- Earn 3.75% interest for 12 months
- No monthly account fee
- Free ATM withdrawals across Canada
- No transaction fees
- No e-Transfer fees
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.
- Earn a $500 bonus
- $0 account fee
- Unlimited free transactions
- $0 Interac e-Transfers
- No minimum balance requirements
- No monthly fee
- Unlimited day-to-day transactions
- No minimum balance requirement
- Overdraft protection on approved credit
8 best no-fee chequing accounts in Canada in 2024
- Best overall no-fee bank account: EQ Bank Personal Account
- Best no-fee chequing account with signup bonus: Simplii No Fee Chequing Account
- Best free bank account from a credit union: Coast Capital Free Chequing, Free Debit, and More Account
- Best no-fee chequing account for students: Scotiabank Student Banking Advantage Plan
- Best no-fee chequing account from a digital bank: Tangerine No-Fee Daily Chequing Account
- Best free bank account for earning interest and points: PC Money Account
- Best no-fee chequing account for spending and saving: Wealthsimple Cash
- Best free bank account for standard interest rate: Motive Savvy Savings Account
Best overall no-fee 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 3.75% 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 |
Overdraft Fee | $0 |
Best signup bonus
Simplii No Fee Chequing Account
Bonus Offer
Monthly Account Fee
Free Transactions
- Earn a welcome bonus of up to $500
- 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
- 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 |
U.S. ATM Fee | $3 |
International ATM Fee | $3 |
Best free bank account from a credit union
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
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 no-fee chequing account for students
Scotiabank Student Banking Advantage Plan
Bonus Offer
Monthly Account Fee
Free Transactions
- Earn a welcome bonus of 7,500 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 no-fee chequing account from a digital bank
Tangerine No-Fee Daily Chequing Account
Bonus Offer
Monthly Account Fee
Free Transactions
- Earn decent interest rates
- Unlimited transactions
- Free Interac e-Transfers
- Free cheques
- Mobile cheque deposits
- Charges for certain ATMs
- No in-person service
- Only one free replacement card
Min. Age | 16 |
---|---|
Account Fee | $0 |
Overdraft Fee | $10 |
ATM Out-of-Network Fee | $1.50 |
International ATM Fee | $3 |
Best free bank account for earning interest and points
PC Money Account
Interest Rate
Account Fee
Transaction Fee
- No monthly fees
- Earn 4% interest on your account balance
- Unlimited free transfers and Interac e-Transfers
- No minimum balance requirements
- No way to deposit cash or cheques at ATMs
- Can't order cheques
Min. Age | N/A |
---|---|
Account Fee | $0 |
Transaction Fee | unlimited |
Interac e-Transfer Fee | unlimited |
Best no-fee chequing account for spending and saving
Wealthsimple Cash
Bonus Offer
Monthly Account Fee
Free Transactions
- No monthly fees
- Earn up to 4.5% interest on your account balance
- Unlimited free transfers
- No minimum balance
- Access to $0 commission stock trading
- No free ATM access (fee typically $3/withdrawal)
- Fees apply to managed investment accounts
Min. Age | 18 |
---|---|
Account Fee | $0 |
Overdraft Fee | $0 |
U.S. ATM Fee | $0 |
International ATM Fee | $0 |
Dormancy Fee | $0 |
Best free bank account for standard interest rate
Motive Savvy Savings Account
Interest Rate
Account Fee
Transaction Fee
- $0 monthly fee
- Earn 3.20% promo interest rate
- Earn a satndard rate of 3.2% after promo period
- Free unlimited transactions
- Get unlimited Interac e-Transfers
- Access to the THE EXCHANGE Network for ATM withdrawals
- $0 out-of-network ATM fees
- Online only with no physical branches
- The Motive Financial mobile app has lower user ratings compared to other digital banking apps
Min. Age | N/A |
---|---|
Account Fee | $0 |
Transaction Fee | unlimited |
Interac e-Transfer Fee | unlimited |
Summary: Features of the best free bank accounts in Canada
Free account | Monthly fee | Bonus offer | Transactions |
---|---|---|---|
EQ Bank Personal Account | $0 | Earn 3.75% | unlimited |
Simplii No Fee Chequing Account | $0 | Earn $500 | unlimited |
Coast Capital Free Chequing, Free Debit, and More Account | $0 | N/A | unlimited |
Scotiabank Student Banking Advantage Plan | $0 | Earn $100 | unlimited |
Tangerine No-Fee Daily Chequing Account | $0 | Earn $250 | unlimited |
PC Money Account | $0 | N/A | unlimited |
Wealthsimple Cash | $0 | N/A | unlimited |
Motive Savvy Savings Account | $0 | Get 5.75% interest for 120 days | unlimited |
"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."
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, 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).
Are no-fee bank accounts actually free?
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.
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
- Canadian Western Bank
- 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: |
|
TD no-fee chequing accounts: |
|
RBC no-fee chequing account: |
|
BMO no-fee chequing accounts: |
|
Scotiabank no-fee chequing accounts: |
|
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 accounts
It 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.
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 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.
Pros of free bank accounts in Canada
- 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 free bank accounts in Canada
- Not completely free. With most free Canadian bank accounts, you’ll still have to pay for out-of-network ATM usage, overdraft usage, non-sufficient funds (NSF), 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. They also can make it difficult to get a bank draft, which can be a challenge if you need to make an offer on a home.
- 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.
Other chequing account fees and how to avoid them
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:
- ATM fees
- Overdraft protection
- Foreign transaction fees
- International money transfer fees
- Foreign exchange fees
- Paper statement fees
Keep reading for a breakdown of how these chequing account fees work and tips to save money by avoiding them.
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. If you’re travelling internationally and plan to take out cash, you could also encounter foreign ATM fees.
You can avoid chequing account ATM fees by using an in-network ATM and choosing a bank with a large ATM network. Many banks are partnered with global ATM networks to help you save when travelling (for example, Scotiabank/Tangerine’s Global ATM Alliance). Alternatively, you could choose a no-fee chequing account that doesn’t charge out-of-network ATM fees, such as the EQ Bank Personal Account.
Overdraft protection 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.
How to avoid:
To avoid this additional charge, consider opening one of these accounts that come with no monthly overdraft protection fee.
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%.
Foreign transaction fees
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.
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.
How to avoid:
Open one of these accounts to get fee-free international money transfers:
- Scotiabank Ultimate Package
- BMO Premium Plan Chequing Account
- CIBC Everyday Chequing Account
- CIBC Smart Plus Account
- CIBC Smart for Foreign Workers Account
Foreign exchange fees
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.
Paper statement fees
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.
You won’t be charged a fee for paper statements if you opt to receive electronic statements instead. You can sign up for email statements through your banks online banking portal.
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.
No-fee student accounts
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.
Bundled financial products
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
Banking scores
Finder scores, in blue, are based on our expert analysis. We assess multiple key categories broken down into over 30 different data points across both chequing and savings accounts.
To find out more, read our full savings account methodology and full chequing account methodology.
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