Can You Get Interest on a Chequing Account?

Yes, you can get interest on a chequing account—but not all chequing accounts pay interest, and when they do, the rate is usually much lower than what you’d get from a savings or high interest savings account.

Chequing accounts are built mainly for everyday spending (paycheque deposits, bills, debit purchases, e-Transfers), so banks often don’t focus on offering strong interest rates there.

Where KOHO High Interest Savings Fits

With KOHO High Interest Savings, you can:

• Earn a high interest rate on your extra cash

• Keep money flexible and accessible in the app

• Move funds in and out as needed, instead of leaving everything in a low- or no-interest chequing account

Pros and Cons of Interest-Bearing Chequing Accounts

Pros:

• You earn some interest on money sitting in chequing

• Convenient if you keep higher balances there for bills and everyday use

Cons:

• Interest rates are usually lower than high interest savings accounts

• Some accounts require minimum balances or fees, which can eat into what you earn

• You might be tempted to spend money that should really be saved

When to Use Chequing vs Savings

A simple rule of thumb:

• Keep short-term spending money (like bills and upcoming purchases) in chequing

• Move extra cash and emergency savings into a high interest savings account so it can grow faster

That way, you still get the convenience of chequing, but your longer-term money isn’t just sitting there doing very little.