Best No-fee Chequing Accounts in Canada - NerdWallet (2024)

Our Take

Why we like it

• EQ Bank’s Personal Account is the digital-first bank’s flexible hybrid chequing and savings account. It features a high interest rate, no monthly fees, and free and unlimited transfers.
• The bank also offers joint accounts, US dollar accounts, TFSAs, RRSPs, and GICs.

Product Details

• Customers who set up direct deposit on their EQ Bank account will also get a bonus interest on recurring pre-authorized debits.
• Here’s how to get the bonus interest: (a) Set up $500/month or more in either direct deposit for your pay or recurring pre-authorized debits. (b) Applies to your Personal Account, Joint Account and EQ Bank Card¹ balance. (c) Once set it up, they’ll be eligible for the increased rate of 4.00%* for 12 months! (d) Those who already set up the above automatically qualify for bonus interest!
• 4.00% interest rate*.
• No monthly fee.
• This hybrid account gives you the benefits of savings with the flexibility of chequing.
• Mobile Cheque Deposit is available through the EQ Bank mobile app.
• Zero monthly banking fees.
• No transaction or service fees. EQ Bank does not charge account fees, fees for sending or receiving Interac e-Transfers®, fees for bill payments, overdraft fees, or dormant account fees.
• No minimum balance, but a $200,000 maximum balance.
• Access your money immediately through the mobile app and online banking website, where you can deposit or transfer funds using Interac e-Transfers® or Electronic Funds Transfer (EFT) to linked accounts.
• Eligible for CDIC deposit insurance.
• As of December 2022, EQ Bank is available to Québec residents.
• *Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

Our Take

• With no monthly fee, unlimited debit purchases and free access to more than 3,400 ATM machines across Canada, Simplii Financial’s No Fee Chequing Account is a low-cost way to handle your day-to-day banking.
• Simplii Financial is an online bank owned by CIBC that offers savings and chequing accounts, credit cards, mortgages, loans, lines of credit, registered plans, GICs, and mutual fund accounts. Read our review of Simplii Financial for more information.

Product Details

• Welcome offer: Apply for a Simplii Financial No Fee Chequing Account by October 31, 2024 and earn a $400† cash reward. Must be a new Simplii Financial client and set up one or more eligible recurring direct deposits totalling at least $100 per month within 120 days. Recurring direct deposits must be credited to the account for at least three consecutive months in the 120-day period.
• No monthly fees.
• No minimum balance.
• Unlimited debit purchases, bill payments and withdrawals.
• Free access to over 3,400 CIBC ATMs across Canada.
• Shop online and in-store with the Simplii Financial Debit Mastercard, which can be used anywhere Mastercard is accepted.
• Direct payroll and pension deposit.
• Optional overdraft protection for $4.95 a month.
• Pre-authorized bill payments.
• Account-to-account transfers, including automatic transfers.
• Send personalized gift cards.
• Earn $50 by referring a friend who opens a No Fee Chequing Account or other eligible account.
• Interest rate: 0.01% on balances of $25,000 or less; 0.05% on balances greater than $25,000.
• CDIC protection for eligible deposits.

Our Take

Why we like it

• Neo offers a digital-first banking experience and a fee-free account with one of the highest interest rates available in Canada.
• Comes with a prepaid Neo Money™ Card that earns an average 5%+ unlimited cash back at thousands of local and national Neo partners.

Product Details

• One account to spend, save and earn 4.00% interest.
• No fees, 4.00% interest rate as of December 4, 2023 (not a promotional rate; Savings interest rate is calculated daily on the closing balance and paid monthly).
• Earn up to 225x more than at traditional banks (0.05% is the rate at most banks for high interest savings accounts, with 0% on most daily everyday chequing accounts – unlimited transaction accounts are typically $29.99 per month, whereas Neo is free).
• Make bill payments, send and receive Interac e-Transfers®, and make bank to bank transfers to and from existing bank account – all with no monthly fees or minimum balances and unlimited free transactions.
• Available Canada-wide (with the exception of Quebec, coming soon).
• Manage everything from the phone app, whenever and wherever. Desktop/web banking is also available.
• Much like any bank account at a traditional bank, the Neo Money™ Account is eligible for CDIC deposit protection, and provided by Concentra Bank, a CDIC member institution. Deposits held in Neo Money™ Accounts are combined with eligible deposits held at Concentra Bank, for up to $100,000 of deposit protection, per category, per depositor.

