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 bank account in Canada by feature.
Quick view: Best chequing account in Canada by feature
- Overall best chequing account in Canada: BMO Performance Chequing Account
- Best no-fee chequing account: Simplii No Fee Chequing Account
- Best hybrid bank account: EQ Bank Personal Account
- Best online day-to-day chequing account: RBC Signature No Limit Banking Account
- Best budget chequing account at a bank: Scotiabank Basic Bank Account
- Best premium chequing account: BMO Performance Chequing Account
- Best day-to-day account with cash back: Neo Financial Money Account
- Best chequing account in Canada with perks: Scotiabank Basic Plus
- Best chequing account in Canada for ATM access: RBC Signature No Limit Banking Account
- Best chequing account for student travellers: Scotiabank Student Advantage Plan
- Best chequing account with rewards for debit purchases: RBC VIP Banking Account
- Best chequing account for new account offer: CIBC Smart Plus Account
- Best student chequing account: BMO Performance Chequing Account
- Best student hybrid chequing account: Scotiabank Student Advantage Plan
- Best teen chequing account: BMO Performance Chequing Account – Family Bundle
- Best kids day-to-day chequing account: National Bank Modest Chequing Account
- Best kids hybrid savings and chequing account: Simplii No Fee Chequing Account
- BC credit union with the best chequing account: Coast Capital Chequing Account
- Best newcomer chequing account package: National Bank Newcomer Bank Account
Overall best chequing account in Canada
BMO Performance Chequing Account
Bonus Offer
Monthly Account Fee
Free Transactions
- 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 October 31, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
- Monthly fee of $17.95
- You won't earn any interest on the money in your account.
Min. Age | 18 |
---|---|
Min. Age Teen Account | 13 |
Account Fee | $17.95 |
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
Simplii No Fee Chequing Account
Bonus Offer
Monthly Account Fee
Free Transactions
- 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
- Residents of Quebec cannot open a Simplii account
Min. Age | 18 |
---|---|
Min. Age Teen Account | 12 |
Account Fee | $0 |
Overdraft Fee | $4.97 |
ATM Out-of-Network Fee | $1.50 |
International ATM Fee | $3 |
Best hybrid bank account
EQ Bank Personal Account
Bonus Offer
Monthly Account Fee
Free Transactions
- $0 account fee
- Get unlimited transactions
- $0 Interac eTransfers
- Earn up to 4% interest on your balance
- EQ Bank will refund withdrawal fees for using any ATM across Canada
- No minimum balance requirement
- 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 |
Best day-to-day chequing account
RBC Signature No Limit Banking Account
Bonus Offer
Monthly Account Fee
Free Transactions
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).
- Unlimited debit transactions
- Non-RBC ATM rebates
- Free Interac e-Transfers
- Credit card fee waivers
- Earn RBC Avion points
- Overdraft protection.
- Monthly fee
- Caps on certain perks.
Min. Age | N/A |
---|---|
Account Fee | $16.95 |
ATM Out-of-Network Fee | $2 |
Best budget chequing account at a Big 5 Bank
Scotiabank Basic Bank Account
Bonus Offer
Monthly Account Fee
Free Transactions
- Low monthly fee
- Limited free transactions per month
- $0 Interac e-Transfers
- Free Scotiabank ATM withdrawals
- Easy-to-use mobile app.
- No interest on savings
- Fee for exceeding transaction limit
- Non-Scotiabank ATMs cost money
- No welcome bonus.
Min. Age | 16 |
---|---|
Account Fee | $3.95 |
Overdraft Fee | $5 |
ATM Out-of-Network Fee | $2 |
U.S. ATM Fee | $3 |
International ATM Fee | $5 |
Dormancy Fee | $20 |
Best premium chequing account
BMO Performance Chequing Account
Bonus Offer
Monthly Account Fee
Free Transactions
- 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 October 31, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
- Monthly fee of $17.95
- You won't earn any interest on the money in your account.
Min. Age | 18 |
---|---|
Min. Age Teen Account | 13 |
Account Fee | $17.95 |
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 day-to-day account with cash back
![Neo Everyday Account](https://www.finder.com/niche-builder/63ff53b65f69d.png)
Neo Everyday Account
Interest Rate
Account Fee
Transaction Fee
- Earn cash back of up to 0.5% – 6% cash back at over 10,000 retail partners
- Earn 1% interest rate on your entire balance
- Free unlimited transactions
- No minimum balance
- No account fee
- Online only with no physical branches
- The Neo Money Card is a prepaid Mastercard, which works slightly differently than a debit 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 chequing account in Canada with perks
Scotiabank Basic Plus Bank Account
Bonus Offer
Monthly Account Fee
Free Transactions
- $0 e-Transfers
- Access to Scotiabank's basic account features including free credit score reports.
