Most savings accounts do not come with a cheque book, but some do
Whether your savings account includes a cheque book depends on the bank and the specific account type you hold. Traditional savings accounts at most banks—the ones designed for storing money rather than frequent transactions—do not issue cheque books as standard. However, some banks offer savings accounts with cheque-writing privileges, and a few hybrid accounts blur the line between savings and chequing.
The reason most savings accounts skip the cheque book is practical: banks want to discourage frequent withdrawals from savings accounts. Cheque books encourage spending. If you need to write cheques regularly, you typically need a chequing account instead, which is built for that purpose and usually comes with a cheque book automatically.
That said, if writing cheques from your savings account matters to you, it is worth asking your bank directly whether they offer this feature on any of their savings products. Some do, though they may charge extra or require a higher balance.
Key Takeaways
- Standard savings accounts do not include cheque books because banks discourage frequent withdrawals from savings.
- Chequing accounts are the standard product for cheque writing and come with a cheque book as part of the account.
- Some banks offer hybrid or premium savings accounts that include cheque-writing privileges, though these may have higher fees or balance requirements.
- If you need both cheque writing and savings features, you may want to hold both a chequing account and a savings account at the same bank.
Why savings accounts and cheque books are usually separate
Banks structure savings and chequing accounts differently because they serve different purposes. A chequing account is designed for frequent, everyday transactions. A savings account is designed to hold money longer and earn interest. Issuing a cheque book to a savings account customer would work against that goal—it would make withdrawals too straightforward and discourage the account holder from keeping money in the account.
There is also a regulatory reason: some savings accounts have withdrawal limits. Historically, certain types of savings accounts (particularly those earning higher interest rates) were restricted to a set number of withdrawals per month. A cheque book would make those limits harder to enforce, so banks straightforward did not issue them.
From a practical standpoint, cheque books are also expensive for banks to produce and manage. Issuing them only to chequing account holders keeps costs down and reserves them for customers who actually need them.
Accounts that do offer cheque-writing privileges
Some banks offer savings accounts with cheque-writing capability, though they are less common than standard savings accounts. These accounts typically fall into two categories: premium or high-interest savings accounts, and hybrid accounts that combine features of both savings and chequing.
Premium savings accounts sometimes include a limited number of cheques per month or per year. For example, a bank might allow you to write up to five cheques monthly while still earning interest on your balance. These accounts usually require a higher minimum balance—sometimes $5,000 or more—and may charge a monthly fee of $10 to $25.
Hybrid accounts marketed as "savings chequing" or "combined accounts" give you both cheque writing and interest earnings, though the interest rate is usually lower than a dedicated savings account. These exist mainly for customers who want simplicity—one account instead of two—rather than for people who need heavy cheque-writing volume.
What to do if you need both cheques and savings
The most straightforward solution is to hold both a chequing account and a savings account at the same bank. Your chequing account comes with a cheque book and handles your regular spending and bill payments. Your savings account earns interest and holds money you are not spending when ready. You can transfer money between them online or at a branch whenever you need to.
This approach gives you the best of both: the full cheque-writing capability of a chequing account, plus the interest earnings of a savings account. Most banks make transfers between your own accounts free and when ready, so there is no practical friction to managing both.
If you only need to write cheques occasionally—a few times a year—you might ask your bank whether they will issue a small cheque book (say, 10 cheques instead of 25) to your savings account. Some banks will do this as a courtesy, though it is not standard practice. It never hurts to ask.
Alternatives to cheques from savings accounts
If your bank does not offer cheques on savings accounts and you do not want to open a chequing account, you have other options. Many banks allow you to withdraw money from savings and then write a cheque from your chequing account, or you can use a bank draft or certified cheque, which the bank issues on your behalf for a small fee (usually $5 to $15).
Bank drafts are useful when you need to send a large, may provide payment—for example, a down payment on a house or a security deposit. The bank guarantees the funds, so the recipient knows the cheque will not bounce. You can order a bank draft from your savings account and have it issued within a day or two.
For everyday payments, electronic transfers (Interac e-Transfer or wire transfers) are often faster and safer than cheques anyway. If you are paying someone you trust, e-Transfer is nearly when ready and costs nothing. If you need a may provide payment, a bank draft is the way to go.
Fees and requirements for cheque books on savings accounts
If your bank does offer cheques on a savings account, expect to pay for them. A single cheque book (usually 25 cheques) costs $10 to $20. Some premium savings accounts include one free cheque book per year, but additional books cost extra.
Banks that issue cheques on savings accounts often require a minimum balance—typically $2,500 to $10,000, depending on the account tier. If your balance drops below that threshold, the bank may stop issuing cheques or charge a monthly fee until you bring it back up.
Monthly fees for savings accounts with cheque privileges range from $0 to $25, depending on the bank and account type. Some waive the fee if you maintain a high balance or set up direct deposit. Always check the fee schedule before opening an account, because these costs add up over time.
How to learn about your bank offers this feature
The easiest way to find out is to call your bank's customer service line or visit a branch and ask directly. Tell them you want a savings account with cheque-writing capability and ask what options they have. They can tell you which accounts include this feature, what the fees are, and what the minimum balance requirement is.
You can also check your bank's website. Most banks list account features in a comparison table or product guide. Look for terms like "cheque writing", "cheques included", or "chequing privileges" in the savings account section.
If your current bank does not offer this, you can shop around. Credit unions sometimes offer savings accounts with limited cheque writing, and some online banks have hybrid products. However, do not switch banks just for this feature—opening a second chequing account at your current bank is usually simpler and cheaper.
Frequently Asked Questions
Can I write cheques from a regular savings account?
Not usually. Most banks do not issue cheque books for standard savings accounts. If you need to write cheques, you need a chequing account. Some premium savings accounts offer limited cheque writing, but you have to ask your bank whether they offer this.
What is the difference between a savings account and a chequing account?
A chequing account is for frequent transactions and comes with a cheque book, debit card, and online bill payment. A savings account is for storing money and earning interest, with fewer withdrawal options. Most people hold both.
Do I have to pay for a cheque book?
Yes, if your bank issues one. A single cheque book usually costs $10 to $20. Some premium accounts include one free cheque book per year, but additional books cost extra.
Can I use a bank draft instead of a cheque from my savings account?
Yes. A bank draft is a cheque the bank issues on your behalf, may provide by the bank. You can order one from any account and pay a small fee ($5 to $15). It is useful for large or important payments.
What if I only need to write a few cheques per year?
Ask your bank whether they will issue a small cheque book to your savings account as a courtesy. If not, use bank drafts for the few cheques you need, or open a free chequing account and keep it for occasional use.