To find the best chequing account in Canada, we analyzed over 100 of the most popular and most competitive Canadian chequing accounts. We compared factors such as account minimums, fees, interest rates, ATM access and other unique features to bring you the best Canadian chequing account by feature.
The first step to finding the best chequing account for your individual needs comes down to identifying which features matter the most to you.
For some, the best chequing account will be one with no fees, for others it will be one that offers rewards with debit card purchases. But for everyone, a chequing account is an all-purpose, multi-tasking financial management tool. Read on to find the best chequing account in Canada by feature.
Scotiabank Preferred Package
Featured Product: Scotiabank Preferred Package
Earn up to a $400 bonus and enjoy unlimited transactions & free Interac e-Tranfers. Get the $16.95 monthly fee waived when you maintain a monthly account balance of at least $4,000.
The chequing accounts included in this Finder guide are selected based on information provided to Finder as well as analysis of banking providers in the Canadian marketplace. This list does not necessarily represent the entire market for Canadian chequing accounts. When assessing the best chequing account in Canada, we consider key factors such as fees, accessibility, transaction fees and availability. Since no single chequing account can be considered ideal for all Canadians, we strongly recommend you compare all account options before selecting and opening any chequing account.
The BMO Performance Chequing Account is one of BMO's most popular chequing accounts. It offers unlimited free transactions and e-Transfers, and a generous welcome bonus (if you meet certain criteria).
Unlimited monthly transactions
Interac e-Transfers
$40 fee rebate on the BMO Mastercard annual fee
BMO will reverse the first accidental fee charged to this account
Up to 20 accounts can be included in the BMO Family Bundle
Get up to a $600 cash bonus. Earn $350 when you open a new BMO Performance Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until July 2, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
Monthly fee of $16.95
You won't earn any interest on the money in your account.
The fully digital Simplii No Fee Chequing Account comes with no monthly account fee, no transaction fees, no e-Transfer fees, no minimum deposit requirements and a chance to earn interest on your account balance, and a debit card. Plus, pair The Simplii No Fee Chequing Account with a no-fee Simplii High Interest Savings Account and you can earn more on your savings.
Earn a welcome bonus of up to $400
Enjoy unlimited free transactions and e-Transfers
No monthly account fee
Earn 0.01% to 0.1% interest on your balance
No minimum deposit requirements
Earn a referral bonus
Simplii is an online only provider
You can only earn the welcome bonus if you're a new Simplii customer
The RBC Signature No Limit Banking Account is one of RBC's most popular chequing accounts and makes for a powerful day-to-day account. It comes with unlimited transactions and free Interac e-Transfers, as well as other perks for a monthly fee. Other unique benefits include free bank drafts, personalized cheques, rebates on basic credit card fees (up to $39) and no monthly overdraft fees. You'll also get reimbursements for non-RBC ATM fees (up to a monthly limit).
The Scotiabank Basic Bank Account offers a cheap alternative to a traditional bank account, and therefore makes a powerful budget bank account. It gives you a number of free transactions per month for a low monthly fee. You can also earn points toward the Scene+ rewards program.
The BMO Performance Chequing Account is a premium chequing account that offers unlimited free transactions and e-Transfers, and a generous welcome bonus (if you meet certain criteria). Other premium perks include credit card rebates and the ability to bundle BMO accounts with the BMO Family Bundle.
Unlimited monthly transactions
Interac e-Transfers
$40 fee rebate on the BMO Mastercard annual fee
BMO will reverse the first accidental fee charged to this account
Up to 20 accounts can be included in the BMO Family Bundle
Get up to a $600 cash bonus. Earn $350 when you open a new BMO Performance Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until July 2, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
Monthly fee of $16.95
You won't earn any interest on the money in your account.
The Neo Money Account allows you to spend, save, and earn from one account. You'll earn interest on your savings and there are no minimum deposit requirements, account fees or transaction fees. Plus, you can use your Neo Money Card at one of the over 10,000 Neo retail partners to earn unlimited cash back of up to 5%. Partners include: Swoop, Structube, Earls, Herschel, Clearly, Avis, Second Cup, Boston Pizza, Avis, Budget, Curves, among many others. Download the Neo app and sign up online in a matter of minutes.