- Limited monthly transactions
- Monthly fee
- No welcome offer.
Min. Age | 16 |
---|---|
Account Fee | $11.95 |
Overdraft Fee | $5 |
ATM Out-of-Network Fee | $2 |
U.S. ATM Fee | $3 |
International ATM Fee | $5 |
Best chequing account for ATM Access
RBC Signature No Limit Banking Account
Bonus Offer
Monthly Account Fee
Free Transactions
- Unlimited debit transactions
- Non-RBC ATM rebates
- Free Interac e-Transfers
- Credit card fee waivers
- Earn RBC Avion points
- Overdraft protection.
- Monthly fee
- Caps on certain perks.
Min. Age | N/A |
---|---|
Account Fee | $16.95 |
ATM Out-of-Network Fee | $2 |
Best chequing account for student travellers
Scotiabank Student Banking Advantage Plan
Bonus Offer
Monthly Account Fee
Free Transactions
- Earn a welcome bonus of 12,500 Scene+ points
- No account fee for full-time post-secondary students
- Enjoy unlimited free transactions and e-Transfers
- Earn Scene+ points on debit transactions.
- Not free for part-time students
- You must verify that you're a student each year.
Min. Age | 16 |
---|---|
Account Fee | $0 |
Overdraft Fee | $5 |
ATM Out-of-Network Fee | $2 |
U.S. ATM Fee | $3 |
International ATM Fee | $5 |
Dormancy Fee | $20 |
Best chequing account in Canada with debit rewards
RBC VIP Banking Account
Bonus Offer
Monthly Account Fee
Free Transactions
- Earn Avion points with debit card purchases
- Save up to $120 per year when you sign up for a premium RBC credit card
- Unlimited debit transactions worldwide
- Free Interac e-Transfers
- Earn Avion points
- Special rebates
- Overdraft protection
- Free use of a safety deposit box
- Free bank drafts
- Welcome offer.
- Monthly fee
- Caps on certain perks.
Min. Age | 18 |
---|---|
Account Fee | $30 |
ATM Out-of-Network Fee | $0 |
Best chequing account for new account offer
CIBC Smart Plus Account
Bonus Offer
Monthly Account Fee
Free Transactions
Plus, it comes with a great promotional bonus offer for signing up. Get a $600 cash offer when you open a CIBC Smart Plus Account as your first chequing account, then open your first CIBC eAdvantage Savings Account in the same calendar month and complete the qualifying actions within 2 months.
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.
- Monthly fee
- Caps on certain perks.
Min. Age | N/A |
---|---|
Account Fee | $29.95 |
Overdraft Fee | $5 |
ATM Out-of-Network Fee | $0 |
Best student chequing account
BMO Performance Chequing Account
Bonus Offer
Monthly Account Fee
Free Transactions
- 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 October 31, 2024. Plus, earn a 5.50% promo interest rate when you open a Performance Chequing and a Savings Amplifier Account.
- Monthly fee of $17.95
- You won't earn any interest on the money in your account.
