Are you searching for a bank account that offers unlimited transactions as well as a range of other high-end perks? A premium chequing account is the answer.
Premium bank accounts let you manage all your day-to-day banking, plus take advantage of benefits like credit card annual fee rebates and free stock trades. But with multiple options to choose from, how do you find the best premium chequing account in Canada for you?
Best premium chequing accounts in Canada
The best premium chequing account in Canada will differ from one person to another. The right account for you will depend on how you spend and save your money, and which added perks you can utilize.
Here are our top picks of the best premium accounts. Compare them side-by-side to find one that ticks all the boxes for you.
The BMO Premium Plan Chequing Account is our pick for the best premium chequing account in Canada because its extra perks and features make it a notch above the rest. The account is BMO's top-tier offering for day-to-day banking and supports unlimited daily transactions, including free e-Transfers, while you also get unlimited ATM withdrawals worldwide with no BMO fees. And then come the added perks, like a credit card annual fee rebate of up to $150, OnGuard Identity Theft Protection, no fees for select cheques and stop payments, and a preferred USD exchange rate. And with free overdraft protection also included, this is an account with plenty of premium benefits.
Unlimited transactions
$150 credit card rebate
Welcome bonus of up to $900
Free worldwide ATM withdrawals
Free overdraft protection
$30.95 monthly fee
Minimum balance of $6,000 required to avoid monthly fee
Doesn't pay interest on your balance
Monthly Account Fee
$30.95
Free Transactions
unlimited
Interac e-Transfer Fee
$0
In-Network ATM Fee
$0
Foreign Transaction Fee
2.5%
CDIC Deposit Insurance
$100,000
Bonus Offer
Earn up to $900
Our favourite BMO account:
BMO Performance Chequing Account
Lower monthly fee ($17.95) and fee waiver ($4,000 minimum balance) requirements than the Premium Chequing Account
Supports unlimited monthly transactions including free e-Transfers
Get a $40 credit card annual fee rebate as well as a welcome bonus of up to $900
RBC's VIP Banking account is a premium chequing account loaded with features to suit Canadians with extensive banking needs. It comes with a $30 monthly fee, but that drops to $24 or $17.05 with the Value Program Rebate. For that you get unlimited transactions including free e-Transfers, cross-border debits and free ATM access. Perks for VIP Banking include a $120 credit card annual fee rebate, a $60 annual safety deposit box discount, free personalized cheques and 12 free bank drafts a year, and additional accounts with waived transaction fees. Free overdraft protection is included too, so there's a lot to like about this premium bank account from RBC.
Unlimited debit transactions worldwide
$120 credit card annual fee rebate
Free personalized cheques and bank drafts
Free cross-border debits
$30 monthly fee
Doesn't pay interest
Caps on some perks
Monthly Account Fee
$30
Free Transactions
unlimited
Interac e-Transfer Fee
$0
In-Network ATM Fee
$0
Bonus Offer
Get a new Apple Watch
Our favourite RBC account:
RBC Advantage Banking
Unlimited debit transactions for a $16.95 monthly fee (can be waived)
The Ultimate Package from Scotiabank offers a long list of perks, making it a top contender to be named the best premium chequing account in Canada. This unlimited-transaction account offers everything you need for your daily banking requirements, like free e-Transfers, unlimited fee-free international transfers and free personalized cheques and drafts. But it's the rewards and discounts that really make this account stand out, like a $150 credit card annual fee rebate, a free safety deposit box and free equity trades on Scotia iTRADE. You also get preferred GIC rates and better rates on foreign exchange transactions, so there are lots of good reasons to add the Ultimate Package to your shortlist of account options.
