Why pay for banking when you don’t have to? No-fee chequing accounts offer all the perks of standard bank accounts, but without charging you a monthly account fee. Typically you’ll get free transactions and e-Transfers too. Fees can still apply for some transactions though, so it’s important to compare account options and understand applicable fees.
To help make your decision easier, we rounded up the 8 best no-fee chequing accounts from Canada’s leading banks, credit unions and fintechs.
| Min. Age | 18 |
|---|---|
| Account Fee | $0 |
| Overdraft Fee | $0 |
| Min. Age | 18 |
|---|---|
| Min. Age Teen Account | 12 |
| Account Fee | $0 |
| Overdraft Fee | $4.97 |
| ATM Out-of-Network Fee | $1.50 |
| U.S. ATM Fee | $3 |
| International ATM Fee | $3 |
| 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 |
| 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 |
| Min. Age | 16 |
|---|---|
| Account Fee | $0 |
| Overdraft Fee | $10 |
| ATM Out-of-Network Fee | $1.50 |
| International ATM Fee | $3 |
| Min. Age | N/A |
|---|---|
| Account Fee | $0 |
| Transaction Fee | unlimited |
| Interac e-Transfer Fee | unlimited |
| International ATM Fee |
| Min. Age | 18 |
|---|---|
| Account Fee | $0 |
| Overdraft Fee | $0 |
| U.S. ATM Fee | $0 |
| International ATM Fee | $0 |
| Dormancy Fee | $0 |
| Min. Age | N/A |
|---|---|
| Account Fee | $0 |
| Transaction Fee | unlimited |
| Interac e-Transfer Fee | unlimited |
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 8.
We ranked accounts based on 18 data points within five major categories. Here’s how we ranked and weighted each product:
No single chequing account will be the best choice for everyone, so thoroughly compare your options before picking your new account.
| Free account | Monthly fee | Bonus offer | Transactions |
|---|---|---|---|
| EQ Bank Personal Account | $0 | Earn 4.00% | unlimited |
| Simplii No Fee Chequing Account | $0 | Earn $300 | unlimited |
| Coast Capital Free Chequing, Free Debit, and More Account | $0 | Earn $150 | unlimited |
| Scotiabank Student Banking Advantage Plan | $0 | Earn $100 | unlimited |
| Tangerine No-Fee Daily Chequing Account | $0 | Earn $250 | unlimited |
| PC Money Account | $0 | Earn 100,000 bonus PC Optimum points | unlimited |
| Wealthsimple Cash | $0 | N/A | unlimited |
| Motive Savvy Savings Account | $0 | Get 4.75% interest for 120 days | unlimited |
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, but will often waive the fee if you keep a minimum of $3,000 to $4,000 in your account. No-fee chequing accounts are typically offered by smaller, digital banks (like Tangerine, Simplii and EQ Bank).
Although people tend to refer to no-fee accounts and free bank accounts interchangeably in the Canadian market, the terms “no-fee” and “free” usually only refer to a $0 monthly account fee and do not include all banking fees. For example, free bank accounts may still charge overdraft or foreign exchange fees.
No-fee chequing accounts are commonly offered by fintechs, digital banks and credit unions in Canada. Here is a list of (almost) all standard no-fee chequing accounts in Canada:
Our pick for the best no-fee chequing account in Canada is the EQ Bank Personal Account because not only does it come with a $0 monthly fee, it also offers unlimited transactions, Interac e-Transfers and a very competitive interest rate of up to 4% on your entire balance.
Notably, the EQ Bank Personal Account interest rate is not only unique among most chequing accounts in Canada — including free accounts — it is also one of the highest interest rates compared to many high-interest savings accounts in Canada.
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: |
|
| TD no-fee chequing accounts: |
|
| RBC no-fee chequing account: |
|
| BMO no-fee chequing accounts: |
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| Scotiabank no-fee chequing accounts: |
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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.
These bigger banks will also sometimes offer cash bonuses (often for hundreds of dollars) when you sign up for a chequing account, which can help offset the cost of the monthly fee.
Fun fact: The Government of Canada mandates low-fee accountsIt turns out that the Government of Canada has an agreement with certain financial institutions to ensure that these institutions will offer low-fee accounts — costing no more than $4 — so that all Canadians can have access to affordable banking.
The reason for that is because, in Canada, you have a legal right to open a bank account even if you’re unemployed, don’t have money to put in the account immediately or have been in bankruptcy.
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 or rewards points on your purchases. For example, spending with a Scotiabank debit card will let you earn Scene+ points on your purchases, and spending on a prepaid EQ Bank Card will earn you cash back.
That’s why it’s important to compare a range of options to find the best free chequing account for your needs.
"I’ve been using a no-fee chequing account for over 20 years and have saved myself hundreds of dollars. That being said, it’s important to be aware of their limitations. For example, it may be time consuming or not possible to get a bank draft and other services."
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.
You can get a free debit card by signing up for a no-fee chequing account that comes with a debit card. Some of our picks for the best no-fee bank accounts that come with free debit cards are the Simplii No Fee Chequing Account (which offers a free Debit Mastercard) and the Tangerine No-Fee Daily Chequing Account (which comes with a free Visa Debit card).
Beyond the monthly fee on your chequing account, there are several other standard banking fees you’ll likely come across in your everyday banking, including:
Keep reading for a breakdown of how these chequing account fees work and tips to save money by avoiding them.
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. If you’re travelling internationally and plan to take out cash, you could also encounter foreign ATM fees.
If you have insufficient funds in your chequing account to cover debits and withdrawals, you could end up paying $45 or more in non-sufficient fund (NSF) fees. Forgetting about a scheduled payment can be a very costly mistake. Signing up for overdraft protection is cheaper than paying an NSF fee, but it could still cost you approximately $5 or more each month.
Also remember that overdraft fees are different than 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.
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.
How to avoid this fee:
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.
Banks typically charge a fee of around $2 per statement if you prefer to receive paper account statements in the mail. If you need to be resent a statement in the mail, you could pay an additional fee of up to around $5 per reprint.
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.
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.
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.
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