Min. Age | 18 |
---|---|
Min. Age Teen Account | 13 |
Account Fee | $17.95 |
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 student hybrid chequing account
Scotiabank Student Banking Advantage Plan
Bonus Offer
Monthly Account Fee
Free Transactions
- Free Transactions: Unlimited (including debit, Interac e-transfers, bill payments)
- Bonus Offer: Earn up to a $100 welcome cash bonus and 7,500 Scene+ points when you open an account. Apply by October 31, 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)
Min. Age | 16 |
---|---|
Account Fee | $0 |
Overdraft Fee | $5 |
ATM Out-of-Network Fee | $2 |
U.S. ATM Fee | $3 |
International ATM Fee | $5 |
Dormancy Fee | $20 |
Best teenager’s chequing account
BMO Performance Chequing Account
Bonus Offer
Monthly Account Fee
Free Transactions
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 October 31, 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
- 0% interest rate on deposits
- $5 debit and e-Transfer transaction fee
- $2 out of network ATM fee
Min. Age | 18 |
---|---|
Min. Age Teen Account | 13 |
Account Fee | $17.95 |
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 kids day-to-day chequing account
National Bank Modest Chequing Account
Bonus Offer
Monthly Account Fee
Free Transactions
- The account fee gets waived with a minimum $3,000 balance or if you're under 25 (seniors 60+ only pay $5.95)
- 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)
- Limited range of benefits and features
Min. Age | N/A |
---|---|
Account Fee | $10.95 |
Overdraft Fee | $5 |
ATM Out-of-Network Fee | $2 |
Best kids hybrid savings and chequing account
Simplii No Fee Chequing Account
Bonus Offer
Monthly Account Fee
Free 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
- $1.50 fee for non-CIBC ATM transactions
- $3 fee for US and international ATM transactions
Min. Age | 18 |
---|---|
Min. Age Teen Account | 12 |
Account Fee | $0 |
Overdraft Fee | $4.97 |
ATM Out-of-Network Fee | $1.50 |
International ATM Fee | $3 |
Best BC credit union chequing account
Coast Capital Free Chequing, Free Debit, and More Account
Bonus Offer
Monthly Account Fee
Free Transactions
- 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.
- e-transfers cost $1.50 each
- Only available to BC residents.
Min. Age | 19 |
---|---|
Account Fee | $0 |
Overdraft Fee | $5 |
ATM Out-of-Network Fee | $10 |
U.S. ATM Fee | $2.50 |
International ATM Fee | $5 |
Dormancy Fee | $1.50 |
Best newcomers chequing account package
National Bank Newcomer Bank Account
Bonus Offer
Monthly Account Fee
Free Transactions
Free transactions: Unlimited electronic transactions and international transfers online to 19 countries in the European Union for $5.95 per transfer.
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
- $15.95 monthly fee once discount period ends
- No interest on your bank balance
Min. Age | N/A |
---|---|
Account Fee | $0 |
Overdraft Fee | $0 |
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. The Bank of Canada’s 2022 Methods-of-Payment Survey Report stated that bank mobile apps had the highest adoption rate, at 21%, compared to other financial apps.
You can easily compare app ratings for providers of each of the best bank accounts in Canada below.
Of the big banks on our list of best chequing accounts, the Scotiabank and National Bank mobile apps are rated the best according to customer reviews, with the highest user ratings across both iOS and Android. As for online-only banks, the Neo Financial app has the highest user rating in both app stores followed by EQ Bank.
Chequing account provider | Apple App Store rating | Google Play rating |
---|---|---|
BMO | 4.6 – ★★★★★ (111K reviews) | 4.2 – ★★★★★ (78K reviews) |
Simplii Financial | 4.2 – ★★★★★ (12K reviews) | 4.5 – ★★★★★ (15K reviews) |
EQ Bank | 4.8 – ★★★★★ (36K reviews) | 4.3 – ★★★★★ (7K reviews) |
RBC | 4.8 – ★★★★★ (208K reviews) | 3.7 – ★★★★★ (38K reviews) |
Scotiabank | 4.7 – ★★★★★ (714K reviews) | 4.6 – ★★★★★ (159K reviews) |
Neo Financial | 4.8 – ★★★★★ (33K reviews) | 4.7 – ★★★★★ (8K reviews) |
CIBC | 4.3 – ★★★★★ (21K reviews) | 4.0 – ★★★★★ (40K reviews) |
National Bank | 4.7 – ★★★★★ (201K reviews) | 4.7 – ★★★★★ (2K reviews) |
Coast Capital | 4.4 – ★★★★★ (5.4K reviews) | 4.4 – ★★★★★ (4K reviews) |
Ratings last verified on July 5, 2024.
What is a chequing account?
A chequing account in Canada, 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 bank 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.
Online-only chequing accounts
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
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.
Interest-earning chequing accounts
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.
Student accounts
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. Many of the best student chequing accounts allow you to benefit from the account perks until around age 25 or older by providing proof of enrollment.
Kids and teen accounts
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.
Seniors chequing accounts
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
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.
Newcomer chequing accounts
Certain chequing accounts are designed for newcomers to Canada. These bank 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.
Multi-currency chequing accounts
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.
US dollar chequing accounts
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
Cash back chequing accounts are more rare in the Canadian marketplace, but not impossible to find. The best bank accounts offering this feature 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 bank 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.