Earn cash back of up to 5% at over 10,000 retail partners
Hybrid account that works like a chequing and savings account
High ongoing interest rate
Cashing out Neo Rewards is easy through the app
Free unlimited transactions
No minimum balance
No account fee
Online only with no physical branches
Doesn't come with a debit card, though does come with the Neo Money Card
As the name suggests, the Scotiabank Basic Plus Bank Account is a no-frills account that comes with 25/month transactions and $0 e-Transfers. While it has a monthly account fee of $11.95, you can have the monthly account fee will be waived if you have at least $3,000 in your account at all times.
$0 e-Transfers
Access to Scotiabank's basic account features including free credit score reports.
The RBC Signature No Limit Banking Account is one of RBC's most popular chequing accounts. It comes with unlimited transactions and a host of other perks for a monthly fee. Notable benefits include free bank drafts, personalized cheques, rebates on basic credit card fees (up to $39) and no monthly overdraft fees. You'll also get free Interac e-Transfers and reimbursements for non-RBC ATM fees, up to a monthly limit.
With features like unlimited, free debit transactions and Interac e-Transfers, the Scotiabank Student Banking Advantage Plan will let you go about your business without having to worry about usage limits. What's more, this account is also free for students enrolled in post-secondary school across North America, and it comes with a generous signup bonus.
Earn a welcome bonus of 12,500 Scene+ points
No account fee for full-time post-secondary students
The RBC VIP Banking Account is an all-inclusive chequing account that lets you make unlimited transactions worldwide and ATM withdrawals—and allows you to earn valuable Avion points with every debit card purchase. It also includes additional perks such as free bank drafts, complimentary personal and certified cheques, a fee waiver for an RBC premium credit card and use of a safety deposit box.
Earn Avion points with debit card purchases
Save up to $120 per year when you sign up for a premium RBC credit card
The CIBC Smart Plus Account is ideal for hefty bank service users and routine travellers and comes with free banking services. Bank drafts, stop payments, money orders and personalized cheques are free for CIBC Smart Plus Account holders. Plus, it comes with Costco benefits. Get a $400 Costco Shop Card with a CIBC Smart Plus Account when you complete the qualifying actions. Another nice perk is that CIBC's overdraft protection service is included at no additional cost.
Unlimited free transactions
Unlimited free Interac e-transfers
$0 for using non-CIBC ATMs:Can bundle balances across savings and investment accounts to be eligible for the monthly fee waiver.
The BMO Performance Chequing Account is one of BMO's most popular chequing accounts for students as well. It offers unlimited free transactions and e-Transfers, and a generous welcome bonus (if you meet certain criteria) And students get access to mobile banking and pay no monthly fees while in school and for one year after graduating.
Unlimited monthly transactions
Interac e-Transfers
$40 fee rebate on the BMO Mastercard annual fee
BMO will reverse the first accidental fee charged to this account
Up to 20 accounts can be included in the BMO Family Bundle
Get up to a $600 cash bonus. Earn $350 when you open a new BMO Performance Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until July 2, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
Monthly fee of $16.95
You won't earn any interest on the money in your account.
Learning to spend wisely and save habitually are critical skills, but for students who want to take the step towards investing, this account is ideal. The account also offers debit transactions and $0 Interac e-Transfers.
Free Transactions: Unlimited (including debit, Interac e-transfers, bill payments)
Bonus Offer: Earn up to a $100 welcome bonus when you open an account. Apply by April 30, 2024.