Our Take

• The Alterna Bank No Fee eChequing Account has no monthly fees or minimum balance requirements. Plus, transactions are free and unlimited, including Interac e-Transfers.
• Alterna refers to Alterna Savings and Credit Union Limited (“Alterna Savings”) and its wholly owned subsidiary CSAlterna Bank (“Alterna Bank”). Together, Alterna Savings and Alterna Bank form the Alterna Financial Group.

Product Details

• No monthly fee or minimum balance requirements.
• Unlimited transactions.
• Free, unlimited day-to-day transactions.
• Free, unlimited Interac e-Transfers®.
• Cash deposits earn 0.05% interest.
• Access to over 3,300 ATMs across Canada in THE EXCHANGE® Network – Canada’s largest ATM network, surcharge-free.
• In the United States, access to 40,000 surcharge-free ATM’s through the Allpoint Network.
• Online and mobile banking services available.
• Add overdraft protection for $2.50 monthly.
• Deposits eligible for insurance from CDIC.

Our Take

• The no-fee CWB Prestige account offers bespoke services like special interest rates, a dedicated relationship manager and other priority banking privileges.
• Canadian Western Bank offers business banking, investing products, registered plans, and personal banking, including loans, mortgages, credit cards, and chequing and savings accounts.

Product Details

• The premium no-fee account offers unlimited transactions and exclusive services for no monthly fee.
• A dedicated relationship manager is assigned to the account.
• Benefit from the CWB World Elite Mastercard privileges if eligible.
• Receive special rates on investments.
• Get complimentary CWB Wealth planning sessions.
• Deposits eligible for insurance from CDIC.

Our Take

• This hybrid chequing-savings account earns up to 3.00% interest on your balance and up to 1% cash back on groceries and transportation.
• KOHO is a virtual bank that also offers cash back prepaid Mastercards cards.

Product Details

• Interest Rate varies by selected subscription plan. Easy Plan: 3%, Essential Plan: 5%, Extra Plan: 5%, Everything Plan: 5%.
• Monthly Fee varies by selected subscription plan. Easy Plan: $0, Essential Plan: $4, Extra Plan: $9, Everything Plan: $19.
• Free and unlimited transactions, including e-transfers and domestic ATM withdrawals.
• No transaction or service fees.
• No minimum balance.
• Immediate access to your money through free withdrawals, e-transfers, and more.
• The account comes with the KOHO prepaid Mastercard that earns up to 1% instant cash back on spending (depending on the selected subscription plan).
• The mobile app comes with spending pattern analysis, budgeting, automated savings and a RoundUp! feature that helps you save money on every purchase.
• Eligible for up to $100,000 CDIC deposit insurance.

Our Take

• The LBC Digital Chequing Account is a no-frills account with unlimited transactions and no monthly fees. Its ATM network comprises over 3,500 surcharge-free ATMs and spans every province and territory in Canada.
• LBC Digital is the personal digital banking arm of Laurentian Bank of Canada and offers a HISA, a chequing account and GICs.

Product Details

• No monthly fees.
• Unlimited transactions, including Interac e-Transfers®.
• Access over 3,500 fee-free ATMs across Canada.
• $1.50 per withdrawal for ATMs outside LBC’s network.
• Online and mobile banking services available.
• Deposits eligible for insurance from CDIC.

Our Take

• With unlimited free transactions, no monthly fee and free access to one of Canada’s largest ATM networks, the Motive Cha-Ching Chequing account is a low-cost way to manage your money.
• Motive Financial is an online division of Canadian Western Bank and offers chequing and savings accounts, registered plans and GICs.

Product Details

• Earn interest at a 0.25% rate.
• No monthly fee.
• Unlimited monthly withdrawals, including online bill payments, ATM withdrawals, Interac Direct Purchase payments, Interac e-Transfers®, electronic funds transfers to other financial institutions, automatic payments and other electronic debits.
• First 50 personalized cheques free.
• Free use of ATMs on THE EXCHANGE Network.
• Two free uses of non-EXCHANGE Network ATMs, $1.50 per transaction after that.
• Deposits protected by Canada Deposit Insurance Corporation.

Our Take

• Motusbank isn’t the only financial institution offering a chequing account with no monthly fee and unlimited debit payments, but it ups the ante with a stylish vertical debit card, the ability to deposit cheques by taking a picture and a few other useful perks.
• motusbank is an online division of Meridian Credit Union and offers chequing and savings accounts, mortgages, registered plans, GICs, investing, and a home equity line of credit loan.

