If you want the most you can get out of a chequing account, the Scotiabank Ultimate Package is all about the extra perks.
Not only will you get unlimited free transactions – including free global ATM withdrawals – you’ll also get credit card annual fee waivers, special rates, and unlimited transactions. This all comes with a $30.95 monthly fee that’s waived if you keep $6,000 per month in your account.
Add in unlimited no fee Scotia International Money Transfers, points on every day purchases with the Scene+™ program, and up to $150 annual fee waiver each year on select credit cards, and it's no surprise why this is Canada's best chequing account for 2026.
Best Chequing Account 2026 winner: Scotiabank Ultimate Package
Minimum Balance To Waive Fee
$6,000
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$30.95
The Scotiabank Ultimate Package is the chequing account that offers everything. From unlimited transactions, credit card fee waivers, a free safe deposit, rewards on debit purchases, increased interest rates on GICs and savings accounts, and more, this account includes everything you might need from a chequing account.
Pros
- Get a $100 GeniusCash boost
- Get up to $700 in welcome bonus cash
- Unlimited transactions
- Plenty of physical bank locations
- Save money on premium credit cards
- Exclusive rates and fee rebates for other accounts
- Earn rewards
- Minimum balance to waive fee
Cons
- High monthly fee
- Minimum balance is a wasted investment opportunity
- You may still be charged for non-Scotiabank ATM withdrawals
Provinces
ALL
Eligibility
- You must be at least 16 years old
- A Canadian resident or you're here for work or study
- Opening this account in your own name
Why You Want It
$100 GeniusCash + Get up to a $700* welcome bonus + Up to $150 annual credit card fee waivers.Special Features
- Earn Scene+ points on debit transactions
- No monthly overdraft protection fee
- Unlimited free Scotia International Money Transfers
- Up to $150 annual fee waiver each year on select credit cards
Minimum Balance To Waive Fee
$6,000
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$30.95
Excess Transaction Fee
$0.00
Excess Interac E-Transfer Fee
$0.00
Maximum Credit Card Annual Fee Waiver
$150
Maximum Welcome Bonus
$700
Promo End Date
October 30, 2025
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
$11.95
Discounts For Seniors
Discounts For Youth
Other Discounts
$100 GeniusCash + Get up to a $700* welcome bonus + Up to $150 annual credit card fee waivers.Our pick for the best chequing account of 2026 is the Scotiabank Ultimate Package. With up to $700 in welcome bonus cash, access to the valuable Scene+ rewards program, and the ability to waive fees from other Scotiabank accounts, there’s a lot to like about this chequing account.
The $30.95 monthly fee is steep, but it can be waived with a minimum balance of $6,000.
Why we picked it: The outstanding features and perks make it a true VIP banking experience. Here are some of the premium features we love:
- A big welcome bonus
- Free cheques and bank drafts
- No overdraft fees
- Unlimited free international money transfers
- Earn Scene+ points on every debit purchase
Monthly fee: $30.95
Minimum balance for fee waiver: $6000
| This account might be for you if: | This account might not be for you if: |
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Overview of the best chequing accounts for 2026
The best chequing account for you needs to take into comparison a number of things, including fees, key features, and (of course) welcome bonuses. To that end, here’s an overview of the best chequing accounts in Canada.
How we picked the best chequing accounts
To assess chequing accounts, we examine more than 30 data points to provide a reliable Genius Rating. We take into account all aspects of the account, such as fees, benefits, interest rates, customer satisfaction, accessibility, and promotions, to determine its overall value. The features of the account are then rated in comparison to other available options.
Best no-fee chequing account in Canada: Tangerine Chequing Account
Minimum Balance To Waive Fee
$0
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
The Tangerine Chequing Account is one of the best no fee chequing accounts around. Get unlimited transactions, all the Interac e-Transfers you need, and earn an interest rate of up to 0.1% on your balance, rare for a chequing account.