$150 credit card annual fee rebate
Welcome bonus of up to $700
Unlimited free ABM withdrawals globally
Earn Scene+ reward points
Loads of other perks
$30.95 monthly fee
$6,000 minimum balance or $100,000 Total Relationship Balance needed to have annual fee waived
Doesn't pay interest
Monthly Account Fee
$30.95
Free Transactions
unlimited
Interac e-Transfer Fee
$0
In-Network ATM Fee
$0
Foreign Transaction Fee
2.5%
CDIC Deposit Insurance
$100,000
Bonus Offer
Earn up to $700
Our favourite Scotiabank account:
Scotiabank Preferred Package
Supports unlimited transactions with a lower monthly fee ($16.95) and fee waiver ($4,000 minimum balance) requirement than the Ultimate Package
Trade 1, get 1 free at Scotia iTRADE
$150 first-year credit card annual fee rebate plus a $700 welcome bonus
Looking for a credit union account to take your daily banking to the next level? The Elevate Chequing Account from Coast Capital has got you covered. This account supports unlimited monthly transactions for a $16.95 monthly fee, but the fee is reduced if you're aged 59+, if you're aged 25 or younger, or if you set up an eligible direct deposit to your account. In terms of perks, you can take advantage of free identity theft protection with ID Assist, free access to online learning platform Coursera, and a free chequebook each year. You also get limited free access to Interac ATM and international ATM withdrawals, so this premium account offers plenty of bang for your buck.
Unlimited day-to-day transactions
$50 one-time first-year credit card rebate
Free 50-singles cheque book per year
$450 welcome bonus
Free access to Coursera
$16.95 monthly fee (can be reduced)
Not as many perks as some other accounts
Some people might prefer the full range of products and services of a big bank
Monthly Account Fee
$16.95
Free Transactions
unlimited
Interac e-Transfer Fee
$0
In-Network ATM Fee
$0
Foreign Transaction Fee
2%
CDIC Deposit Insurance
$100,000
Bonus Offer
Earn $450
Our favourite Coast Capital Account:
Coast Capital Unlimited Chequing Account
Unlimited daily transactions for a waivable monthly fee of $8.50
One free 25-singles chequebook per year as well as free access to Coast Capital and The Exchange Network ATMs
The name of this premium bank account from TD tells you everything you need to know. The All-Inclusive Banking Plan supports unlimited transactions, including free e-Transfers and no ATM fees. But you also get plenty of added value from a long list of premium account perks, such as a free safety deposit box, free money orders, and free personalized and certified cheques. You also get an annual fee rebate of up to $139 on your choice of six TD credit cards, so there are lots of good reasons to check out what this TD account has to offer.
Unlimited transactions
$139 credit card annual fee rebate
Welcome bonus of up to $750
US$3 monthly fee rebate on a TD Borderless Plan
Lots of other freebies included
$30.95 monthly fee
$6,000 minimum balance to qualify for monthly fee rebate
CIBC's Smart Account is available in three tiers based on your eligible average monthly balance across a range of CIBC accounts. If you have $100,000 or more with CIBC across products like chequing and savings accounts, investment accounts, GICs, mutual funds and Investor's Edge, you will qualify for Tier 3 and a host of high-end perks. Not only do you get unlimited transactions, but you also get fee rebates for non-CIBC ATM withdrawals in Canada and internationally. You can also take advantage of a credit card annual fee rebate of up to $139, plus avoid the monthly fee for overdraft protection. And with stop payment fees rebated for cheques and pre-authorized payments, the CIBC Smart Account is a worthy contender for the title of best premium chequing account in Canada.
Unlimited transactions
No ATM fees
Free e-transfers
Welcome bonus of up to
$139 credit card annual fee rebate
$16.95 monthly fee if you don't qualify for Tier 2 or Tier 3
$100,000 or more balance needed across CIBC accounts to get maximum perks
Monthly Account Fee
$16.95
Free Transactions
unlimited
Interac e-Transfer Fee
$0
In-Network ATM Fee
$0
NSF Fee
$10
CDIC Deposit Insurance
$100,000
Bonus Offer
Earn up to $850
Best free premium chequing accounts
While standard premium chequing accounts generally come with a monthly fee, there are fee-free premium options available too. Digital banks in Canada offer free chequing accounts, which don’t usually offer the same types of perks as standard premium accounts, but do come with a host of perks that may deliver more premium value than a fee-bearing account, depending on your financial situation.