Earned SCENE points can be redeemed at various restaurants and movie theatre
Access to more than 3,400 Scotiabank ATMs (at no charge)
Fee-free cash withdrawals at ATMs worldwide using Global ATM Alliance machines
Mobile banking
Get 20 free trades (stock or ETF) on the mobile app in your first year and 10 free trades every year after
Works with Apple Pay, Google Pay and Samsung Pay
Only available to full-time post-secondary students
Need to reconfirm your status as a full-time post-secondary student every year (before November 30)
Need to pay for overdraft protection (either $5 per month or per use)
The BMO Performance Chequing Account is not strictly a bank account for teenagers; however, if you are looking for ways to get a premium bank account, but minimize the fees paid by your family, then this might be the perfect account for you and your teen. With the BMO Performance Chequing Account Family Bundle, only the parent pays the monthly banking fee and all other account holders enjoy no monthly fees. This BMO account offers unlimited no-fee daily banking, which includes unlimited, no-fee transactions and Interac e-Transfers. The best part is that each account is separate and private, so your teenager can't see your account and you can't see your teen's bank account.
Unlimited monthly transactions
Interac e-Transfers
$40 fee rebate on the BMO Mastercard annual fee
BMO will reverse the first accidental fee charged to this account
Family bundle means no-fee bank account for teens
Up to 20 accounts can be included in the BMO Family Bundle
Get up to a $600 cash bonus. Earn $350 when you open a new BMO Performance Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until July 2, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account., when you add a no-fee BMO Savings Amplifier Account
Primary account holder in the BMO Family Bundle must be 18 or older
Monthly fee of $16.95 when balance is less than $4,000
For kids that want a grown-up account without the monthly fees, check out National Bank's Modest Chequing account. It comes with 30 free digital transactions and kids pay no fees until they reach their 25th birthday.
The account fee gets waived with a $3,000+ balance or for students and customers under 24 years old (seniors 60+ only pay $5.95, and those aged 25-59 pay $10.95 per month)
Unlimited e-transfers
Completely online process.
Limited transactions
Fees for branch transactions
Maintaining minimum balance to avoid fees (only if you're aged 25 - 59)
Your kids can up their banking and digital money management skills using the Simplii No Fee Chequing Account. This fully digital bank account gives your teen free, unlimited Interac e-Transfers and unlimited monthly transactions. There are no monthly fees and teens get a free debit card. Since this account isn't specifically for teens, parents will need to open and guarantee the account (making you responsible for unpaid fees or costs). The Simplii No Fee Chequing Account can maximize how your teen can use and access their day-to-day banking without the risk of cost creep. Pair it with a no-fee Simplii High Interest Savings Account and your teen could learn to manage money and earn on savings as they grow and mature.
No monthly fees
No minimum balance
Free and unlimited day-to-day transactions
Free and unlimited Interac e-Transfers
Digital bank with a completely online application process
Free teen debit card
Free transactions transactions through CIBC ATMs
Send money internationally for free
Earn 0.1% interest on deposits
Earn $400 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends October 31, 2024.
Teens under 18 require a parent to open and guarantee the account
The Coast Capital Free Chequing, Free Debit, and More Account comes with no monthly account fees, no minimum balance requirements and unlimited free transactions. Just be aware that you'll have to pay fees for basic services such as paper statements and Interac e-Transfers.
No monthly fee
Unlimited free transactions
No minimum balance required
Deposit cheques on the app from your phone
Withdraw money free of charge from 4,000+ ATMs across Canada.
Eligibility: Must open an account up to 90 days before you arrive in Canada or within five years of your arrival in Canada. Must be 18 years of age or older and the only user of the account. Free transactions: Unlimited electronic transactions, free branch transactions for the first year and then $1.50 per branch transaction in subsequent years. E-transfer fee: $0. Monthly account fee: $0 for up to three years, $15.95 from year four onwards. Bonus offer or perks: Exclusive phone support for newcomers, international transfers with Mastercard and Interac international transfers Credit card (yes/no): Yes.
Exclusive phone assistance for newcomers
Monthly fee waived for up to three years
Get a Canadian credit card without credit history
Need to sign up for additional products or services to have monthly fee waived
What is the best chequing account for mobile banking in Canada?
As people rely more and more on online banking for their everyday money management, choosing an account that comes with a robust mobile app is a must. You can easily compare app ratings for providers of each of the best chequing accounts in Canada below.
