic Budgeting System
See Issuer for Details
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
Canadian Western Bank Standard Account product rating: 2.3 stars
This chequing account is very basic, but the Canadian Western Bank Standard Account does offer a low monthly fee of $4.00. Plus, this fee is easily waived with when you maintain a balance of at least $1,000 – which is quite low, as far as minimum balances go.
Receiving Interac e-Transfers is free but you'll be charged $1 each time you send one of these. The CWB's small number of physical locations is a common turn-off for potential customers, especially residents of provinces east of Alberta.
Rating methodology
To determine our Genius Rating for this product, we thoroughly examine each of its essential features, and then compare them to how they stack up against competitors. Then, using our impartial data-based algorithm, we assign it a score out of 5. The final score takes all of those features, and averages out their scores to come up with a final, out of 5 star Genius Rating.
Learn more about our rating methodology.
The pros of the Canadian Western Bank Standard Account
As a chequing account, the Canadian Western Bank Standard Account offers typical chequing account features:
Pros
Low, easily-wavied monthly fee
This account’s monthly fee is only $4.00, or just $48 per year. If you maintain a balance of at least $1,000, your monthly fee will be waived. This is a surprisingly low requirement that makes this account essentially free for many people.
Free ATM withdrawals from the EXCHANGE Network
Canadian Western Bank Standard Account holders can make free withdrawals from the EXCHANGE Network’s 3,000+ Canadian ATM locations. This is an excellent and highly convenient feature for anyone who likes to have access to fast cash while on the go.
Free transfers between CWB accounts
If you have other CWB accounts, or have any family members or friends with CWB accounts, you can easily send or receive money from those accounts and it won't cost you a thing. Yes, this is a common feature with chequing accounts, but its still a valuable convenience that deserves to be noted.
The cons of the Canadian Western Bank Standard Account
Every account has drawbacks, including this one. Here are a few of the Canadian Western Bank Standard Account's downsides:
Cons
Very few transactions
The $4.00 monthly fee includes just 15 transactions and any additional transactions will incur fees. This isn't an unusual number for a basic bank account, but it's still important to consider since those extra fees can add up quickly.
Interac e-Transfers aren’t free
Receiving an Interac e-Transfer is free, but sending them costs $1. If these transfers are made after you’ve used up your 15 transactions, you'll also have to pay the excess transaction fee of $1 for each one you send.
Very few physical locations
Having a physical bank location isn’t essential anymore, but there may still be times when you need to speak with a bank representative in person. Most of the Canadian Western Bank's physical locations are in Alberta and B.C., leaving many Canadians without the option of visiting a brick-and-mortar branch.
Canadian Western Bank Standard Account alternatives
Here’s how the Canadian Western Bank Standard Account compares against similar, standard chequing accounts:
 |  |  | |
|---|---|---|---|
| Account | Laurentian Bank Basic Account | Scotiabank Basic Bank Account | National Bank Modest Chequing Account |
| Genius Rating | |||
| Why You Want It | 12 monthly transactions + Free for RDSP beneficiaries and GIS recipients. | Free for seniors + Low $3.95 monthly fee. | Enjoy 30 digital transactions per month + Discounts for youth and seniors. |
| Minimum Balance To Waive Fee | $3,000 | N/A | $3,000 |
| # Of Free Monthly Transactions | 12 | 12 | 30 |
| # Of Free Monthly Interac E-Transfers | N/A | Unlimited | Unlimited |
| Monthly Fee | $4.00 | $3.95 | $10.95 |
| Excess Transaction Fee | $1.25 | $1.25 | $1.50 |
Show More | |||
| Open an account See more Laurentian Bank products Compare | Open an account See more Scotiabank products Compare | Open an account See more National Bank products Compare |
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FAQ
Does the Canadian Western Bank Standard Account have a monthly fee?
Yes, this account has a low monthly fee of $4.00, but this cost is waived when you maintain a $1,000 balance. This minimum balance requirement is considered low when compared to similar accounts at other banks.
Can you use ATMs for free with the Canadian Western Bank Standard Account?
Yes, you can use Candian Western Bank-branded or EXCHANGE Network ATMs for free within Canada. Using an unaffiliated machine will cost you $1.50 if you're in Canada and $3.00 anywhere else in the world.
Does the Canadian Western Bank Standard Account come with unlimited transactions?
No, this isn't an unlimited account. The Canadian Western Bank Standard Account's $4.00 monthly fee only gives you 15 total transactions per month, which includes online bill payments, direct deposits, ATM use, debit purchases, Interac e-Transfers, and more.
Is Canadian Western Bank a safe bank?
Although not yet finalized, the CWB has been acquired by one of Canada's big banks, National Bank. Plus, CWB is a member of the CDIC, an entity that protects your money in case of fraud, security breaches, and more.
Are paper statements free?
With a Canadian Western Bank Standard Account, monthly paper statements can be requested for a $2 fee. Luckily, account holders can access their monthly electronic statements for free at any time via their online banking portal.
What is the best basic chequing account to get?
This is ultimately a personal choice, depending on your wants and needs. The Simplii No Fee Chequing Account is an excellent choice for saving on fees, but the Scotiabank Basic Bank Account is the best option from a big bank.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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