Product Details

• Earn interest at a 0.15% rate.
• $0 monthly fee.
• No minimum balance required.
• Free, unlimited Interac e-Transfers®.
• Unlimited debit purchases, bill payments and withdrawals, including transfers between accounts, Interac Direct Payment purchases, pre-authorized debit, ATM withdrawals and cheques.
• No-fee access to THE EXCHANGE Network of ATMs in Canada and the Allpoint Network in the U.S.
• Deposit Anywhere: deposit a cheque by taking a photo.
• First order of 25 cheques is free.
• Free, unlimited use of Motusbank’s Price Drop feature, which hunts for cheaper prices when online shopping.
• Foreign debit transaction surcharge: $2.50.
• Paper statement fee per month: $2.
• ATM international transaction fee: $5.
• ATM US transaction fee (non-Allpoint Network): $3.
• Deposits protected by Canada Deposit Insurance Corporation, up to a maximum of $100,000.

Our Take

• The PC Money Account from President’s Choice Financial is not just another no-fee chequing account. It’s a rewards program, too. Every time you spend money using your PC Money Account card, you’ll earn PC Optimum points that can be put toward future purchases.
• President’s Choice Financial is part of Loblaw Companies Limited with millions of account holders across Canada that save bank fees and earn rewards through the PC Optimum points system.

Product Details

• Enjoy up to 130,000 points in welcome offers when you open a no monthly fee PC Money™ Account. Here’s how: Earn up to 80,000 points. Get 10,000 PC Optimum™ points on up to eight bill payments of $50 or more*. Earn up to 50,000 points with 4 months of eligible payroll deposits*.
• Earn 10 PC Optimum points (five regular, five bonus) for every dollar spent.
• Earn up to 25 PC Optimum points per dollar spent at Shoppers Drug Mart.
• Earn up to 5,000 points per month when making bill payments with your account.
• No monthly fee.
• No minimum balance required.
• Free unlimited everyday transactions online and in-store, including electronic fund transfers, withdrawals at PC Financial bank machines, self-serve bill payments and purchases in Canadian dollars.
• Free Interac e-Transfer® services.
• The PC Money Account card, provided by Mastercard, is compatible with Apple Pay and Google Pay digital wallets and can be used anywhere Mastercard is accepted.
• PC Financial provides Mastercard Zero Liability Promise for unauthorized purchases.
• Free access to PC Financial ATMs.
• CDIC protection on eligible deposits worth up to $100,000.

Our Take

• Tangerine’s No-Fee Daily Chequing Account offers free access to 44,000 ABMs worldwide, overdraft protection, financial monitoring tools and a secure way to shop both online and in person.
• Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine for more information.

Product Details

• Special offer: Open your first chequing and savings accounts using the promo code EARNMORE by March 7, 2024 and earn up to $500 cash back in the first 60 days (chequing) and a 5.75% interest rate for five months on eligible savings accounts.
• No monthly fee.
• Interest rate: up to 0.1%.
• Free online daily banking, including debit purchases, bill payments, pre-authorized payments, Interac e-Transfers and ABM transactions that use Scotiabank’s ABM network.
• ABM withdrawals with other banks in Canada: $1.50.
• ABM withdrawals on other networks worldwide: $3.00.
• Free first cheque book (50 cheques). $50 for each additional cheque book.
• Tangerine Client Card with Visa Debit can be used anywhere Visa is accepted, and can be added to Apply Pay, Google Pay and Samsung Pay.
• Card is covered by Interac and Visa Debit Zero Liability protection, so you won’t have to pay for unauthorized purchases.
• Access to tools and alerts that help monitor spending activity.
• CDIC protection for all eligible deposits.

Our Take

• The Wealthsimple Spend account provides a no-fee way to handle your everyday spending needs while earning earning 1% back in cash, stock or cryptocurrency when you pay with your Wealthsimple card.
• Wealthsimple is a Canadian online investment management service that offers stocks, ETFs, crypto and managed investing, spending and saving accounts, tax services and a peer-to-peer money transfer Cash App.

Product Details

• No monthly fees.
• No foreign exchange fees.
• No ATM fees
• No minimum balance required.
• Manage your rewards, spending, and send and receive money from friends using the mobile Wealthsimple Cash App.
• Use your Wealthsimple Spend account to pay bills, make e-transfers and directly deposit your paycheque.
• The Wealthsimple Spend card can be used anywhere Visa is accepted, in store or online.
• Digital and physical Wealthsimple Cash Visa debit card provided.
• Card can be added to Apple Pay and Google Pay digital wallets and used at ATMs Canada-wide. Standard ATM fees will apply.
• Get 1% back in cash, stock or crypto whenever you spend using your account.
• CDIC protection for eligible deposits.