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Best chequing accounts of 2023

Our top picks for minimal fees, ATM access and more.

Finding a chequing account that fits your lifestyle all comes down to nailing down what features matter the most to you. We assessed the competition by comparing factors such as account minimums, fees, interest rates, ATM access and unique features to bring you the cream of the crop.

3 of the best chequing accounts in Canada

BMO Performance Chequing Account

With the BMO Performance Chequing Account you’ll get unlimited free Interac e-Transfers and free withdrawals from BMO ATMs. You’ll get a rebate of $40 on the annual fee that’s associated with your BMO Mastercard when you sign up for this account. It offers unlimited transactions and a $350 welcome bonus when you sign up (if you meet certain criteria). This account comes with a monthly fee of $16.95 for most customers.

Simplii No Fee Chequing Account

One of Simplii Financial’s most popular checquing accounts is the Simplii No Fee Chequing Account, which gives you unlimited free transactions and a chance to earn interest on your account balance. The Simplii Financial chequing account comes with no monthly fees and free unlimited transactions.

Scotiabank Preferred Package

As one of Canada’s largest financial institutions, Scotiabank offers a wide range of banking services for individuals and businesses. If you’re looking for the best bundle of benefits and features with this reputable Big Five bank, the Scotiabank Preferred Package is a good place to start.

How we picked the best chequing accounts

We chose these chequing accounts based on everyday consumer needs. We looked at details like interest rates, fees, ATM access and more.

These chequing accounts are not representative of the entire market. No single account will be the best choice for everyone, so compare your options before deciding which one is right for you.

How to find the best chequing account for you

When you’re shopping around, look for chequing accounts that have one or more of the following features:

Chequing account alternatives

If you’re thinking a chequing account may not be right for you, here are a few alternatives to consider:

  • Money market accounts. A money market account is like a chequing account. It comes with a debit card and cheque-writing privileges. But it has features that encourage you to save — such as a higher interest rate and a limit on monthly withdrawals.
  • Digital bank accounts. Most digital banks offer all-in-one accounts designed for saving and spending. They also come with modern budgeting tools to help you track and manage your money.

Bottom line

There are many providers offering chequing accounts across Canada. Knowing how to compare chequing accounts with multiple providers can help you narrow your options and find the account that best fits your lifestyle.

Compare other chequing accounts

1 - 15 of 15
Name Product Monthly Account Fee Free Transactions e-Transfer Fee Bonus Offer Offer
BMO Performance Chequing Account
BMO Performance Chequing Account
$16.95
unlimited
$0
Earn $400
Earn $350. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until January 31, 2023. Plus, earn a 4.25% bonus interest rate when you add a Savings Amplifier Account.
Coast Capital Free Chequing, Free Debit, and More Account
Coast Capital Free Chequing, Free Debit, and More Account
$0
unlimited
$1.50
N/A
Simplii No Fee Chequing Account
Simplii No Fee Chequing Account
$0
unlimited
$0
Earn $350
Earn $350 when you become a new client and set up direct deposit of at least $100 for 3 months. Offer ends January 31, 2023.
Scotiabank Preferred Package
Scotiabank Preferred Package
$16.95
unlimited
$0
Earn $350
Earn a $350 welcome bonus. Conditions apply. Valid until April 30, 2023. Plus, earn up to 4.55% interest on your MomentumPLUS Savings Account for 5 months.
BMO Practical Chequing Account
BMO Practical Chequing Account
$4
12/month
$0
N/A
BMO AIR MILES Chequing Account
BMO AIR MILES Chequing Account
$16.95
unlimited
$0
N/A
Scotiabank Basic Bank Account
Scotiabank Basic Bank Account
$3.95
12/month
$0
N/A
BMO Premium Plan Chequing Account
BMO Premium Plan Chequing Account
$30
unlimited
$0
Earn $400
Earn $350 with a Premium Chequing Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until January 31, 2023.
Scotiabank Ultimate Package
Scotiabank Ultimate Package
$30.95
unlimited
$0
Earn $350
Get a welcome bonus of $350. Conditions apply. Valid until April 30, 2023. Plus, earn up to 4.60% interest on your MomentumPLUS Savings Account for 5 months.
BMO Plus Chequing Account
BMO Plus Chequing Account
$11.95
25/month
$0
Earn $100
Earn $100 when you open an account and setup recurring deposits and bill payments. Valid until January 31, 2023.
Scotiabank Student Banking Advantage Plan
Scotiabank Student Banking Advantage Plan
$0
unlimited
$0
Earn $75 and 7,500 Scene+ points
Earn $75 and up to 7,500 Scene+ points with the Scene+ Student Banking Bundle. Conditions apply. Apply by January 31, 2023.
Scotiabank Basic Plus Bank Account
Scotiabank Basic Plus Bank Account
$11.95
25/month
$0
N/A
BMO Performance Student Chequing Account
BMO Performance Student Chequing Account
$16.95
unlimited
$0
Earn $100
Earn a $100 cash bonus and enjoy no monthly fees while in school and one year after you graduate. Valid until January 31, 2023.
BMO New to Canada Performance Chequing Account
BMO New to Canada Performance Chequing Account
$16.95
unlimited
$0
Earn $400
Earn up to $350 when you open an account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until January 31, 2023.
BMO Canadian Defence Community Banking Performance Plan Chequing Account
BMO Canadian Defence Community Banking Performance Plan Chequing Account
$0
unlimited
$0
N/A
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