Here are our top picks for free premium chequing accounts:
It may not be classified as a premium account, but the EQ Bank Personal Account certainly offers a whole lot of premium features. It supports unlimited transactions, including e-Transfers, but it also pays a very competitive interest rate of 2.75% on your balance when you direct deposit at least $2,000 a month. EQ Bank will also reimburse any fees other providers charge you when you use a non-EQ Bank ATM up to 5 times a month, plus you can earn 0.5% cashback on your purchases with your EQ Bank Card. Best of all, there's no monthly fee regardless of your account balance, so this account is well worth checking out if you're searching for a big bank alternative.
The Wealthsimple Chequing Account is another hybrid account that offers a lot of premium perks with no monthly fee. It combines the unlimited transactions of a high-end chequing account with the ability to earn 1.25% – 2.25% interest on your balance. But the perks don't stop there, with free ATM withdrawals in Canada around the world, a prepaid Mastercard with no FX or transaction fees, and easy cash and cheque deposits. Add the ability to set up automated investing to auto-buy stocks, ETFs or crypto to the equation and it's easy to see why this free account has premium written all over it.
Unlimited transactions
Fee-free ATM withdrawals
No FX fees
Free chequebook available
Up to $1,000,000 CDIC protection
Tiered interest rate structure
You'll need at least $500,000 in assets with Wealthsimple to earn 2.25% interest
No physical branches for in-person service
Monthly Account Fee
$0
Free Transactions
unlimited
Interac e-Transfer Fee
$0
In-Network ATM Fee
$0
NSF Fee
$0
Foreign Transaction Fee
0%
CDIC Deposit Insurance
$1,000,000
Bonus Offer
Earn up to 2.25% interest
What is a premium chequing account in Canada?
A premium chequing account is a high-end bank account from a Canadian financial institution. This type of account supports unlimited day-to-day transactions including e-Transfers and ATM withdrawals, and typically charges a monthly fee.
However, the fee is usually waived if you maintain a minimum balance for every day of the month. For example, you may need to keep your balance above $6,000 to avoid paying a monthly fee.
Aside from covering your daily banking needs, these accounts provide added value by offering a range of extra perks. These perks often include things like:
Annual fee rebates on eligible credit cards
ATM fee rebates
Overdraft protection fee rebates
Free stock or ETF trades
Reduced interest rates on personal loans and mortgages
Fee waivers on additional accounts (like stock trading accounts or USD accounts)
Free safety deposit boxes
Better FX rates or wire transfer discounts
Access to personalized financial advice from an advisor
So if you have high-level banking needs and you want to keep all your products and services with one bank, a premium chequing account could be a good fit for you.
What are the pros and cons of premium chequing accounts?
Pros
Unlimited transactions. The best premium chequing accounts in Canada support unlimited monthly transactions, including e-transfers, bill payments, purchases and cash withdrawals.
Waived fees. Premium accounts often waive fees on things like out-of-network ATM fees and overdraft protection, saving you money on your daily banking.
Credit card fee rebate. Most premium accounts offer a fee rebate of up to $140 – $150 on eligible rewards credit cards.
Credit card perks. You also get access to whatever benefits your credit card offers, such as frequent flyer miles or reward points, cashback, travel insurance, airport lounge access and more.
Other perks. As a premium account holder, you can take advantage of discounts and fee waivers on other products offered by your bank, such as stock trading accounts, loans and safety deposit boxes. You may also be able to earn points on your everyday spending as part of your bank's rewards program, and get preferred rates on foreign exchange and products like GICs.
Keep your banking in one place. If you have multiple accounts and other products, such as stock trading and investment accounts, a premium bank account makes it cheaper and easier to manage all your finances with one bank.
Cons
Monthly fee. Premium chequing accounts come with monthly fees of around $30, but those fees are waivable if conditions are met.
Balance requirement. You will need to keep your balance above a minimum level if you want to avoid paying a monthly fee.
No interest. The money you keep in your account to get a monthly fee rebate won't earn interest. You could be better off moving it to a savings account or a hybrid account with an online bank instead, where it could potentially earn more than $100 interest per year.
Premium chequing accounts vs other chequing accounts
Not sure whether a premium chequing account is right for you? There are a few other account types to consider:
Basic chequing accounts. These accounts are designed to suit people with limited banking needs, and they’re often targeted at students and seniors. They usually have a low or no monthly fee, support limited transactions and don’t offer anything in the way of perks. But if your banking needs are simple, they’re a solid choice.