Of the big banks on our list of best chequing accounts, the Scotiabank and National Bank mobile apps seem to be the best according to customer reviews, with the highest user ratings across both iOS and Android. As for online banks, the Neo Financial app has the highest user rating in both app stores.
Chequing account provider
Apple App Store rating
Google Play rating
BMO
4.6 – ★★★★★ (110K reviews)
4.3 – ★★★★★ (76K reviews)
Simplii Financial
4.1 – ★★★★★ (11K reviews)
4.5 – ★★★★★ (14K reviews)
EQ Bank
4.7 – ★★★★★ (33K reviews)
4.3 – ★★★★★ (7K reviews)
RBC
4.8 – ★★★★★ (208K reviews)
3.6 – ★★★★★ (38K reviews)
Scotiabank
4.7 – ★★★★★ (677K reviews)
4.6 – ★★★★★ (146K reviews)
Neo Financial
4.8 – ★★★★★ (29K reviews)
4.7 – ★★★★★ (6K reviews)
CIBC
4.3 – ★★★★★ (20K reviews)
3.9 – ★★★★★ (39K reviews)
National Bank
4.7 – ★★★★★ (191K reviews)
4.8 – ★★★★★ (2K reviews)
Coast Capital
4.5 – ★★★★★ (5.2K reviews)
4.4 – ★★★★★ (4K reviews)
Ratings last verified on April 3, 2024.
What is a chequing account?
A chequing account, also called a transactional account, is a day-to-day bank account where you can deposit your paycheques, transfer money, pay bills from, deposit cash into and withdraw cash from via an ATM. These accounts don’t typically offer options to earn interest, but instead focus on offering features to help you manage your expenses.
What’s the difference between chequing and savings accounts in Canada?
The main difference between chequing accounts and savings accounts in Canada is that savings accounts are designed to help you save money and earn interest on your balance, whereas chequing accounts are designed to help you spend money efficiently. Besides the odd hybrid product on the market, most chequing accounts don’t offer interest on your balance.
Types of chequing accounts in Canada
There are a several types of chequing accounts Canadians can choose from. It’s always a good idea to compare all of your options to make sure you’re choosing the best account for your needs.
Personal chequing accounts
This is the most common type of chequing account in Canada, and comes with a pre-determined number of free monthly transactions (or unlimited transactions) and a variety of other features, like free money transfers. You will likely face a monthly fee for this type of account.
Digital banks in Canada offer online-only chequing accounts. Without a brick-and-mortar building, these banks have less overhead costs, which allows them to pass on those savings to their customers with no-fee banking and well-developed online account management platforms.
No-fee chequing accounts are typically only offered by digital banks, and come with many of the same everyday-banking features as other accounts. While you may not find some premium account features with no-fee accounts, they tend to be more than adequate for standard day-to-day chequing account needs.
Most chequing accounts in Canada don’t offer interest, however, there are a few accounts that do. Keep in mind the interest will likely be a lot lower than the interest offered on a savings account and you may face certain restrictions. Still, these can be a good idea if you’re looking for a hybrid chequing and savings account.
These chequing accounts are designed for students who are looking for low-cost everyday banking solutions. You will usually need to meet specific eligibility criteria, including age and education requirements. You can often continue benefitting from student account perks until around age 25 or older by providing proof of enrollment.
Kids and teens under 18 or 19 years old have several chequing account options designed specifically for them. These accounts typically come with lower fees, and sometimes feature tools designed to keep parents connected and help your teen learn money management and budgeting.
Many banks offer discounted chequing account fees for senior citizens aged 60 to 65 years old. That might mean getting access to chequing accounts for a $0 monthly fee or premium accounts for several dollars less a month.
Joint chequing accounts are way for multiple people to share access to one account, including deposits, bill payments, money transfers and withdrawals. This type of account is typically used by couples looking to simplify financial management together.
Certain chequing accounts are designed for newcomers to Canada. These accounts come with extra features designed to help immigrants get financially established in Canada, like waived fees for a few years, bonus rewards, discounts on other financial products from the bank (e.g. car loans and international money transfers) and access to associated credit cards without credit history.
