A no-fee chequing account lets you manage your day-to-day banking without having to worry about bank fees eating away at your balance. Free bank accounts in Canada have no monthly fees and allow you to do everything from paying bills and sending e-Transfers to buying gas and groceries and withdrawing cash at ATMs. Fees may apply to some transactions though, so it’s important to compare options before deciding what’s best for you.
To help make your decision easier, keep reading for our guide to the 11 best no-fee chequing accounts in Canada.
Best no-fee chequing accounts in Canada for 2024, by feature
Provider
Best for
What we like
Open an Account
Best overall no-fee chequing account
Earn a $400 welcome bonus
Earn 6% interest for 5 months on your first Simplii Financial High Interest Savings Account
To determine this best list, Finder Canada analyzed 17 chequing accounts across 16 financial institutions. We compared accounts from traditional banks, digital banks and credit unions, and we narrowed down the list of accounts to the top 10.
We ranked accounts based on 18 data points within five major categories. Here’s how we ranked and weighted each product:
With a $0 monthly fee, free transactions, free e-Transfers and no minimum deposit, the Simplii No Fee Chequing Account is our top pick for no-fee chequing accounts. Earn 0.01% – 0.1% interest on your balance, and make purchases with a Debit Mastercard. Pay $4.97 a month for overdraft (plus interest) only when you use it.
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
Free access to over 3,400 CIBC ATMs across Canada
Simplii is an online only provider
You can only earn the welcome bonus if you're a new Simplii customer
Earn 2.50% - 4.00% interest with an EQ Bank Personal Account. Enjoy zero everyday banking fees, free transactions and no minimum balance. Plus, you can also apply for a Joint account if you're looking to save with your partner or family.
$0 account fee
$0 transactions
$0 Interac eTransfers
Earn 2.50% - 4.00% interest on your balance
EQ Bank will refund withdrawal fees for using any ATM across Canada
No physical branches for in-person service
Some standard banking features not available such as overdraft protection and the option to have paper statements
Min. Age
18
Account Fee
$0
Transaction Fee
$0
Interac e-Transfer Fee
$0
NSF Fee
$0
Best chequing account with ability to waive monthly fee
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. To avoid paying the monthly account fee, you'll need to maintain a monthly balance of at least $4,000.
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.
Min. Age
18
Min. Age Teen Account
13
Account Fee
$16.95
Youth Account Fee
$0
# of Accounts Included
20
Overdraft Fee
$5
ATM Out-of-Network Fee
$2
U.S. ATM Fee
$5
International ATM Fee
$5
Best no-fee chequing account from a BC credit union
Yet another account on our list with $0 monthly fees, the Coast Capital Free Chequing, Free Debit, and More Account comes with unlimited free transactions and no minimum balance requirement. But there are fees for some services like Interac e-Transfers ($1.50) and paper statements.
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.
The Scotiabank Student Banking Advantage Plan removes some of the financial burden of being a student with no monthly account fee, free transactions and free Interac e-Transfers. Open to students in post-secondary schools across North America. Earn up to a $100 welcome bonus when you open an account. Apply by April 30, 2024.
Earn a welcome bonus of 12,500 Scene+ points
No account fee for full-time post-secondary students
A combined spending and saving account, the Neo Money Account lets you earn cash back at popular retailers and pays 4% interest on your balance. Enjoy a $0 monthly account fee, no minimum balance, free transactions and free e-Transfers. The cash back rate varies between stores.
Hybrid account that works like a chequing and savings account
High ongoing interest rate
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
Not available to residents of Quebec
Min. Age
18
Account Fee
$0
Transaction Fee
$0
Interac e-Transfer Fee
$0
NSF Fee
$0
International ATM Fee
$0
Best no-fee chequing account package for newcomers
A banking package designed for newcomers to Canada, the National Bank Newcomer Bank Account comes with a $0 monthly bank account fee for up to 3 years. It also comes with unlimited free electronic transactions and Interac e-Transfers. Get free in-branch transactions in your first year, then pay $1.50 each. Account holders can access phone consultation services for help with immigration, housing, finances and more.
