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A truly free chequing account will waive the monthly fee no matter how much you deposit into the account. Here’s how some popular chequing accounts compare on monthly fees.
Bank account | Monthly fee and account features |
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TD Every Day Chequing Account |
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TD All-Inclusive Banking Plan |
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CIBC Everyday Chequing Account |
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CIBC Smart Plus Account |
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Scotiabank Basic Plus Bank Account |
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Scotiabank Preferred Package |
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BMO Performance Chequing Account |
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BMO Premium Plan Chequing Account |
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RBC Signature No Limit Banking Account |
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![]() RBC VIP Banking Account |
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Other free bank accounts may waive ATM fees, lost card fees and other fees or could offer cash back rewards. Most free chequing accounts still have backend fees for certain transactions, like overseas withdrawals and international transaction fees.
What fee do you want to avoid? | Bank accounts that avoid this fee |
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Monthly fees (no minimum balance required) |
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Monthly fees (minimum balance required) |
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Domestic ATM withdrawal fees |
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Transaction fees |
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Interac e-Transfers |
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Overdraft fees |
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It depends on the account. Most free chequing accounts won’t reward you with interest, though you might get lucky and come across one that does, such as the Tangerine Chequing Account. If not, there are many free savings accounts that reward you with higher interest rates to help grow your balance.
Some bank accounts will waive monthly fees when you meet conditions like balance requirements or making qualifying direct deposits each month. Requirements and conditions may vary, so you should read the terms and conditions to ensure that you won’t be charged.
If an account requires a direct deposit each month, your paycheques may be enough to waive the monthly fee. Find out what the requirements are, then sign up for direct deposit with your employer.
Free chequing accounts will often waive the monthly service fee, but other fees could still apply. You may be charged for using your bank account overseas, sending or receiving money transfers, ordering cheques and more. Read the terms and conditions or fee schedule for a full breakdown of your bank’s charges.
Many financial institutions will give you a debit card with a credit card logo called a Visa debit card, a debit Mastercard, or sometimes simply a virtual debit card. These cards are not combined debit cards and credit cards – they are simply debit cards designed so that payment machines will recognize them as credit cards wherever debit cards are not accepted. This allows you to pay even if you don’t have a credit card. Besides getting a Visa debit card or a debit Mastercard, find out if you can link other accounts, such as your savings account, to your debit card for easier access.
Most banks charge a fee when you make an ATM withdrawal from an ATM outside of the bank’s network, like if you use a TD machine to access funds from a CIBC account. These fees often range from $1 – $5, with private ATM networks (not operated by a financial institution) typically costing more than ATMs operated by financial institutions such as banks. You can save money by getting an account with the financial institution that has the largest ATM network, but you can also find banks that don’t charge ATM fees.
Find out if the institution offers other products so that you can do all of your banking in one place and make instant transfers between your accounts.
Whether you open a fee-free chequing account or find an account that will waive the monthly service charge, there are still other fees to watch out for. Here’s how you can avoid getting charged fees on your chequing account:
Fee-free chequing accounts are a great way to cut down on your monthly expenses without sacrificing the convenience of having a bank account. And while it is possible to find a free chequing account available, you can also find plenty that will waive the monthly fee when certain conditions are met. Compare bank accounts to find one that fits your financial situation.
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