The chequing account is definitely the most used bank account. Everyone who has a bank account has one, and it’s likely the account that your income is deposited into, and your bills are paid out of.
People typically don’t put much thought into what chequing account they have, but there are some things to consider before opening one, and the biggest consideration is the fees that you’ll have to pay.
Sometimes these fees sneak up on us, because you, like many people, likely had a no fee chequing account to start. Often banks don’t charge students a fee for their accounts, but then all of a sudden, once you graduate, you’ll start seeing monthly charges (potentially with no warning).
The monthly fees might not look that high, but 1) they add up, and 2) considering that there are great no fee chequing account options out there, it’s nice to know that you have options.
Our Favourite Canadian Chequing Accounts
Let’s start with the accounts that we personally use and recommend.
| Platform | Account Name | Notes | Promotions |
|---|---|---|---|
| Simplii Financial | No Fee Chequing Account | No monthly fee No minimum balanceUnlimited transactions Unlimited eTransfers Access to CIBC ATMs | Earn $400 if you open a ‘No Fee Chequing Account’ by October 31st, 2024 + add an eligible direct deposit of at least $100 a month for 3 straight months |
| EQ Bank | Personal Account | No monthly fee No minimum balance Unlimited bill payments Unlimited eTransfers Comes with an EQ Bank card Hybrid account, so you earn interest (current rate = up to 4.00%) | – |
| Wealthsimple | Wealthsimple Cash | No monthly fee No minimum balance Free eTransfers (up to $5,000/day or $10,000/week) Comes with a Wealthsimple Cash card Hybrid account, so you earn interest (current rate = 4.00%) | – |
| Neo Financial | Neo Money Account | No monthly fee No minimum balance Withdraw your money at any time Hybrid account, so you earn interest (current rate = up to 4.00%) | – |
Other No Fee Chequing Account Options
Here are some other no fee options that all have similar benefits and offers.
| Platform | Account Name | Notes | Promotions |
|---|---|---|---|
| Tangerine | No-Fee Daily Chequing Account | No monthly fee No minimum balance Unlimited debit purchases and bill payments Unlimited eTransfers Access to Scotiabank ATMs | Land a $100 bonus Open your first Chequing Account as well as a Savings Account within 30 days of becoming a new Client. Next, set up Automatic Transfers within 60 days of becoming a new Client from your new Chequing Account to your new Savings Account. These must be at least $50 total per month for 2 months in a row. Pays interest, but a very low amount |
| Alterna Bank | No-Fee eChequing Account | No monthly fee No minimum balance Unlimited transactions Unlimited eTransfers Access to ‘The Exchange’ ATM network | – |
| Laurentian Bank | Digital Chequing Account | No monthly fee No minimum balance Unlimited transactions Unlimited eTransfers Access to ‘The Exchange’ ATM network | – |
| Motive Financial | Cha-Ching Chequing Account | No monthly fee No minimum balance Unlimited transactions Unlimited eTransfers Access to ‘The Exchange’ ATM network 50 cheques included | – |
| Motusbank | Chequing Account | No monthly fee No minimum balance Unlimited transactions Unlimited eTransfers Access to ‘The Exchange’ ATM network 25 cheques included | – |
The Traditional Chequing Account Rates
Lastly, let’s take a look at the big five banks – aka the largest banks in Canada – and what they’re currently offering. You’ll notice all of these accounts have fees, unless you keep a minimum balance in your chequing account.
| Bank | Account Details |
|---|---|
| TD Bank | TD Unlimited Chequing Account Monthly Fee – $16.95 Minimum monthly balance for monthly fee rebate – $4,000 Transactions included per month – Unlimited TD Every Day Chequing Account Monthly fee – $10.95 Minimum monthly balance for monthly fee rebate – $3,000 Transactions included per month – 25 TD Minimum Chequing Account Monthly fee – $3.95 No minimum monthly balance for fee rebate Transactions included per month (including 2 full-serve transactions) – 12 |
| RBC | RBC Day to Day Banking $4 monthly fee 12 debits/month, plus unlimited free debits for eligible FREE Interac e-Transfer RBC Advantage Banking $11.95 monthly fee Unlimited debits in Canada FREE Interac e-Transfer transactions No RBC fee to use another bank’s ATM in Canada RBC Signature No Limit Banking $16.95 monthly fee Unlimited debits in Canada Overdraft Protection fee waived FREE Interac e-Transfer transactions 3 non-RBC ATM fees waived/month Up to $48 rebate on the annual fee of an eligible credit card |
| CIBC | CIBC Smart Account $16.95 monthly fee Pay no monthly fee if you meet the minimum daily balance requirement of $4,000 or more Transaction limits included CIBC Smart Plus $29.95 monthly fee Pay no monthly feel if you meet the minimum daily balance requirement of $6,000 or more Get unlimited transactions1, including Interac e-Transfer® service No CIBC fee for ATM withdrawals worldwide or for CIBC Overdraft Protection Service |
| Scotiabank | Basic Plus Bank Account $11.95 monthly fee No monthly account fee by maintaining a minimum daily closing balance of $3,000 for the entire month 25 free debit transactions per month Free Interac e-Transfer transactions Basic Bank Account $3.95 monthly fee 12 free transactions per month Free Interac e-Transfer transactions |
| BMO | Performance Chequing Account Unlimited Interac e-Transfer® transactions $16.95 monthly fee or $0 with min. $4,000 balance Unlimited transactions per month Premium Chequing Account Unlimited Interac e-Transfer® transactions $30.00 monthly fee or $0 with min. $6,000 balance Unlimited transactions per month Plus Chequing Account Unlimited Interac e-Transfer® transactions $11.95 monthly fee or $0 with min. $3,000 balance 25 transactions per month Practical Chequing Account Unlimited Interac e-Transfer® transactions $4.00 monthly fee 12 transactions per month |
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