Convenience: If you have a chequing account you can write cheques to pay bills without having to trot on down to a financial institution or post office to buy a money order or a certified cheque.

You can stay on top of regular payments (like rent or nursery-school fees) by issuing a series of post-dated cheques.

A chequing account also allows you to have regular expenses like your heating, electricity, gym membership, and even your newspaper subscription paid automatically out of your account by sending the payee a copy of a voided cheque.

And, as with a savings account, a chequing account gives you the considerable benefit of a bank card which lets you access thousands of ATMs across Canada. Automatic Teller Machines are at your disposal 24 hours a day, for all your banking needs.

Record Keeping: A cancelled cheque (indicating that the cheque has gone to your financial institution and the sum has been drawn out of your account) is proof of payment. This can come in handy if you want to question a debit you see on your online banking page, or monthly statement.

It's also useful if you ever need to prove that a creditor has received a payment.

Saving Money: Depending on your choice, chequing accounts can cost from $3 to $30 per month, but they average about $7.

Some financial institutions offer a certain number of free transactions each month, or waive the fee altogether if you maintain a minimum balance. But even with the fee, managing your financial transactions with a chequing account is a cheaper option than having to constantly invest in money orders ($3.95 to $6.50 each) or certified cheques ($10).

In addition, chequing accounts usually have lower service fees than savings accounts.