A multi-currency chequing account can be a convenient option for people who consistently rely on several different currencies. These accounts allow you to send, receive, hold and spend funds in multiple foreign currencies at the same time. They typically come with discounted foreign exchange fees or international transfer fees.
If you frequently travel to the US, you can save a lot of money on fees and conversion rates with a US chequing account. These accounts can usually be linked to your Canadian savings or chequing account, which gives you easy access to your funds no matter where you are.
Cash back chequing accounts are more rare in the Canadian marketplace, but no impossible to find. They can help you earn back some of the fees associated with a chequing account by providing you with cash back when you use your linked debit card.
Premium chequing accounts
Premium chequing accounts are typically offered by the bigger banks in Canada. They offer loads of extra features like access to a financial advisor, higher credit card rebates, preferred exchange rates, discounted international transfers and travel perks. Of course, those premium features typically comes with a higher monthly fee. Some example premium chequing accounts include BMO Premium, National Bank The Total, Scotiabank Ultimate and TD All-Inclusive.
Business chequing account
Business chequing accounts in Canada offer a suite of features to help you run your business – like paying staff and contractors and comprehensive reporting tools to keep track of your revenue and expenses. These accounts come with other perks too, like giving you access to an associated business credit card at a discounted fee.
Compare features of the best chequing accounts in Canada
Finding the best checquing account for you will depend on how you need to use the account. As your primary day-to-day account, you’ll need to depend on your chequing account to keep up with your lifestyle and financial habits. When you’re shopping around, compare chequing accounts based on the following key features.
Monthly account fee
The most upfront fee you’ll come across with any chequing account is the monthly fee. Although you’ll find some accounts with $0 monthly fees from many digital banks, premium chequing accounts from the big banks in Canada can easily cost around $30 per month.
Since it’s always smart to minimize paying paying extra fees whenever possible, consider what features you’re looking for when comparing the best chequing accounts to make sure you’re not overpaying for what you use.
Chequing accounts with $0 monthly fees, like the Simplii No Fee Chequing Account, typically have everything you’d need for daily banking tasks. If you decide to pay the higher monthly fee for a premium chequing account, ensure you’ll actually use the additional account features to justify the cost.
Another thing to consider is that most big banks waive fees if you meet certain direct deposit or minimum balance requirements.
Other banking fees
The fees you should pay attention to when browsing through the best chequing accounts include the following:
Out-of-network ATM fee: Typically $2-$5, this fee is charged for using an ATM that is not part of your bank’s network.
Non-sufficient funds (NSF) fee: Typically $40-$50, NSF fees are charged when your bank declines a transaction or or rejects a cheque due to insufficient money in your account.
Overdraft fees: Typically $5 per item, day, or month, overdraft fees in Canada are charged when your bank covers the difference for insufficient funds in your account. You’ll also be charged an interest rate of around 21% on the overdrawn amount. You can add overdraft protection to any of the best chequing accounts for around $5/month.
Transfer fee: Any of the best chequing accounts come with free Interac e-transfers. That said, you’ll still typically have to pay a fee for wire transfers and international transfers. If you send a lot of international money transfers, it may be worth opting for a chequing account with a higher monthly fee if is comes with lower currency conversion rates and discounted foreign transaction fees.
Remember to always review the fine print. While it can be tedious to scan the legal agreements, these documents can help you understand when expensive account fees are triggered and whether or not you can avoid those costs.
Withdrawal options
When comparing options for the best chequing accounts, consider what options will be available to get cash in hand. Accounts usually come with the option to withdraw funds from a teller at a bank branch or from ATMs. Some chequing accounts, like the Neo Financial Money Account, allow you to transfer your account funds to a prepaid card you can then use at ATMs.
ATM access
Look for bank accounts that have a large ATM network and offer unlimited ATM transactions, or find an account that will reimburse fees for out-of-network ATM use. It’s also worth noting that some online-only banks partner with bigger banks for access to their ATM network. For example, Tangerine is owned by Scotiabank, which means Tangerine customers get full access to Scotiabank’s Global ATM Alliance.