$0 for up to 3 years
First order of cheques free (saving you $67.10)
Send international transfers online to 19 countries for only $5.95 per transfer
Exclusive phone support for help with immigration, housing, finances and more
Must get a National Bank personal credit card and satisfy other requirements to get the monthly fee waived for years 2 and 3
Wealthsimple offers a no-fee chequing account with all the benefits of a high interest savings account. Perks include earning 4.00% to 5.00% interest (depending on how much money you hold in your account), being able to access your pay a day early, CDIC deposit insurance of up to $500,000, and the ability to earn 1% cashback in stock, crypto or cash when you make a purchase with your card. And if you want to invest your savings, you can trade stocks, ETFs, options and more through your other Wealthsimple accounts.
The Tangerine No-Fee Daily Chequing Account comes with a $0 monthly fee and unlimited free transactions and Interac e-Transfers. Easily manage your money 24/7 with Tangerine's highly-rated mobile app. Plus, earn 0.01% interest on every dollar.
Earn 0.25% interest on your money and enjoy no monthly account fee, free transactions and free e-Transfers. Plus, enjoy the added perk of receiving 50 free cheques.
No monthly account fee
Free transactions
Free e-Transfers
Access to the THE EXCHANGE Network of ATMs
50 free cheques
No in-person service or branch locations
Min. Age
N/A
Account Fee
$0
Best chequing account for using when travelling to the United States
If you're frequently travelling to the US and looking to avoid ATM surcharges, the Alterna Bank No-Fee eChequing Account offers surcharge-free access to 40,000+ ATMs in the US through the Allpoint Network. In addition, enjoy free transactions and free e-Transfers.
No monthly account fee
Free transactions
Free e-Transfers
Surcharge-free use of 40,000+ ATMs in the US via the Allpoint Network
Earn 0.05% interest on your money
Alterna Bank in-person service is only available in Quebec and Ontario
Min. Age
N/A
Account Fee
$0
Overdraft Fee
$2.50
What is a no-fee chequing account?
No-fee chequing accounts are a type of free bank account in Canada that come with $0 monthly fees. Standard chequing accounts from bigger banks require you to pay an account maintenance fee every month. No-fee chequing accounts are more often offered by smaller, digital banks (like Tangerine and Simplii).
Which Canadian banks offer no-fee chequing accounts?
No-fee chequing accounts are commonly offered by fintechs, challenger banks and credit unions in Canada, including:
Alterna Bank
ATB Financial
Coast Capital
EQ Bank
Laurentian Bank
Motive Financial
Motusbank
Neo Financial
PC Financial
Tangerine
Simplii Financial
Wealthsimple
Do the Big Banks in Canada offer no-fee chequing accounts?
Big Banks in Canada do offer some free bank accounts, but only under specific circumstances, like if you’re a student, senior or immigrant. Otherwise, most chequing accounts offered by Canada’s biggest banks come with a monthly fee, typically ranging from $4 to $30.
Here is quick summary of no-fee chequing account options from the Big 5 Banks:
CIBC no-fee chequing accounts:
CIBC Smart Account
CIBC Smart for Seniors
CIBC Smart for Newcomers
CIBC eAdvantage Savings Account
CIBC Smart for Students
TD no-fee chequing accounts:
TD Student Chequing Account
TD Minimum Chequing Account (for seniors 60 years or older)
TD Unlimited Chequing Account (for newcomers)
RBC no-fee chequing account:
RBC Advantage Banking for students
RBC Leo’s Young Savers Account
RBC Advantage Banking account (for newcomers)
RBC VIP Banking account (for newcomers)
BMO no-fee chequing accounts:
Performance Plan (for kids, students and newcomers)
Practical Plan (for seniors)
Scotiabank no-fee chequing accounts:
Student Banking Advantage Plan
Getting There Savings Program for Youth
Basic Bank Account (for seniors)
StartRight Program designed for Newcomers
Some of the free bank accounts listed here, like the RBC Leo’s Young Savers Account, act more like hybrid chequing and savings accounts. So make sure to compare options to choose an account that fits your financial needs.