Canadians are ditching chequing accounts fees
According to the Bank of Canada, 37% of Canadians don’t pay an account fee for their bank account with another 31% able to get the account fee waived. In fact, between 2017 and 2022 alone, the number of people who were paying an account fee for their bank account dropped by 10% percentage points.
Check out our top pick for the best no-fee chequing account in Canada to learn more.
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 bank 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.
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 bank account for you.
Banks with the highest customer service satisfaction
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 ranked first for customer satisfaction, followed by Simplii.
Another study from Statista Research Department found that, among Canada’s Big 5 Banks, RBC had the highest customer satisfaction score, followed closely by BMO and CIBC, while Scotiabank and TD tied for the lowest customer satisfaction score.
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 bank 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 October 31, 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 October 31, 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 October 31, 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 October 31, 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 October 31, 2024.
- RBC Signature No Limit Banking Account: Get the new iPad when you switch to RBC & open an RBC Signature No Limit Banking Account. Valid until August 13, 2024.
- RBC VIP Banking Account: Get an iPad when you switch to RBC & open an RBC VIP Banking Account. Valid until August 13, 2024.
- RBC Advantage Banking for Students: Get up to $330 in value. Valid until October 31, 2024.
- Scotiabank Ultimate Package: Earn a welcome bonus of up to $400. Valid until July 31, 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.
- Scotiabank Student Banking Advantage Plan: Earn up to a $100 welcome cash bonus and 7,500 Scene+ points when you open an account. Apply by October 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 $600 cash offer when you open a CIBC Smart Account as your first chequing account, then open your first CIBC eAdvantage Savings Account in the same calendar month and complete the qualifying actions within 2 months.
- CIBC Smart Plus Account: Get a $600 cash offer when you open a CIBC Smart Plus Account as your first chequing account, then open your first CIBC eAdvantage Savings Account in the same calendar month and complete the qualifying actions within 2 months.
- CIBC Smart for Students: Get $100 when you open an account and make five Visa Debit purchases online within two months (purchases must be made in the same month). Terms & conditions apply.
- TD Unlimited Chequing Account: Earn a $600 welcome bonus. Complete three banking steps to earn $400, and earn $200 when you deposite $10,000 into the new eligible Savings Account within 30 days of account opening and maintain the balance for 150 days. Offer ends September 26, 2024.
- TD All-Inclusive Banking Plan: Get up to $600 when you open a TD All-Inclusive Banking Plan. Valid until September 26, 2024.
- TD Student Chequing Account: Earn up to $445 in value when you open a new TD Student Chequing Account. Valid until October 31, 2024
Online bank and credit union chequing account promotions:
- Tangerine No-Fee Daily Chequing Account: Earn up to $250. Open a No-fee daily Chequing Account and switch your payroll deposits to your new Tangerine Chequing Account for 2 consecutive months to receive $250.
- 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.
How to open a chequing account in Canada
Follow these steps to open a chequing account:
- 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.
Bottom line
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.
Survey Methodology – Finder: Consumer Sentiment Survey Q1 2023
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.
Survey Methodology – Finder: Consumer Sentiment Survey Q2 2023
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.
FAQs about the best bank accounts in Canada
More guides on Finder
-
How to Open a Chequing Account Online
With most banks, opening a chequing account online is a straightforward process
-
Best Unlimited Chequing Accounts
From No Fuss to Big Perks, These are the Best Unlimited Chequing Accounts in Canada
-
Methodology for chequing accounts
Here’s our methodology for scoring the features that matter, and picking the top chequing accounts in Canada.
-
Best no-fee chequing accounts
Compare the features of 11 of the best no-fee chequing accounts in Canada, and find out how to avoid transaction fees.
-
Best student chequing accounts
Your guide to the best student chequing accounts for all your day-to-day banking needs.
-
How to open a bank account without photo ID in Canada
You need ID to open a bank account in Canada, but banks accept more forms of ID than you might think.
-
Can I open a bank account with bad or no credit in Canada?
Some Canadian banks run a credit check to verify your identity, but you can open a bank account with no credit check.
-
Coast Capital Free Chequing, Free Debit, and More Account Review
Your guide to the features, perks and fees of the Coast Capital Free Chequing, Free Debit, and More Account.
-
How to write a cheque in Canada
Learn how to write a cheque in Canada in 6 simple steps. Find out what each cheque field means, how to fix mistakes and how to void a cheque.