A bank account is one of those things that, when it works how it’s meant to, you barely even notice it. But choosing the best bank for daily banking is easier said than done. Should you go with the security of a big bank, the personalized service of a credit union, or the online convenience of a digital bank or fintech?

In this guide, we’ll show you how to find the best bank in Canada for personal banking based on how you use your money.

↓ Jump ahead to see the best accounts for daily banking

How to choose the best bank for daily banking

To find the best bank account, you need to think about the type of transactions you need to make on a regular basis. Do you send a lot of e-Transfers, for example, or do you travel regularly and need a debit card with no foreign transaction fees? Would you like to be able to visit a branch in person for customer service, or are you happy managing your money digitally? Do you need an account with a chequebook?

Here are the eight key factors to compare when searching for the best bank for daily banking.

1. Number and type of monthly transactions

Check how many transactions you can make from the account per month without incurring any extra fees. It’s also important to check the type of transactions you can make. For example, while the account may support unlimited bill payments and debit card purchases, you may need to pay a fee each time you send an e-Transfer.

2. Monthly fee

Some daily banking accounts have no monthly fees. But the majority of chequing accounts in Canada do come with monthly fees—the more transactions included, the higher the fee.

Crunch the numbers to work out how much the account fee will cost you each year. Is it worth it for the features and benefits the account offers?

2. Minimum balance requirement

If a bank account comes with a monthly fee, in many cases the fee is waived if you keep your balance above a minimum threshold. For example, if you have $4,000 or more in your account on every day of the month, you can avoid paying the account fee.

Consider whether you can comfortably afford to meet the minimum balance requirement, or whether you would prefer to be able to access more of your balance for day-to-day spending.

4. Interest rates

Chequing accounts for day-to-day banking traditionally don’t pay interest on your balance. But some hybrid accounts do—the Wealthsimple Chequing Account and the EQ Bank Personal Account are two prominent examples. Compare account interest rates to find the best bang for your buck.

5. Branch and ATM network

If you want face-to-face customer service, check whether the bank has branch locations conveniently located close to you. Out-of-network ATM withdrawal fees can also leave a big dent in your bank balance, so look for banks with large ATM networks and handy ATM locations.

Digital banks and fintechs don’t have their own ATM networks, so you’ll need to watch out for ATM fees. That said, some providers will reimburse any ATM fees you incur, allowing you to withdraw cash from ATMs across Canada fee-free.

6. Mobile app

You’ll likely perform many of your day-to-day banking transactions using your mobile, so the best bank for you will have a user-friendly mobile app. Check app store reviews and online instructional videos to get a feel for the quality of the app’s user experience.

7. Sign-up bonus

Your main focus should be on finding an account that lets you bank the way you want and offers the lowest fees. But if you’re tossing up between two accounts, it’s worth checking which one comes with the best welcome offer. Banks try to entice new customers by offering a cash bonus when you open an account, so a welcome bonus can provide a nice little boost to your bank balance.

8. Other products and services

If you prefer to do all your banking with one financial institution, it’s also worth checking what other products and services they offer. You might want to look for:

• Credit cards, including rewards and travel credit cards.
• Personal loans and lines of credit.
• An online trading platform or app for investing in ETFs and stocks.

If you plan on bundling multiple products together, look at what the bank offers as a whole rather than just comparing daily banking accounts in isolation.

Our picks for the best Canadian bank for personal daily banking

EQ Bank Personal Account

9.4 Excellent

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EQ Bank Personal Account

Earn 2.75%
Bonus Offer

$0
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

EQ Bank's Personal Account offers everything you need to manage your day-to-day banking. It has no monthly fee, no minimum balance requirement, and no fees on your everyday transactions. You also get an EQ Bank Card that provides you with fee-free withdrawals from any ATM across Canada, plus the ability to earn 0.5% cashback on your purchases. Even better, this account pays 1% interest on your balance—or Earn 2.75% interest for 12 months when you meet direct deposit requirements—so it offers the benefits of a savings account and a chequing account all in one.

• No monthly fee
• Unlimited transactions
• Earn cash back on your spending
• Earn 2.75% interest for 12 months

• No branch access
• Some account features not available in Quebec

Monthly Account Fee	$0
Free Transactions	unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$0
NSF Fee	$0
Foreign Transaction Fee	0%
CDIC Deposit Insurance	$100,000
Bonus Offer	Earn 2.75%

BMO Performance Chequing Account

8.7 Great

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BMO Performance Chequing Account

Earn $700
Bonus Offer

$17.95
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

Finder Reward

Get a $150 digital Visa gift card from Finder. Become a Finder Member and open a BMO Performance Chequing Account through Finder.