Transfer options
All of the best chequing accounts in Canada offer free and unlimited Interac e-transfers. Transfers between multiple accounts within your bank and bill payees are also free. Electronics funds transfers (ETFs) from your bank to another bank will typically cost money.
Cash and cheque deposits
Most chequing accounts include free cheque deposits through the bank’s mobile app, which come with instant access to the funds. Digital banks typically allow you to deposit cash into your account through a partner ATM network. But if you prefer to visit a branch to make deposits, opt for an account from a big bank, since they have locations across most of Canada.
Credit card rebates
Most larger banking institutions, and some credit unions, offer credit card annual fee rebates if you are signed up for an eligible chequing account. In fact, one of the best ways to reduce or eliminate annual credit card fees is to open a day-to-day bank account attached to your favourite credit card.
That said, not all banking packages are created equal. Since exclusions, fees and perks can vary widely, select the chequing account and corresponding credit card that fits your spending habits and budget.
To help you compare options, here’s a summary of the current credit card rebate offers from our list of the best chequing accounts in Canada:
$40 rebate: BMO AIR MILES World Elite Mastercard, BMO CashBack World Elite Mastercard, BMO Ascend World Elite Mastercard, BMO AIR MILES World Mastercard, BMO CashBack World Mastercard BMO Affinity AIR MILES World Mastercard, BMO Affinity CashBack World Mastercard or BMO eclipse Visa Infinite Card
$48 rebate: RBC ION+ Visa and WestJet RBC Mastercard
$35 rebate: RBC Avion Visa Infinite Privilege, RBC Avion Visa Infinite, RBC Avion Visa Platinum, RBC Rewards Visa Preferred, RBC U.S. Dollar Visa Gold, RBC British Airways Visa Infinite, RBC Cathay Pacific Visa Platinum, RBC Cash Back Preferred World Elite Mastercard and WestJet RBC World Elite Mastercard
$120 partial rebate (for the primary cardholder) and $50 rebate (for the co-applicant): RBC Avion Visa Infinite Privilege card
Full rebate (for primary and additional cardholders): RBC Avion Visa Infinite, RBC Avion Visa Platinum, RBC Rewards Visa Preferred, RBC U.S. Dollar Visa Gold, RBC British Airways Visa Infinite, RBC Cathay Pacific Visa Platinum, RBC ION+TM Visa ($4 applied monthly), RBC Cash Back Preferred World Elite Mastercard and WestJet RBC World Elite Mastercard
Up to $50 one-time first year rebate (on eligible credit cards issued by Collabria): World Mastercard, Cash Back World Elite Mastercard, and Centra Gold Mastercard
Full rebate: CIBC Aventura Visa Infinite, CIBC Aventura Gold Visa, CIBC Dividend Visa Infinite, CIBC Dividend Platinum Visa or CIBC Aeroplan Visa Infinite
$139 rebate (for the primary cardholder) and $50 rebate (for up to 3 authorized users): CIBC Aventura Visa Infinite Privilege or CIBC Aeroplan Visa Infinite Privilege
Bundled financial products
The key to cutting costs is to consider how to bundle and save, not just penny-pinch. Several of the best chequing accounts we’ve listed come with the option to bundle the account with family members or other bank products to get discounted fees and/or added convenience.
Banking and support access
Big banks give you access to in-person support at branch locations, which is not an option for digital bank chequing accounts. That said, both online banks and big banks offer support over the phone, and sometimes through an online chat system on their websites.
Getting access to customer support, and feeling like you can communicate with your bank when you need to, is really important when deciding which is the best chequing account for you.
According to a recent survey from J.D. Power, BMO ranked highest in customer satisfaction among the Big 5 Banks, with RBC coming in second. Within the mid-size bank category, Tangerine placed first for customer satisfaction, followed by Simplii.
