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 7 best no-fee chequing accounts from Canada’s leading banks, credit unions and fintechs.
Best no-fee chequing account for earning interest: Wealthsimple Cash
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 7.
We ranked accounts based on 18 data points within five major categories. Here’s how we ranked and weighted each product:
Opt for an interest-earning chequing account to earn up to 4% with an EQ Bank Personal Account. Enjoy high interest with no fees on everyday banking, plus unlimited transactions and no minimum balances. Sign up online in minutes. Plus, you can also apply for a Joint account if you're looking to save with your partner or family.
$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 physical branches for in-person service
Some standard banking features not available such as overdraft protection and the option to have paper statements
With a $0 monthly fee, free transactions, free e-Transfers and no minimum deposit, the Simplii No Fee Chequing Account is our top pick for no-fee chequing accounts. Earn 0.01% – 0.1% interest on your balance, and make purchases with a Debit Mastercard. Pay $4.97 a month for overdraft (plus interest) only when you use it.
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 chequing account with ability to waive monthly fee
The BMO Performance Chequing Account is one of BMO's most popular chequing accounts. It offers unlimited free transactions and e-Transfers, and a generous welcome bonus. To avoid paying the monthly account fee, you'll need to maintain a monthly balance of at least $4,000.
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.
Yet another account on our list with $0 monthly fees, the Coast Capital Free Chequing, Free Debit, and More Account comes with unlimited free transactions and no minimum balance requirement. But there are fees for some services like Interac e-Transfers ($1.50) and paper statements.
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.
The Scotiabank Student Banking Advantage Plan removes some of the financial burden of being a student with no monthly account fee, free transactions and free Interac e-Transfers. Open to students in post-secondary schools across North America. Earn up to a $100 welcome cash bonus and 7,500 Scene+ points when you open an account. Apply by October 31, 2024.
Earn a welcome bonus of 7,500 Scene+ points
No account fee for full-time post-secondary students
A combined spending and saving account, the Neo Everyday Account lets you earn cash back from 0.5% to 4% at popular retailers and pays 0.1% interest on your balance. Enjoy a $0 monthly account fee, no minimum balance, free transactions and free e-Transfers. The cash back rate varies between stores.
Spending cash back
Earn 0.10% 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
Wealthsimple offers a no-fee chequing account with all the benefits of a high interest savings account. Perks include earning 3.5% to 4.5% interest (depending on how much money you hold in your account), being able to access your pay a day early, CDIC deposit insurance of up to $500,000, and the ability to earn 1% cashback in stock, crypto or cash when you make a purchase with your card. And if you want to invest your savings, you can trade stocks, ETFs, options and more through your other Wealthsimple accounts.
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
Expert insight
"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."
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
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:
CIBC Smart Account
CIBC Smart for Seniors
CIBC Smart for Newcomers
CIBC eAdvantage Savings Account
CIBC Smart for Students
TD no-fee chequing accounts:
TD Student Chequing Account
TD Minimum Chequing Account (for seniors 60 years or older)
TD Unlimited Chequing Account (for newcomers)
RBC no-fee chequing account:
RBC Advantage Banking for students
RBC Leo’s Young Savers Account
RBC Advantage Banking account (for newcomers)
RBC VIP Banking account (for newcomers)
BMO no-fee chequing accounts:
Performance Plan (for kids, students and newcomers)
Practical Plan (for seniors)
Scotiabank no-fee chequing accounts:
Student Banking Advantage Plan
Getting There Savings Program for Youth
Basic Bank Account (for seniors)
StartRight Program designed for Newcomers
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.
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.
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.
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.
How to avoid: 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%.
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.
How to avoid: 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:
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.
How to avoid: 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.
How to avoid: 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.
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.
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
Our pick for the best free bank account in Canada is the Simplii Financial No Fee Chequing Account. We chose it because of standout features like unlimited debit purchases, bill payments and withdrawals, along with the ability to earn interest on your balance and free access to 3,400 CIBC ATMs across the country.
However, as an online bank, Simplii has no brick-and-mortar locations to visit should you need help. More unusual services, such as bank drafts, can take more time or cost more money. For that reason, you should always review banking offers and terms and conditions when researching which is the best no-fee chequing accounts in Canada for your needs.
Banks that offer no-fee chequing accounts include Simplii Financial, Tangerine and EQ Bank among other online banks. Although many major banks charge a monthly fee, they will often waive the fee if you meet a minimum daily balance requirement.
Yes, several online banks in Canada offer chequing accounts with no monthly fees, including Tangerine, Simplii Financial, EQ Bank and Wealthsimple. Many major banks, like TD Bank, CIBC, BMO, Scotiabank and National Bank, will also waive the monthly fee on some of their chequing accounts if you keep your balance above a minimum threshold, or if you're a senior, student or newcomer to Canada.
Virtually all banks allow you to open a chequing account online instantly in Canada; however, some banks may require you to set up an in-person appointment after starting the process online. If you're looking for a bank whose account opening process is 100% online, consider a digital bank, such as Simplii, Neo Financial or Tangerine. Keep in mind that whether you open an account online or in-person, you will need to provide documentation and photo identification.
Chelsey Hurst is a publisher at Finder, specializing in banking and investments. She loves empowering people to avoid financial pitfalls and make better decisions with their money. Chelsey has a Bachelor of Science from Redeemer University, a Master of Science from McMaster University, and has won multiple awards for research communication. In her spare time, Chelsey enjoys cooking and taking long walks in nature. See full bio
Tim Falk is a freelance writer for Finder. Over the course of his 15-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
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.
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