T&Cs apply.

If you want the peace of mind of managing your money with a Big Five bank, BMO's Performance Chequing Account is worth a closer look. This account supports unlimited monthly transactions, including e-Transfers, and you can take advantage of fee-free ATM withdrawals and 1 free non-BMO ATM withdrawal per month. You also get the convenience of access to BMO's nationwide branch network, and while the Performance Chequing Account does have a $17.95 monthly fee, that's waived if you maintain a daily balance of $4,000 or more.

• Large branch and ATM network
• Unlimited transactions
• Welcome bonus of up to $700 plus a gift card
• Get an annual rebate of up to $40 rebate on the annual fee for eligible BMO credit cards

• $17.95 monthly fee if you don't meet the minimum balance requirement
• Doesn't pay interest on your balance

Monthly Account Fee	$17.95
Free Transactions	unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$0
Foreign Transaction Fee	2.5%
CDIC Deposit Insurance	$100,000
Bonus Offer	Earn $700

Coast Capital Elevate Chequing Account

8 Great

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Coast Capital Elevate Chequing Account

Earn up to $600
Bonus Offer

$16.95
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

Finder Reward

Get a $150 digital Visa gift card from Finder. Become a Finder Member and open a Coast Capital Elevate Chequing Account through Finder.

T&Cs apply.

If you're searching for a premium daily banking account with plenty of perks, there's a lot to like about the Elevate Chequing Account. This account supports unlimited transactions, including e-Transfers, while you also get a free chequebook each year and 2 free Interac network Canadian ATM withdrawals per month. Other benefits include a $50 one-time rebate on a Coast Capital credit card annual fee, plus free access to Coursera's global online learning platform (valued at over $530 per year). And while this account comes with a $16.95 monthly fee, discounts are available for seniors, young people, and those who meet minimum balance or direct deposit requirements.

• Unlimited day-to-day transactions
• Free chequebook and 2 free ATM withdrawals per month
• Welcome bonus of up to $600
• Monthly fee discounts available

• $16.95 monthly fee
• You need to become a Coast Capital member
• Doesn't pay interest

Monthly Account Fee	$16.95
Free Transactions	unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$0
Foreign Transaction Fee	2%
CDIC Deposit Insurance	$100,000
Bonus Offer	Earn up to $600

Tangerine No Fee Daily Chequing Account

8.5 Great

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Tangerine No-Fee Daily Chequing Account

Earn $250
Bonus Offer

$0
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

The name of this account from digital bank Tangerine tells you everything you need to know. This account charges no fees for your daily transactions, with no monthly fees or minimum balance requirements to worry about either. You also get free access to Scotiabank's ABM network, plus a free chequebook with 50 cheques. And with Tangerine's user-friendly online and mobile banking platforms, it's simple and stress-free to manage your money day-to-day.

• Easy online signup process
• No monthly or daily transaction fees
• Free e-Transfers
• Free access to over 3,500 Scotiabank ABMs

• No branch network
• 2.5% currency conversion fee
• Only pays minimal interest

Monthly Account Fee	$0
Free Transactions	unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$0
NSF Fee	$45
Foreign Transaction Fee	2.5%
CDIC Deposit Insurance	$100,000
Bonus Offer	Earn $250

Simplii Financial No Fee Chequing Account

8.5 Great

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Simplii No Fee Chequing Account

Earn $300
Bonus Offer

$0
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

Simplii Financial's popular No Fee Chequing Account has plenty to offer if you're looking for fee-free daily banking. It supports unlimited debit purchases, bill payments and withdrawals with no monthly fee. There's no minimum balance requirement to worry about either, and get a debit Mastercard for online, in-store and mobile wallet purchases. You also get free access to the CIBC ATM network, plus easy-to-use online and mobile banking portals to simplify your money management.