Additional chequing account perks
In order to stay competitive, banks in Canada offer chequing accounts with extra perks alongside standard features. Consider if any of these perks are a worth switching accounts for.
For example, if you want your account to make you money, look for a chequing account that earns interest, like the EQ Bank Personal Account. If you want it to help you stay on top of your spending, look for chequing accounts that come with budgeting tools.
Consider if you want an account that rewards your spending, either with reward points or cash back. Some of the best chequing accounts in Canada that come with these perks are the RBC VIP Banking Account, which offers Avion rewards with your debit purchases, or the Neo Financial Money Account, which offers cash back with your purchases.
Canadians plan to open a chequing account in 2023
In January 2023, Finder asked more than 1,840 Canadians about their financial plans in 2023. When asked what type of bank accounts and banking products respondents planned to open in the first three months of 2023, almost 1 in 5 Canadians (17%) said they planned to open a chequing account.
However, as interest rates remained high and overall living costs continued to erode Canadian budgets, there appeared to be a renewed focus on how to save on fees and reduce ongoing costs. As a result, the number of Canadians that plan to open a chequing account rose from the Q1 2023, to Q2 2023. According to results from the Finder: Consumer Sentiment Survey Q2, 22% of respondents plan to open a chequing account — overall a 29% increase in how many Canadians planning to open a chequing account.
Chequing account promotions and switching offers on now
Many Canadian banks offer promotions and sign-up bonuses to new customers. Because these switching offers are meant to incentivize people to go through all of the trouble of switching over their finances to a new bank, they’re typically pretty impressive –sometimes worth savings of hundreds of dollars.
A good switching offer can be a key factor when deciding on the best chequing account for you. You can browse some of the best chequing account promotions on now from the big Canadian banks and digital banks.
Big bank chequing account promotions:
BMO Performance Chequing Account:Get up to a $600 cash bonus. Earn $350 when you open a new BMO Performance Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until July 2, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
BMO Premium Plan Chequing Account: Get up to a $600 cash bonus. Earn $350 when you open a new BMO Premium Plan Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until July 2, 2024. Plus, earn a 5.50% bonus interest rate when you add a Savings Amplifier Account.
BMO Plus Chequing Account: Earn $100 when you open an account and setup recurring deposits and bill payments. Valid until July 2, 2024.
BMO New to Canada Performance Chequing Account: Get up to a $600 cash bonus. Earn $350 when you open a new BMO New to Canada Performance Chequing Account and $200 when you open a Savings Amplifier Account. Plus, earn an additional $50 when you add a second member and make it a BMO Family Bundle. Valid until February 29, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
BMO Performance Student Chequing Account: Earn a $100 cash bonus and enjoy six months of Domino’s Pizza (worth $95, one pizza per month) when you open a new BMO Student Chequing Account. Valid until April 30, 2024.
RBC Signature No Limit Banking Account: Get the new Apple Watch Series 9 when you switch to RBC & open an RBC Signature No Limit Banking Account. Valid until June 3, 2024.
RBC VIP Banking Account: Get the new Apple Watch Series 9 when you switch to RBC & open an RBC VIP Banking Account. Valid until June 3, 2024.
RBC Advantage Banking for Students: Get $100 when you open an account. Valid until June 30, 2024.
Scotiabank Preferred Package:Earn a welcome bonus of up to $400. Earn $350 when you complete two banking steps, earn $50 when you open a new RRSP or TFSA and set up and maintain a recurring pre-authorized contribution of at least $50 for a minimum of 3 months. Valid until July 31, 2024.
National Bank Connected Account: Get $30 towards an eligible National Bank credit card you activate after opening a National Bank Connected Account.
National Bank The Total Chequing Account: Get $150 towards an eligible National Bank credit card you activate after opening a National Bank The Total Chequing Account.
CIBC Smart Account:Get a $400 Costco Shop Card when you open a CIBC Smart Account and provide your email address and complete the qualifying actions within 2 months.
CIBC Smart Plus Account: Get a $400 Costco Shop Card with a CIBC Smart Plus Account when you complete the qualifying actions.