Pros
- No monthly fee
- Unlimited free transfers
- No minimum balance requirement
- Pairs well with a Tangerine Savings Account
- Welcome bonus available
Cons
- Advertised interest rates are misleading
- Limited free cheques
- High non-affiliated ATM fees
- Limitations of an online bank
Provinces
ALL
Eligibility
- Age of majority
- Canadian citizen
Why You Want It
$40 GeniusCash + Get unlimited free transactions for no monthly fee + Earn up to 0.1% interest.Special Features
- Automatically categorizes your spending
- Free first book of 50 cheques
Minimum Balance To Waive Fee
$0
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
Excess Transaction Fee
$0.00
Excess Interac E-Transfer Fee
$0.00
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
$250
Promo End Date
October 31, 2025
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
0.01%
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
$40 GeniusCash + Get unlimited free transactions for no monthly fee + Earn up to 0.1% interest.Why we picked it: The Tangerine Chequing Account is a free, full-featured option that makes banking simple and stress-free. With no monthly fees, no transaction fees, and convenient access to Scotiabank’s extensive coast-to-coast ATM network, it’s easy to see why this account stands out. Setting it up is quick, using it is intuitive, and managing your money online has never been easier.
On top of that, Tangerine sweetens the deal with a cash bonus and a promotional interest rate that adds extra value to your everyday banking. Combine that with unlimited transactions, free Interac e-Transfers, and a clean, user-friendly digital experience, and you’ve got an account that punches well above its weight.
Monthly fee: $0.00
Minimum balance for fee waiver: $0
Best chequing account in Canada for rewards: PC Money Account
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
If you’re looking for a simple, straightforward bank account that happens to earn you PC Optimum points, look no further than the PC Money Account. It shares some similarities with a chequing account, but avoids all monthly fees and includes unlimited transactions.
Pros
- No fees for transactions or e-Transfers
- Unlimited transactions
- Works like a prepaid Mastercard
- Optional savings feature with interest
Cons
- No option to use cheques
- Can't deposit cash or cheques at ATMs
- Annoying $20 inactivity fee
Provinces
ALL
Eligibility
- Resident of Canada
- At least 16 years old
Why You Want It
Earn 5 PC Optimum points per $1 spent everywhere + No monthly fees.
Special Features
- Earns at least 5 PC Optimum points per $1 spent
- Access to PC Financial ATMs
- Earn up to 5,000 monthly bonus points when you deposit your payroll
- Earn up to 5,000 bonus points for making monthly bill payments
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
N/A
Promo End Date
See Issuer for Details
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
2.2%
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
Why we picked it: Earning PC Optimum Points on debit purchases offers great rewards-earning potential on everyday essentials. The generous welcome bonus of PC Points is super enticing, and the optional savings rate is surprisingly competitive. We like this account in combination with the PC World Elite Mastercard for earning the most PC Optimum points.
Monthly fee: $0.00
Minimum balance for fee waiver: $0
Best interest-earning chequing account in Canada: Wealthsimple Chequing
Minimum Interest Rate
1.25%
Maximum Interest Rate
2.25%
Balance Required For Maximum Interest Rate
$500,000
Wealthsimple has a high interest spending account known as the Wealthsimple Chequing account. It’s actually a hybrid account that gives you fairly easy access to your money for no monthly fees. With a maximum interest rate of 2.25%, unlimited e-Transfers, and no FX fees, this account is worth taking a look at – especially for investors.
Pros
- Impressively high standard interest rate
- Free and unlimited Interac e-Transfers
- No monthly fees, and no transaction fees
- Get paid early with direct deposits
- Free from foreign transaction fees
- New user offer
Cons
- High minimum balance to reach maximum interest rate
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Earn up to 2.25% interest + no FX fees. Legal Disclaimer
Special Features
- No foreign exchange fees
- Up to $1 million in CDIC coverage
# Of Free Transactions
Unlimited
# Of Free Interac E-Transfers
Unlimited
Max Promotion Rate
N/A
Welcome Bonus Value
$25
Promo End Date
N/A
Why we picked it: Wealthsimple Chequing is Canada's best hybrid account that offers the best of both worlds: a high 2.25% maximum interest rate as well as unlimited transactions and no FX fees. It's a very attractive account for investing-minded people.