• No daily transaction or monthly fees
• Free e-Transfers
• Free access to CIBC ATMs
• $300 welcome bonus plus a gift card

• Only pays 0.01% interest
• No branch network
• Not available in Quebec

Monthly Account Fee	$0
Free Transactions	unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$0
NSF Fee	$45
CDIC Deposit Insurance	$100,000
Bonus Offer	Earn $300

Scotiabank Preferred Package

8.6 Great

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Scotiabank Preferred Package

Earn $700
Bonus Offer

$16.95
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

The Preferred Package is Scotiabank's most popular daily chequing account, and it's easy to see why it's worth checking out if you're searching for the best bank in Canada for personal banking. This account supports unlimited debit transactions, offers access to Scotiabank's large ABM and branch network, and is eligible for overdraft protection. You also earn Earn Scene+ reward points on everyday purchases with your Scotiabank debit card, and those points can then be redeemed for travel, dining, entertainment and other perks. Other benefits of the Preferred Package include bonus interest if you also open a MomentumPLUS Savings Account, preferred rates on GICs, and a one-time annual fee rebate of up to $150 on select credit cards.

• Unlimited debits and e-Transfers
• Highly rated mobile app
• Large branch and ABM network
• Security of banking with a Big Five bank

• $16.95 monthly fee if you don't meet the minimum balance requirement
• Doesn't pay interest on your balance

Monthly Account Fee	$16.95
Free Transactions	unlimited
Interac e-Transfer Fee	$0
In-Network ATM Fee	$2
NSF Fee	$48
Foreign Transaction Fee	2.5%
CDIC Deposit Insurance	$100,000
Bonus Offer	Earn $700

Wealthsimple Chequing Account

9.3 Excellent

Read review

Wealthsimple Chequing Account

N/A
Bonus Offer

$0
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

No-fee daily banking and a whole lot of other added perks is the name of the game with the Wealthsimple Chequing Account. This account supports unlimited transactions with no monthly fee, while you get fee-free ATM withdrawals across Canada too. Your Wealthsimple account also comes with a prepaid Mastercard that has no FX or transaction fees to worry about. Even better, the Wealthsimple Chequing Account also pays interest like a savings account, so you can earn up to 2.5% interest depending on your account balance.

• Up to $1 million of CDIC protection
• Unlimited transactions
• No monthly fee
• Earn 1.5%-2.5% interest
• No FX fees

• No physical branches
• You need a large balance to earn the maximum interest rate
• No overdraft protection

Monthly Account Fee	$0
Free Transactions	unlimited
Interac e-Transfer Fee	unlimited
In-Network ATM Fee	$0
NSF Fee	$0
Foreign Transaction Fee	0%
CDIC Deposit Insurance	$1,000,000
Bonus Offer	No offer available

• Methodology: How we selected the best daily bank accounts in Canada

  To determine this list of the best accounts, Finder Canada analyzed 70+ chequing accounts across 22 financial institutions. We compared accounts from traditional banks, digital banks and credit unions, and we narrowed down the list of accounts to the top 7.

  We ranked accounts based on 16 data points within four major categories. Here's how we ranked and weighted each product:

  • Fees: 40% (Monthly fee, ability to waive monthly fee (if necessary), transaction fees, e-Transfer fees, ATM fees, NSF fees, overdraft fees)
  • Perks: 30% (Interest rates, signup bonuses, other tailored rewards)
  • Banking Access: 15% (In-branch banking, online banking access, national availability)
  • Customer Experience: 15% (Live chat availability, Apple app ratings, Google app ratings)

  No single chequing account will be the best choice for everyone, so thoroughly compare your options before picking your new account.

Types of accounts for daily banking in Canada

There are two main types of accounts you can use for daily banking: chequing accounts and hybrid accounts.

Chequing accounts are designed to let you take care of all your day-to-day transactions. That means things like receiving your paycheque, paying bills and transferring money. This type of account comes with a linked debit card that you can use to pay for purchases in-store and online, and to withdraw cash at ATMs.

Hybrid accounts are a relatively new arrival on the banking scene. They offer easy access to your funds for daily banking, just like a chequing account, but they also pay interest on your balance just like a savings account. A hybrid account typically comes with a prepaid card that you can use to access cash at ATMs as well as pay for purchases in-store and online.

How to choose the best bank for daily banking

How can you find the best bank in Canada for personal banking? Well, it all depends on what you’re looking for in a financial institution. There are a few different options to choose from, and each has its own benefits to offer.

Banks

Many of us have grown up with an account at a traditional bank like one of the Big Five. These major banks offer the convenience of large ATM and branch networks, face-to-face customer service, and access to a full range of banking products and services on top of day-to-day accounts. They also usually offer a choice of chequing accounts based on how many transactions you need to make each month. The more transactions, the higher the monthly fee—but this fee can often be waived if you meet a minimum balance requirement.