Mid-tier chequing accounts. Mid-tier accounts offer added benefits like unlimited transactions and free e-Transfers, but they lack the perks of premium accounts. They generally offer free access to in-network ATMs and available overdraft protection, with an account maintenance fee charged each month. This fee is often waived if you can meet a minimum balance requirement.
Hybrid chequing accounts. Offered by some online-only banks and fintechs, these accounts combine chequing and savings account features. This means you get unlimited transactions and easy access to your funds, while you also earn a competitive rate of interest on every dollar you deposit.
USD accounts. If you regularly get paid or spend in US dollars, this type of chequing account is designed with you in mind. It allows you to hold, send and receive USD, which means you can avoid currency conversion costs and convert between USD and CAD when the exchange rate is favourable.
Finally, it’s worth noting that many banks also have special programs for newcomers to Canada, seniors and students. These give you access to the bank’s regular chequing accounts but with other benefits like reduced monthly fees and credit card annual fee rebates. Check with your financial institution to see what offers are available.
Is a premium chequing account right for me?
It depends on your banking needs and whether you can make the most of the perks on offer.
If you only have basic day-to-day banking requirements and need minimal transactions, the answer is no—a premium chequing account is not worth it.
But a premium account could definitely be worth it if you need unlimited transactions and you need access to a variety of banking products and services.
The key question to ask yourself is: Can I get enough value from the perks available? To find the answer, you need to compare the total value you will use vs the total cost of the account. Here’s how.
Step 1: Start crunching the numbers
Grab a pen and paper and divide the piece of paper into two columns. In the first column, work out the total annual value of the perks the account offers, including:
Credit card fee rebates (commonly $120 – $150).
Any benefits you will actually get from the credit card you pair with your premium account, such as travel insurance, lounge access, reward points, concierge services, and so on.
Discounts and fee waivers on other products you plan to use, like stock trading or USD accounts, safety deposit boxes, ATM fees and overdraft protection.
Step 2: Calculate the cost
In the second column, write down either:
The annual cost of paying the account fee each month, or
How much interest you could earn if you moved most of your chequing account balance to a savings account
Step 3: Compare cost vs value
Compare the figures from columns 1 and 2 to work out whether a premium account is worth it for you.
It’s also worth noting that online-only banks and fintechs offer $0 fee accounts that still provide strong rewards like paying interest on your balance and cashback on your spending. You can still get great rewards without having to worry about monthly fees or keeping your balance above a certain level, so it’s worth shopping around to find a deal that suits you.
Representative example: Is a premium bank account worth it?
Let’s use the Scotiabank Ultimate Package to look at a quick example of when a premium account might be worth your while.
First, let’s look at the value the account offers.
You save $80 on a small safety deposit box for storing valuables.
You place 5 free equity trades from your Scotia iTRADE account, so you save $49.95 in brokerage fees.
You take advantage of the $150 annual fee waiver to get a Scotiabank Passport Visa Infinite Card.
You use 4 of the card’s 6 complimentary airport lounge visits a year at $60 each = $240.
You take 2 international vacations during the year. You would usually pay for basic travel insurance cover, but that’s included with your card, so that’s another $100 of value ($50 per trip).
You spend $2,500 a month on your credit card. If we assume an average earn rate of 1.5 points per $1 spent, you will earn 45,000 Scene+ points per year. That equals up to $450 value, depending on what you redeem the points for.
That works out to potentially more than $1,000 value per year.
Compare that to the cost of the account:
If you pay the $30.95 monthly fee, it will cost you $371.40; or
If you invest the $6,000 minimum balance elsewhere in a savings account that pays 2.75% interest, compounded monthly, you will earn $167 interest even if you don’t make any additional savings contributions.
So in this particular scenario, a premium chequing account is worth it. But if you don’t want to store anything in a safety deposit box, trade stocks, use airport lounges and spend up big on a credit card, you might be better off with a low- or no-fee account.
How to compare premium chequing accounts
If a premium bank account is right for you, keep the following factors in mind when comparing your options.
Transactions
Unlimited transactions are the norm for premium chequing accounts, so look for an account that offers unlimited free transactions.