Monthly fee: $0
Minimum balance for fee waiver: $0
Best welcome bonus chequing account in Canada: BMO Performance Chequing Account
Minimum Balance To Waive Fee
$4,000
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$17.95
The BMO Performance Chequing Account will get you unlimited transactions and Interac e-Transfers® for $17.95 a month – which can be cut down to $0 if you keep a $4,000 balance in your account.
Pros
- Bonus: Get $75 GeniusCash when you open your new account
- Unlimited transactions and Interac e-Transfers
- Rebate for BMO credit cards
- No fee for Global Money Transfers
- OnGuard identity theft protection included for free
- Special rates for a long list of people groups
- Walmart Delivery Pass Subscription
- $700 welcome bonus
Cons
- High minimum balance fee waiver
- Extra fees are high and can add up
- No safety deposit box waiver
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
$75 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply.Special Features
- Special rates available for students, seniors, Indigenous persons, and more
- OnGuard Identity Theft Protection included
- Eligible for a free <a target="_blank" href="https://www.bmo.com/en-ca/main/personal/bank-accounts/family-bundle/">BMO Family Bundle</a>
- Valuable welcome offer
- No fee for Global Money Transfers
Minimum Balance To Waive Fee
$4,000
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$17.95
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
$40
Maximum Welcome Bonus
$700
Promo End Date
March 02, 2026
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
$75 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply.Why we picked it: BMO Performance Chequing Account has a wild welcome bonus, currently offering up to $700, plus further bonuses for opening other BMO accounts, and a Walmart Delivery Pass Subscription. Plus, the special rates for newcomers, students, and kids make this a great account for anyone to get a head start on their finances.
BMO offers a slew of valuable perks, like identity theft support, rebates on credit card fees, and family bundling to save money as a household. The wide network of fee-free BMO ATMs makes this bank an excellent choice.
Monthly fee: $17.95
Minimum balance for fee waiver: $4,000
Best chequing account for newcomers to Canada: National Bank Newcomer Banking Package
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$15.95
If you're a newcomer to Canada, the National Bank Newcomer Banking Package is an excellent choice for getting started with your financial journey in your new country. It's available to all newcomers within 5 years of their arrival in Canada and can easily be opened online. In fact, the account can be opened up to 90 days before you even arrive in Canada, as long as the eligibility requirements are met.
Pros
- No monthly fee for the first year
- Personalized phone support for more than just banking info
- Unlimited electronic transactions
- Access to National Bank credit cards
Cons
- Continuing fee-free requires signing up for other products
Provinces
ALL
Eligibility
- Be a newcomer to Canada of age 18 or older
- Apply to open an account from your home country up to 90 days before you arrive in Canada, or within 5 years of your arrival
- Be the only user of the account
- Have a valid passport from a country outside of Canada or a Canadian permanent residency card (Newcomers already in Canada)
- Have a Canadian phone number (Newcomers already in Canada)
Why You Want It
$0 monthly fees for up to 3 years + Dedicated advice for newcomers.
Special Features
- Exclusive phone support for personal finance topics, immigration, and more
- Access to a National Bank Mastercard without needing Canadian credit history
- Free paper statements for a year
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$15.95
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
$550
Promo End Date
October 25, 2025
Physical Locations
Automatic Budgeting System
See Issuer for Details
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
Why we picked it: The National Bank Newcomer Banking Package has been tailored specifically for the needs of Canadian newcomers and can help make the transition to Canadian life a bit easier. Enjoy a free legal hotline, affordable international money transfers, reduced fees and other substantial perks as a new Canadian.
Before you arrive in Canada you can get support for this account over email or Facebook Messenger (cool, right?), plus you can enjoy access to several specialty services (in multiple languages) to help you start your life in Canada off on the right foot.
Monthly fee: $15.95
Minimum balance for fee waiver: N/A
Best chequing account in Canada for seniors: CIBC Smart Account
Minimum Balance To Waive Fee
$4,000
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$16.95
CIBC is one of the largest and most popular banks in Canada, and the CIBC Smart Account is a low-fee chequing account. Your monthly fee is based on the number of transactions made, so you don’t pay for more than you use.
