{"id":824694,"date":"2019-12-20T12:58:47","date_gmt":"2019-12-20T17:58:47","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=824694"},"modified":"2026-04-27T11:23:49","modified_gmt":"2026-04-27T15:23:49","slug":"interest-earning-chequing-accounts","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/chequing-accounts\/interest-earning-chequing-accounts","title":{"rendered":"High interest chequing accounts in Canada"},"content":{"rendered":"

Although it\u2019s true that most chequing accounts in Canada don\u2019t pay interest on your balance, there are a select few that do. Another nice feature is that these accounts typically don\u2019t charge a monthly fee. So, why not take advantage of these perks? We\u2019ve rounded up a list of high interest chequing accounts to help you easily compare your options.<\/p>

High interest chequing accounts in Canada<\/h3>
Chequing account<\/th>Interest rate<\/th>Monthly fee<\/th>Promo offer<\/th>Go to site<\/th><\/tr><\/thead>
EQ Bank Personal Account<\/strong><\/td>2.75%<\/td>$0<\/td> \n \nEarn 2.75% interest on your money with qualifying direct deposits of $2,000\/month, and 1.00% otherwise.<\/td>
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Simplii Financial No Fee Chequing Account<\/strong><\/td>Up to 0.01%<\/td>$0<\/td> \n \nEarn $300<\/b> and a $50 Skip gift card when you become a new client and set up a direct deposit of at least $100 for 3 months. Offer ends September 30, 2026.<\/b><\/td>
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Tangerine No-Fee Daily Chequing Account<\/strong><\/td>0.1%<\/td>$0<\/td> \n \nEarn up to $250.<\/b> Earn up to $250 when you open a No-Fee Daily Chequing Account and move your pay. Valid until October 31, 2026.<\/b><\/td>
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PC Money Account<\/strong><\/td>2.2%<\/td>$0<\/td> \n \nEarn 150,000 bonus PC Optimum points (equal to $150) when you open a PC Money Account.<\/td>
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Wealthsimple Chequing Account<\/strong><\/td>Up to 2.25%<\/td>$0<\/td> \n \nGet a $25 cash bonus<\/b> when you open your first Wealthsimple account and fund at least $1 within 30 days. Plus, earn up to 2.25% interest.<\/td>
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Neo Money Account<\/strong><\/td>0.1%<\/td>$0<\/td> \n \nN\/A<\/td>
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Do chequing accounts earn interest in Canada?<\/h3>

No, standard chequing accounts in Canada offered by Big Banks do not earn interest, however chequing accounts offered by digital-only banks in Canada do earn interest. High interest chequing accounts offer the convenience of day-to-day banking while letting you earn a small return on your balance.<\/p>

For example, Simplii Financial\u2019s No Fee Chequing Account offers an annual percentage yield (APY) of 0.01% on balances of up to $50,000. Tangerine\u2019s No-Fee Daily Chequing Account also provides up to 0.1% interest.<\/p>

On the higher end, EQ Bank offers a chequing account with a competitive 2.75% interest rate.<\/p>

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\nDive deeper: <\/span>Our picks for the best chequing accounts in Canada<\/a>\n<\/div>\n<\/article>

What is the average chequing account interest rate?<\/h3>

The average interest rate for most chequing accounts in Canada is 0%, as the majority don\u2019t offer any interest at all. Of the accounts that do, you\u2019ll find the average interest rate for high interest chequing accounts can fall around 3%. On the other hand, lower-interest chequing accounts usually offer rates in the range of 0.1% to 0.3%, which provides a small but consistent boost to your balance.<\/p>

High interest chequing accounts are uncommon compared to high interest savings accounts<\/a> that offer higher ongoing interest rates and much higher promotional rates. That said, while chequing accounts can offer interest, they may not be the best choice for those focused on maximizing their savings.<\/p>

How do chequing account interest rates work?<\/h3>

Interest rates on chequing accounts determine how much you will earn on any balance in an interest-earning chequing account. For interest-earning chequing accounts, interest is usually calculated daily based on your closing balance and paid out monthly. This means that as long as you maintain funds in your account that aren\u2019t being actively used, you\u2019ll earn a return on that balance.<\/p>

For example, suppose you have $5,000 in an account with a 0.10% annual percentage yield (APY). Over the course of a year, you would earn approximately $5 in interest divided into monthly payments of about $0.42. Remember, this is a rate and not a fixed amount you earn every month based on your daily balance.<\/p>

If you leave your interest earnings in the account, it can start to compound, meaning you\u2019ll earn a little more each month as you start accumulating interest on both your original $5,000 and the interest that\u2019s added to it. With more competitive rates like EQ Bank\u2019s Personal Account\u2019s 2.75% interest, the same $5,000 could generate over a hundred dollars more annually and so on.<\/p>

High interest chequing accounts offer the convenience of everyday banking combined with a small financial benefit, although the interest rates are generally lower than those offered by high interest savings accounts on the market.<\/p>

Which Canadian banks offer interest-earning chequing accounts<\/h3>

Most of Canada\u2019s Big Banks, such as RBC, TD, Scotiabank, BMO and CIBC, don\u2019t offer interest-earning chequing accounts. These institutions typically reserve competitive interest rates for savings accounts, focusing their chequing accounts on everyday banking needs without the benefit of earning interest.<\/p>

However, many digital banks and fintech companies do provide interest-earning chequing accounts. Here are a few examples:<\/p>