If you don’t meet the eligibility requirements for one of these free bank accounts, you may still be able to score no monthly fee. Most chequing accounts that charge a standard monthly fee come with the option to get the monthly fee waived if you have a minimum amount of money in your account.
For example, the Scotiabank Preferred Package charges $16.95 per month unless you meet this condition: The monthly account fee will be waived if you have at least $4,000 in your account at all times.
Why choose a no-fee chequing account?
Quite simply, a no-fee chequing account saves you money. You can still do all your normal day-to-day banking transactions but without pesky bank fees chipping away at your balance. That means you have more money to spend on the things you want.
Some no-fee chequing accounts even offer additional perks. For example, some free bank accounts in Canada are hybrid savings and chequing accounts, paying interest on your balance while giving you the flexibility to spend. Others let you earn cash back on your purchases, rewarding you for your spending.
No monthly fees. Regular chequing accounts charge monthly fees that eat away at your balance. With a no-fee chequing account, you don’t have to worry about your hard-earned dollars being wasted on bank fees.
No minimum deposit requirement. Most free chequing accounts in Canada come with no minimum deposit or balance requirements.
Manage your day-to-day banking. From receiving your paycheque to paying bills and buying groceries, no-fee chequing accounts make it easy to manage your everyday banking needs.
Other perks. A no-fee chequing account may come with benefits like free e-Transfers, cash back on purchases and interest paid on the balance.
Cons of no-fee chequing accounts
Not completely free. With most free Canadian bank accounts, you’ll still have to pay for out-of-network ATM usage, overdraft usage, foreign transactions and other services.
Limited features. Free chequing accounts offered by digital banks may not come with all the features you would get at a traditional bank. For example, they have smaller ATM networks and don’t offer branch access.
No premium features. Premium chequing accounts often come with access to financial advisors, credit card rebates, discounted international money transfers and more, but at a cost. You won’t find many of these perks with a free account.
Do free chequing accounts have the same features as paid accounts?
The short answer is, yes. No-fee chequing accounts come with all of the same features needed for everyday banking as you would get with a paid account.
Features like unlimited debit transactions, unlimited Interac e-Transfers, free ATM access, Visa/Mastercard debit cards, bill payments, pre-authorized payments and physical cheques often come standard with no-fee chequing accounts.
So, what’s the catch? Why do some people still opt to pay for a chequing account?
That’s because free chequing accounts in Canada are typically offered by digital banks, which means you won’t get access to very many (or any) physical branch locations. Online banks also don’t typically offer as comprehensive a suite of banking products as you would find from bigger banks.
But if you’re comfortable with completing most of your banking tasks online or via mobile apps, and you don’t mind having your banking products split between different institutions, there’s no reason to avoid no-fee chequing accounts.
Avoiding ATM fees
Most banks charge a fee if you use an out-of-network ATM. This is usually between $1.50 to $2.50 per transaction, in addition to fees charged by the ATM provider.
You can avoid chequing account ATM fees by using an in-network ATM. Consider the size of a bank’s ATM network when deciding where to open an account.
Alternatively, you could choose a no-fee chequing account that doesn’t charge non-network ATM fees, such as the EQ Bank Personal Account.
Avoiding overdraft protection fees
If you spend more than your chequing account balance, you could end up paying $45 or more in non-sufficient fund (NSF) fees. So if you forget about a scheduled payment, it can be a very costly mistake. Signing up for overdraft protection is cheaper than paying an NSF fee, but it will still cost you approximately $5 or more each month.
To avoid this additional charge, consider opening one of these accounts that come with overdraft protection at no extra cost. Just keep in mind that none of these are no-fee chequing accounts, so you’ll be required to pay a monthly fee for the convenience.
Also remember that overdraft fees are separate from overdraft interest, which is essentially the interest you must pay for a temporary loan to cover your overdraft. Even if some accounts do not charge overdraft fees, they will charge interest on your overdraft balance of around 21%.
Many people don’t realize that banks typically charge around 2.5% of the transaction amount every time you make a purchase in a currency other than Canadian dollars. This is on top of adding a small fee (called a “markup”) to the exchange rate.