Pros
- Only pay for what you use
- Sweet welcome offers
- Discounts for seniors
Cons
- Interac e-Transfers count as transactions
- Really, everything is a transaction
Provinces
ALL
Eligibility
- Canadian resident
- Age of majority
Why You Want It
Get up $500 when you open an account + Lower monthly fee for seniors.
Special Features
- Low monthly fee for low usage, higher fees for high usage
- Comes with 12 months free Skip+ free trial
- Can save up to 10 cents per litre at participating gas stations when your card is linked to the Journie Rewards program
Minimum Balance To Waive Fee
$4,000
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$16.95
Excess Transaction Fee
$1.25
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
$139
Maximum Welcome Bonus
$500
Promo End Date
See Issuer for Details
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
Why we picked it: Ever wish that your chequing account fee was directly related to how much you actually use the account? The CIBC Smart Account is exactly that.
Customers aged 65 and older also get a seniors discount, paying a max of $10.95 per month, which allows you to earn rewards without paying for services you don’t need. Plus, CIBC offers several appealing perks for managing your money including free bank drafts, free money orders, and a discount on a safety deposit box.
Monthly fee: Up to $16.95 (less discounts)
Minimum balance for fee waiver: N/A
Best chequing account in Canada for students: RBC Advantage Banking for students
Minimum Balance To Waive Fee
$0
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
The RBC Advantage Banking for students is a bank account for students that doesn't skimp on features. You'll get unlimited transactions, e-Transfers, and the ability to earn rewards on debit purchases for no monthly fee.
Pros
- Earn Avion points on purchases
- No ATM fee at non-RBC bank machines
- Unlimited transactions and Interac e-Transfers
- Welcome bonus
Cons
- Only available to full-time students
- Automatic changeover to the RBC Advantage Chequing Account
Provinces
ALL
Eligibility
- Be at least 13 years of age
- Enrolled as a full time student.
Why You Want It
A full featured bank account for students with no monthly fees.
Special Features
- Earn Avion points on debit purchases
- Save on fuel at Petro-Canada locations
Minimum Balance To Waive Fee
$0
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
Excess Transaction Fee
$0.00
Excess Interac E-Transfer Fee
$0.00
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
$100
Promo End Date
November 03, 2025
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
0%
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
See Issuer for Details
Discounts For Seniors
Discounts For Youth
Other Discounts
Why we picked it: For full-time students, the RBC Advantage Banking for students account gives you everything you need for day-to-day banking. It’s basically the same as the popular RBC Advantage Chequing Account, but with one big perk: there are no monthly banking fees as long as you’re a full-time student. That’s extra money in your pocket for books, coffee, or the occasional late-night pizza.
On top of that, RBC has partnered with Petro-Canada to help you save on gas, making it a practical perk for students who drive. Combined with RBC’s extensive branch and ATM network across Canada, this account makes it easy to manage your everyday spending wherever you are: at school, in your hometown, or in a new city.
Monthly fee: $0.00
Minimum balance for fee waiver: $0
Best chequing account in Canada from a credit union: Coast Capital Elevate Chequing Account
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$16.95
The Coast Capital Elevate Chequing Account offers complimentary Coursera*** access and identity theft protection, in addition to free unlimited e-Transfers, more included ATM transactions and a credit card rebate.
Pros
- Monthly fee discounts available****
- Annual fee rebate on select Coast Capital credit cards
- 50 free cheques annually
- Free ID protection and password manager
- Free access to Coursera***
Cons
- Limited unaffiliated ATM withdrawals and slightly higher ATM fee
- Not available in Quebec
Provinces
AB, BC, MB, NB, NL, NU, NT, NS, ON, PE, SK, YT
Eligibility
- Have a SIN
- Age of majority in your province
- Live in Canada (except Quebec)
- New members must purchase a minimum of $5 in membership equity shares
Why You Want It
New members can get $400** when they open and use an Elevate Chequing Account.