Credit unions

Unlike banks, credit unions are not-for-profit institutions owned by their members. They also offer a wide range of products and services, plus a choice of chequing accounts based on your needs. Credit unions can offer lower fees and higher savings interest rates than banks, and they have a focus on giving back to their members and the communities they serve.

Digital banks and fintechs

Recent years have seen the rise of digital banks and fintechs. These online-only providers don’t offer the same full range of products as banks and credit unions, and nor do they have physical branches.

But what they do offer is products designed to improve on what major financial institutions provide. This includes hybrid chequing and savings accounts, high-interest savings accounts with very competitive rates, cash back on purchases, and a mobile-first banking experience.

With so many options to choose from, it’s up to you to work out what you need in a bank to help you decide which one is right for you. Learn more about choosing a financial institution in our guide to the best banks in Canada.

Is it worth paying a monthly fee for a personal bank account?

Whether a monthly fee is worth it or not depends on two factors:

• The perks and rewards that come with the account
• The financial benefit you get from accessing those perks

Premium chequing accounts often come with high monthly fees, but they also offer access to a range of discounts and rewards. These can include:

• Credit card annual fee rebates
• Higher promotional interest rates on savings accounts
• Discounts on other products and services, such as identity theft protection or renting a safety deposit box

The credit card annual fee rebate is particularly important here because it allows you to access a huge range of card benefits. Premium rewards credit cards offer the ability to earn reward points on your spending, travel insurance, free checked bags and discounts on a wide range of products and services.

If the financial benefits you can access from your card offset or exceed your chequing account monthly fee, it could be well worth your while paying the monthly fee. If they don’t, or if you can’t be sure that you’ll use the card enough to make the fee worthwhile, you may be better off considering a no-fee chequing account.

Is it worth using the monthly waive fee condition?

Yes, it can be worth keeping your balance above a certain level so that your bank waives the monthly fee—but there’s a trade-off.

Let’s say your account has a $16.95 monthly fee, but the fee is waived if you keep your balance above $4,000 at all times. That means you could save $203.40 on fees per year just by maintaining a balance of $4,000.

The downside is that $4,000 of your hard-earned money will be sitting in your chequing account doing nothing. In the long run, you could be better off moving some of those funds to a savings account to earn interest, or using them to buy other investments.

For example, you could take $2,000 out of your chequing account and put it in a high-interest savings account paying 2.5%. If you were to also transfer $100 from your paycheque over to savings every 2 weeks instead of keeping it in your chequing account, you could have a savings account balance of $4,681 after 12 months.

Daily banking options for different demographics

Many banks offer bank accounts and special offers specifically designed for different demographics. Let’s take a look at the main options.

Youth bank accounts

Designed for kids and teenagers, youth chequing accounts generally support unlimited transactions (including e-Transfers) and have no monthly fees.

If you want to open an account for your child, please note that you may need to visit a branch to do so. The youth account will typically convert to one of the bank’s regular chequing accounts when your child reaches the age of majority, but some youth accounts remain open until your child reaches 24 or 25 years of age.

Student bank accounts

Student bank accounts generally have no monthly fees and support unlimited transactions. You will usually need to prove that you’re enrolled in post-secondary education to qualify for an account.

Once you stop studying or reach an age cut-off, your account will be converted to one of your bank’s regular chequing account.

Bank accounts for seniors

Seniors chequing accounts are designed for people aged 60+ or 65+. They commonly offer fee discounts or no monthly fees, unlimited transactions and features like free chequebooks.

Seniors may also be able to access reduced fees on other banking services, such as a discount on the cost of renting a safety deposit box.

Bank accounts for newcomers

If you’re a newcomer to Canada, banks provide a range of special offers and discounts to try and entice you to open an account. These offers include waived monthly fees for the first 1-3 years, cheaper international transfers, cash welcome bonuses, bonus interest on savings accounts, and discounts on other products like credit cards.

How many bank accounts should I have?

Traditionally, most of us have two bank accounts—a chequing account for day-to-day banking and a savings account for, well, saving.

But if you find a hybrid account that makes it easy to manage your daily banking and also pays a competitive interest rate, you could potentially get by with just a single account.