Even some of the best no-fee chequing accounts, like Simplii and Tangerine, still charge a foreign currency conversion fee. Notably, the EQ Bank Personal Account made our list of the best free chequing accounts, but does not charge a foreign transaction fee.
There are a couple of ways to avoid foreign transaction fees. The first is to simply avoid making foreign-dollar purchases, although this may not be possible for some people. Your second option is to get a card that comes with low or no foreign transaction fees, helping you save money when you spend overseas.
Avoiding international money transfer fees
If you need to send money overseas, many banks will charge a fee, which could range anywhere from $5 to $50. However, there are some chequing accounts that don’t charge international transfer fees. So if you need to make regular international payments, it’s worth shopping around to find a fee-free account.
Open one of these accounts to get fee-free international money transfers:
The other cost you need to consider when sending money overseas is the exchange rate. Banks typically charge an exchange rate markup of 2% to 3% on top of the mid-market rate, so your transfer could end up costing a lot more than you realize.
A way around this problem is to use a specialist money transfer service with lower exchange rate markups and no or low transfer fees. Compare international money transfer services to find the best value.
Other ways to get a free bank account in Canada
If you decide that signing up for a no-fee chequing isn’t right for you, keep in mind that there are a few other ways to get access to free accounts or no-fee banking.
Free kids and youth accounts
Kids and youth under the age of the majority can often get access to free bank account products designed for them from both the Big Banks and digital banks. These accounts sometimes come with tools designed to keep parents connected and help their children learn about money management and budgeting.
Banks in Canada offer discounted chequing accounts for senior citizens, usually aged 60 to 65 years or older. In most cases that might means getting access to chequing accounts with lower monthly fees, but some simpler accounts will be offered for a $0 monthly fee.
Sometimes you may be able to get a free bank account if you sign up for multiple financial products together. Several chequing accounts come with the option to bundle the account with family members or other bank products (like credit cards, car loans and mortgages) to get discounted fees and/or added convenience.
Bottom line
Why pay bank fees if you don’t have to? A no-fee chequing account offers easy access to your cash just like a regular chequing account, but without the hassle of monthly fees eating away at your balance.
The best free chequing account is the one that lets you do the types of transactions you need, whether that’s regular e-Transfers, ATM withdrawals or even earning cash back on your purchases. Compare the best free chequing accounts to find one that’s right for you.
FAQs about no-fee chequing accounts
Our pick for the best free bank account in Canada is the Simplii Financial No Fee Chequing Account. We chose it because of standout features like unlimited debit purchases, bill payments and withdrawals, along with the ability to earn interest on your balance and free access to 3,400 CIBC ATMs across the country.
However, as an online bank, Simplii has no brick-and-mortar locations to visit should you need help. More unusual services, such as bank drafts, can take more time or cost more money. For that reason, you should always review banking offers and terms and conditions when researching which is the best no-fee chequing accounts in Canada for your needs.
Banks that offer no-fee chequing accounts include Simplii Financial, Tangerine and EQ Bank among other online banks. Although many major banks charge a monthly fee, they will often waive the fee if you meet a minimum daily balance requirement.
Yes, several online banks in Canada offer chequing accounts with no monthly fees, including Tangerine, Simplii Financial, EQ Bank and Wealthsimple. Many major banks, like TD Bank, CIBC, BMO, Scotiabank and National Bank, will also waive the monthly fee on some of their chequing accounts if you keep your balance above a minimum threshold, or if you're a senior, student or newcomer to Canada.
Virtually all banks allow you to open a chequing account online instantly in Canada; however, some banks may require you to set up an in-person appointment after starting the process online. If you're looking for a bank whose account opening process is 100% online, consider a digital bank, such as Simplii, Neo Financial or Tangerine. Keep in mind that whether you open an account online or in-person, you will need to provide documentation and photo identification.
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.
Earn a little interest without limiting your transactions. But don’t expect it to replace your high-interest savings account.
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Do free chequing accounts have the same features as paid accounts?