Special Features
- Free access<sup>***</sup> to Coursera's global learning platform (Value $538/year)<sup>*</sup>
- Free identity theft protection and password manager with ID Assist
- New members must purchase a minimum of $5 in membership equity shares
- 2 free Interac network Canadian ATM withdrawals per month<sup>†</sup>
- 3 free International ATM withdrawals per year<sup>††</sup>
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$16.95
Excess Transaction Fee
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
$50
Maximum Welcome Bonus
$400
Promo End Date
January 05, 2026
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
N/A
Earn Rewards On Debit Purchases
Free Cheques
Free Bank Drafts
Max Rebates For Other Accounts
N/A
Discounts For Seniors
Discounts For Youth
Other Discounts
Why we picked it: The Coast Capital Elevate Chequing Account is a premium chequing account with a reasonable monthly fee and several interesting perks. With a credit card rebate, free access to the Coursera learning platform, and a couple ways to reduce the monthly fee, this account has a lot going for it.
As with most other premium chequing accounts, you’ll also get unlimited debit transactions, unlimited Interac e-Transfers, and a complimentary chequebook. Some more unique perks include access to Online identity theft protection and password manager services.
Monthly fee: $16.95
Minimum balance for fee waiver: $4,000
Best U.S. dollar chequing account
Minimum Interest Rate
2.5%
Maximum Interest Rate
2.5%
Balance Required For Maximum Interest Rate
N/A
The EQ Bank US Dollar Account is one of the best U.S. bank accounts available in Canada, offering a higher interest rate than most similar accounts, as well as many other valuable money-saving features. EQ makes it easy to move your U.S. funds around, but it doesn't offer unlimited transactions, which would be a nice added touch.
Pros
- High interest rate on USD balance
- Competitive USD exchange rate
- Free EFT between linked accounts
- Send international transfers
Cons
- Not available in Quebec for now
- No physical locations
- No direct withdrawals or deposits
Provinces
AB, BC, MB, NB, NL, NU, NT, NS, ON, PE, SK, YT
Eligibility
- Canadian citizen
- Age of majority in your province
- Need a social insurance number
- Need a Canadian phone number
- Need an EQ Bank Personal Account
Why You Want It
Earn 2.5% interest + Send international money transfers using Wise.
Special Features
- Send money abroad with Wise
- Free, unlimited USD to USD transfers within Canada
- Very reasonable exchange rates
# Of Free Transactions
0
# Of Free Interac E-Transfers
0
Max Promotion Rate
N/A
Welcome Bonus Value
N/A
Promo End Date
N/A
Why we picked it: The EQ Bank US Dollar Account is one of the best U.S. bank accounts available in Canada, offering a higher interest rate than most similar accounts, as well as many other valuable money-saving features. EQ makes it easy to move your U.S. funds around, but it doesn't offer unlimited transactions, which would be a nice added touch.
Overall, this account can save you considerable amounts of money on transactions and conversion fees, especially when compared with similar accounts on the market. It's not a perfect account, but it does cover all the bases and more.
Monthly fee: $0
Minimum balance for fee waiver: $0
Pros and cons of chequing accounts
| Pros | Cons |
|---|---|
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Types of chequing accounts in Canada
With so many variations to choose from, you can consult this list when determining which type of chequing account will suit you best:
| Account type | Details |
|---|---|
| Basic chequing account | Registered to one person Limited transactions Example: National Bank The Minimalist Chequing Account |
| Joint chequing account | Registered to two or more people Standard chequing account features Example: EQ Bank Personal Account |
| Premium chequing account | Plenty of features and perks High monthly free Example: Scotiabank Ultimate Package |
| No-fee chequing account | No monthly fee Few additional features Example: Innovation's No-Fee Bank Account |
| Online-only chequing account | No brick-and-mortar branch locations Low to no fees Example: Simplii No Fee Chequing Account |
| Youth/kids chequing account | Free or discounted fee for those under age 18 Many/unlimited transactions Example: Laurentian Bank Youth Plan |
| Student chequing account | Free for students (requires proof of enrollment) Unlimited transactions Example: BMO Performance Chequing Account for Students |
| Newcomer chequing account | Low to no fees Access to global money transfers Example: National Bank Newcomer Banking Package |
| Senior chequing account | Low to no fees for ages 60+ Discounts on other products and services Example: Canadian Western Bank Gold Leaf PLUS Account |
| Rewards chequing account | Earn rewards on debit purchases May offer access to rewards credit cards Example: Scotiabank Preferred Package |
| Hybrid chequing account | Earns interest Provides easy access and free transactions Example: KOHO Earn Interest |
| U.S. dollar chequing account | Save and/or spend in U.S. dollars Access to easy and inexpensive currency exchange Example: EQ Bank US Dollar Account |
| Business chequing account | High monthly fees Business-specific features and services Example: Float Business Account |
Finding the best chequing account for you
Decide what type of institution you want to bank with
Here are the main options:
- Big banks: These are the largest and most well-known banks, with cross-country reach and a myriad of products and services.