Managing multiple (more than two) bank accounts can become stressful and time-consuming. You could also end up paying more in fees than you need to and potentially lose track of where all your money goes.

That said, there are plenty of reasons why you might end up with more than one or two accounts. For example, maybe you want a separate account solely to pay regular bills, or you’re a sole proprietor who wants to keep their personal and business expenses separate.

Some people also open separate savings accounts for individual savings goals, but many banks now allow you to create sub-accounts within a savings account. This allows you to allocate your funds to different savings goals but keep them in the same account. Think of these sub-accounts as piggybanks—you could use one as an emergency fund, one to save for a vacation, and one to save for a home deposit.

Which type of bank accounts pay interest on your balance?

There are two types of bank accounts that pay interest: high-interest savings accounts and hybrid accounts.

High-interest savings accounts do what they say on the tin—they pay a high rate of interest on every dollar you deposit. The best accounts have no monthly fees and no minimum balance requirements, and allow you to access your money whenever you want. Some also pay bonus interest when you meet specific criteria, such as depositing a certain amount each month.

Hybrid accounts generally offer slightly lower interest rates than high-interest savings accounts. But they also offer the convenience of many chequing account features, such as being able to pay bills, withdraw cash at ATMs and use a prepaid card to pay for purchases.

Some chequing accounts also pay interest on your balance, but the interest rate is typically quite low, around 0.01 – 0.10%.

What do I need to open a bank account in Canada?

You’ll need a valid, Government-issued form of photo ID to open a bank account in Canada. Accepted forms of ID vary, but examples of documents you can use include:

• A Canadian driver’s licence
• A Canadian passport
• A Certificate of Canadian Citizenship
• A Certificate of Naturalization
• A Permanent Resident card
• A provincial or territorial health insurance card containing a photo (not accepted in all provinces and territories)
• A NEXUS card

Check with your bank for a list of the ID documents they accept.

How to open an account for daily banking

Ready to open a chequing account to manage your day-to-day spending? Here’s what you need to do.

Step 1: Choose an account

Compare banks and chequing accounts to find the best bank for daily banking. Look for an account with low or no fees and that offers a simple banking experience for the types of transactions you need to make.

Step 2: Fill out an online application

When you’ve found your perfect match, you can fill out an online application to open an account. You’ll need to provide details such as:

• Your name and date of birth
• Your residential address
• Your email address and phone number
• Your Social Insurance Number

You will also be able to register for online and mobile banking, set up passwords for online banking and your bank’s mobile app, and create a PIN for your debit card.

Step 3: Upload your documents

You’ll need to upload a copy of a valid, government-issued photo ID.

Some account types may require extra documentation. For example, if you’re applying for a student bank account, you may be asked to provide proof of enrollment.

Step 4: Start using your account

You can now transfer money to your account and start using it for your daily banking. Remember to change your payment details with your employer so you can get your pay direct deposited into your new account. You’ll also need to set up any recurring debits and bill payments to automate as much of your day-to-day banking as possible.

The debit or prepaid card linked to your account will also be mailed to you in the next week or two.

Bottom line

If you want to find the best bank in Canada for personal banking, you need to assess your daily banking needs first. Once you know exactly what features you need in an account, and what services you need from a financial institution as a whole, you can start comparing accounts that tick all the boxes on your list of must-haves.

Frequently asked questions about choosing the best bank for daily banking

• How much money do I need to open an account for daily banking in Canada?

  There is no minimum amount required to open a bank account in Canada. According to the Government of Canada, you have the right to open a bank account regardless of whether or not you have any money to put in the account right away.

• Which bank account is best for daily use?

  The best bank account for daily use will vary depending on your daily banking needs. You'll need to consider how many transactions you perform each month, the types of transactions, and whether you prefer banking online or in person to find the account that's right for you. It's also vital to compare account and transaction fees before choosing an account.

• Do I need to visit a bank branch to open a daily banking account?

  No. Most Canadian banks now allow you to open an account online. However, in some cases you may need to visit a branch to activate your account, or to provide additional information and documentation if you can't provide valid proof of ID online.

• Should I open a chequing account or a savings account for my daily banking?

  A chequing account is used to manage your day-to-day banking transactions, like receiving your pay, paying bills, transferring funds and paying for purchases. A savings account pays interest on your balance to help you save for financial goals, such as an emergency fund or a new car, and is generally not used for everyday expenses.

Written by

Tim Falk

Writer

Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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