It’s also worth checking whether there are any specific transactions that do attract fees, such as wire transfers.
Monthly fee and minimum balance requirement
Compare monthly fees across accounts—fees tend to be very similar from one bank to the next.
You will also need to check what balance you need to maintain in your account to avoid paying a monthly fee. $6,000 is a common minimum balance requirement for a premium chequing account.
But some accounts have different fee waiver requirements. For example, the CIBC Smart Account monthly fee waiver is based on your total cumulative balance across CIBC chequing and savings accounts, investment accounts, GICs, mutual funds, Investor’s Edge, Imperial Investor Services and Personal Portfolio Services.
Online and mobile banking experience
User-friendly online and mobile banking services are essential for quick and easy daily banking. Check out how-to tutorials and read reviews on app stores, Trustpilot and Reddit to get a feel for the quality of digital banking services the bank provides.
Branch and ATM access
If you prefer in-person banking, look for a bank with one or more convenient locations close to you. You can also check whether the bank offers handy ATM locations as well as whether it will reimburse you for any out-of-network ATM fees you incur.
Eligible credit cards
Check which of the bank’s credit cards are eligible for the annual fee rebate, then compare the perks and rewards those cards offer. Is there a card that offers perks and rewards that suit you, whether that’s airport lounge access, cashback or something else?
Discounts and fee waivers
Now it’s time to do a deep dive into the added perks and discounts each chequing account offers. How much value can you get from these perks each year? Are the perks suited to your needs—for example, are you likely to use a free safety deposit box, or take advantage of a certain number of free stock trades each month?
Customer support and advice
Check how and when you can contact the bank’s customer support team. As a premium account holder, do you get priority support as well as access to a financial advisor?
Welcome bonus
If you can’t decide between two accounts, you might be swayed to one or the other by whatever welcome bonus is on offer at the time. Banks regularly provide cash bonuses of several hundred dollars as a way to entice new customers to open an account.
Check out the latest offers now. Just be aware that you may have to sign up for other accounts or perform specific transactions to qualify for a bonus.
Bottom line
The best premium chequing account in Canada for you offers seamless day-to-day banking and perks that suit your financial needs. Compare premium features and perks to find the account that’s right for you, but don’t forget to consider lower-fee and even no-fee accounts that still offer a range of added benefits.
Frequently asked questions
The best premium bank account in Canada for you really depends on your needs. All premium accounts support unlimited transactions, so it usually comes down to the perks and discounts each account offers.
For example, if you want to invest in stocks and ETFs, you might like the fact that a Scotiabank Ultimate Package entitles you to 10 free Scotia iTRADE equity trades in the first year and 5 free equity trades every year after. If you're a frequent traveller, you might like the fact that RBC VIP Banking offers free cross-border debits. And if you're looking for a rewards credit card, you might like the range of credit cards that qualify for an annual fee rebate with the BMO Premium Chequing Account.
It's up to you to compare accounts and decide which one is right for you.
Premium chequing accounts can be worth it, but it all depends on your banking needs. If you perform lots of day-to-day transactions, are able to meet the minimum balance requirement and can take full advantage of the perks on offer, then this type of account is definitely worth considering. But if you only have basic banking needs or don't want to leave a big sum of cash in your chequing account where it doesn't earn interest, you might be better off considering other options.
There is usually no minimum deposit needed to open a premium chequing account. However, many accounts require you to keep your balance above a minimum level, usually $6,000, in order to avoid paying a monthly fee.
Typically, no, premium bank accounts do not pay interest. However, opening a premium chequing account may entitle you to get a boosted interest rate on a savings account at the same bank. It's also worth mentioning that online-only banks (such as EQ Bank) and fintechs (such as Wealthsimple) offer hybrid accounts that combine the easy access to funds of a chequing account with the high interest-earning power of a savings account.
Most banks and credit unions now allow you to open an account completely online. You will need to fill out an online application with your personal information and contact details, plus provide proof of ID to support your application.
Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
See full bio
Tim's expertise
Tim
has written
551
Finder guides across topics including:
Some Canadian banks run a credit check to verify your ID, but you can open a bank account with no credit check.
Advertiser disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