- Small banks: Smaller institutions don't have the cross-country conveniences of big banks but still offer suites of reliable products and services.
- Online-only banks: Instead of using brick-and-mortar branches, all services from online-only banks are provided via websites and mobile apps, which results in lower fees for clients.
- Credit unions: These are independently owned, full-service institutions that focus on community involvement while still providing high-quality financial products and services.
- Caisses populaires: Very similar to credit unions, this type of bank serves French-speaking communities, so branches are typically located in francophone jurisdictions.
You'll then want to take these steps:
- Compare the banks within the category you've chosen, giving particular attention to their customer service ratings.
- Look for convenient locations near your home, work, and areas you frequent.
- Study their account offerings to make sure they offer what you need.
- Consider the features you want and weigh the options.
Decide what features are important to you
This list isn't exhaustive, but these are the main features of chequing accounts that you should consider when shopping around for the right fit:
- Banking fees: Premium accounts charge high fees but these are offset with features and perks, whereas no-fee accounts are budget-friendly but don't typically offer many features.
- Discounts: Senior citizens, students, and newcomers to Canada are often provided with fee discounts or waivers.
- Number of transactions: Look for unlimited transactions if you use your debit card often, and if the account mentions "electronic transactions" or something similar, be sure you understand which types of transactions this term covers.
- Access to funds: Debit cards, credit cards, telephone banking, online banking access, and branch access are the primary options you should consider.
- Interac e-Transfers: Some accounts include these as everyday transactions while some consider them to be separate and don't include them under the "unlimited transactions" umbrella.
- Earning interest: Some chequing accounts earn a bit of interest, otherwise you can opt for a hybrid account.
- Overdraft protection: This could be included with your account fee, charged per use, or charged as a separate monthly fee.
- Credit card rebates: If you have or want to have a credit card from a certain bank, holding a chequing account with the same bank can provide significant value in the form of fee rebates.
- Rewards points: Individual banks have their own rewards systems or partner with an external rewards program, but most have something valuable set up.
- Online or brick-and-mortar: Having a branch location to visit can be helpful in many situations, especially if you don't like spending time on the phone or aren't comfortable with online services.
- Welcome offers: Cash bonuses, promo interest rates, and free mobile devices are the most commonly offered incentives for new clients.
Once you’ve narrowed down accounts by type of bank and features: you’ll have everything you need to find your perfect chequing account for you.
Tiers of chequing accounts in Canada
At the big banks, there are usually four types of chequing accounts that start at about $3 monthly and can go up to $30 a month: ultra-basic, basic, mid-tier, and premium accounts. These have an increasing number of free transactions and extra perks, the more you pay per month.