TD Unlimited Chequing Account:Earn a $400 welcome bonus. Complete two banking steps to earn $350, and earn $50 when you apply and are approved for either a Monthly Overdraft Protection Plan or Pay As You Go Overdraft Protection Plan. Offer ends June 3, 2024.
TD All-Inclusive Banking Plan: Get up to $400 when you open a TD All-Inclusive Banking Plan. Valid until June 3, 2024.
TD Student Chequing Account: Earn up to $225 in value when you open a new TD Student Chequing Account. Valid until May 6, 2024
Online bank and credit union chequing account promotions:
Tangerine No-Fee Daily Chequing Account:Earn up to $500. Use promo code EARNMORE on signup. Get 20% cash back on eligible online Visa Debit transactions when you shop online or in-app for 60 days (up to $400 value), plus earn $100 when you set up automatic transfers.
Simplii No Fee Chequing Account:Earn $400 when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends October 31, 2024.
Decide which is the best chequing account for you by comparing options from our curated list above.
Head to the bank’s website or to your local bank branch to sign up for the account. If you sign up online, you’ll have to fill in a simple online form that usually only takes a few minutes to complete.
Verify your identity using government-issued photo ID. Acceptable ID includes a passport or driver’s licence. If you’re signing up online, you’ll typically be able to take a picture of your ID with your phone.
Once you’re approved for your chequing account, start transferring or depositing money into your account.
If this is your primary chequing account, make a list of all places linked to any previous chequing account (e.g. bill payments, online shopping accounts like Amazon, etc.) and update those instances with your new account details.
One final task to consider before selecting the best chequing account in Canada to meet your needs – consider the promos.
Multiple times each year, almost every banking institution – including banks, credit unions, digital money accounts and fintech disruptors – will offer new clients enticing account promotions. Don’t ignore these. While a promotion shouldn’t dictate what account you open, it should help you decide how fast to pull the trigger on opening a new chequing account.
To find the best chequing account promotions, we recommend creating a list of your top two or three chequing accounts based on your needs and budget. Armed with this list, spend a few minutes reading about the account and the current promo. Only pick an account that offers the best product for a cost-effective rate – and keep the promotion as a sign-up perk (to motivate you to complete the account application).
Remember, a chequing account is your day-to-day financial management tool. If you find an account that lets you bank efficiently and use tools effectively, you can save costs and use your money in the best way possible – based on your budget and your plan.
Knowing how to compare chequing accounts with multiple providers can help you narrow your options and find the account that best fits your lifestyle.
The results of the Finder: Consumer Sentiment Survey Q1 were collected through an online Pollfish survey conducted between December 2022 and January 2023. In the survey, 1,846 Canadians from across the country were asked about their current banking services and their intentions and motivations for new banking products. The estimated margin of error for the survey is +/- 3%, with a 99% confidence level.
The results of the Finder: Consumer Sentiment Survey Q2 were collected through an online Pollfish survey conducted between April 27 to 29, 2023. In the survey, 1,011 Canadians from across the country were asked about their current banking services and their intentions and motivations for new banking products. The estimated margin of error for the survey is +/- 3.08%, with a 99% confidence level.
Yes. You can open a new account and transfer funds from your old one, or just hold on to both.
You can do this by visiting your nearest bank branch or using your bank's online banking service. You can usually also call your bank to send money to another account as well. The simplest way to transfer money is through your online banking account.
The exact transfer process varies depending on your bank, but you'll typically have to select the account you want to transfer funds from, provide details about your recipient (their name, transit and account number) and specify the amount that you would like to transfer.
Although transferring through your bank may be easier, it can also be expensive. There are many other money transfer service providers such as Western Union, MoneyGram, WorldRemit, PayPal, OFX, TransferWise and CurrencyFair who offer competitive fees and exchange rates compared to banks. Read our detailed guide to money transfers for more information and to find the right service for you.
Yes, you can set up automatic deposits into your account just as you would with a brick and mortar institution.
Chelsey Hurst is an associate editor at Finder. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature.
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finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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