Here's a breakdown of the four standard tiers of chequing accounts you can get at all big banks in Canada (this does not include free accounts):
| Ultra-basic | Basic | Mid-tier | Premium | |
|---|---|---|---|---|
| Monthly fee | Around $3 | Around $10 | Around $15 | Around $30 |
| Min. balance to waive fee | N/A | $3,000 | $4,000 | $5,000 - $6,000 |
| # of free transactions | 10 - 12 | Around 25 | Unlimited | Unlimited |
| Extra perks | None | None | Some, like credit card discounts | Lots, like credit card fee waivers and free ATM withdrawals worldwide |
As an example, here's an overview of these four tiers from BMO, one of the biggest Canadian banks:
 | | | | |
|---|---|---|---|---|
| Account | BMO Practical Plan | BMO Plus Chequing Account | BMO Performance Chequing Account | BMO Premium Chequing Account |
| Genius Rating | ||||
| Why You Want It | Get 12 transactions/month for a low monthly fee + No monthly fee for seniors. | Get a $100 welcome bonus + 25 transactions per month. | $75 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. | $75 GeniusCash + $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. |
| Minimum Balance To Waive Fee | N/A | $3,000 | $4,000 | $6,000 |
| # Of Free Monthly Transactions | 12 | 25 | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | Unlimited | Unlimited | Unlimited |
| Monthly Fee | $4.00 | $11.95 | $17.95 | $30.95 |
| Excess Transaction Fee | $1.25 | $1.25 | N/A | N/A |
Show More | ||||
| Open an account See more BMO products Compare | Open an account See more BMO products Compare | I Want This Deal See more BMO products Compare | I Want This Deal See more BMO products Compare |
How to open a chequing account
To open a chequing account, most banks will require you to be 18 – you'll have to open a youth account with your parent or guardian's bank if you're younger than that. Aside from the age requirement, you'll need proper identification, which can include:
- Driver's license
- Passport
- Recent notice of tax assessments
- Statement of benefits (federal or provincial)
- Utility bills
- Recent bank statements
You can usually open the account online, in person at a branch, or even over the phone, but some banks may require you to validate your identity by visiting the branch.
The difference between chequing and savings accounts
Chequing accounts are intended for spending, whereas savings accounts are intended for saving. The features of each type of bank account are built to support those activities.
Savings account: A savings account is intended to be a safe place for money you want to save (earning you interest on the balance).
- Earns interest (usually at a rate between 0.1% to 2%)
- 0 to unlimited free transactions
- No monthly fee
Chequing account: A chequing account is intended for spending money and gives you easy access to funds.
- Does not earn interest
- 12 to unlimited free transactions
- Free to $30 monthly fee
- Debit card access
You can have both savings and chequing accounts, so that:
- Your paycheques are deposited into your chequing account
- Whatever percentage you're saving can be transferred to your savings account so you don't accidentally spend it (and can earn a bit of interest)
FAQ
What is a chequing account?
A chequing account is a type of bank account designed for clients who make frequent transactions. It allows account holders to deposit money, withdraw funds, and make payments using cheques, debit cards, or electronic transfers.
Unlike savings accounts, which often have limitations on transactions, chequing accounts are typically meant for everyday use. They provide easy access to funds for expenses such as bills, purchases, and everyday spending.
Are chequing accounts free?
Not all chequing accounts are free, but there are several no-fee chequing accounts available in Canada. The top no-fee account option is the Simplii No Fee Chequing Account because of its high welcome bonus and intuitive online banking platform.
What's the best chequing account with no fees?
The Simplii No Fee Chequing Account is the best no-fee chequing account available for Canadians. There aren't any monthly fees, minimum balance requirements, or limits on the number of transactions or Interac e-Transfers allowed each month.
How do I get a chequing account bonus?
The steps for earning a welcome bonus are different for every chequing account. They can involve setting up direct deposits, opening other accounts or products with the same bank, depositing a specific amount of money, etc.
Do chequing accounts earn interest?
Most chequing accounts in Canada earn little to no interest. Hybrid accounts have features of both savings and chequing accounts and earn significant interest. The top hybrid account is the KOHO Earn Interest which earns up to 3.5% interest.
What's the best chequing account in Canada?
The best chequing account in Canada is the Scotiabank Ultimate Package, which will give you an insane amount of perks for a waivable monthly fee. The best no fee chequing account is the Simplii No Fee Chequing Account.
Is a no-fee chequing account worth it?
Most no-fee chequing accounts come from digital banks, so if you're okay with 100% of your chequing account maintenance being done online, possibly via an app, then a no-fee account could be the right fit for you.
Which bank has the best chequing account?
Simplii Financial is the best bank if you want a free chequing account. And since the Scotiabank Ultimate Package is the overall best chequing account in Canada, Scotiabank is clearly an excellent bank choice, too.
How many chequing accounts can I have?
You can have as many chequing accounts as you want, with as many different banks as you want. There is no federal legal limit, but some banks designate a “lead” or primary account and limit debit access to that account.
Check out more banking products
Here are some more top bank products available for Canadians.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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