The Scotiabank Ultimate Package waives most bank fees, provides free cheques and bank drafts, and earns Scene+ points – making it the overall best chequing account in Canada.
If you prefer to avoid monthly fees, the Simplii No Fee Chequing Account is the best free chequing account available for cost-effective banking in Canada.
But the best chequing account for you might be different. When comparing chequing accounts, remember to consider fees, key features, and (of course) welcome bonuses.
Key Takeaways
- The best chequing account in Canada is the Scotiabank Ultimate Package.
- Chequing accounts offer a safe and convenient place to hold your spending money.
- People typically put money they plan to spend in a chequing account, versus a savings account that's meant to hold money for a longer term.
- There are many free chequing accounts available, but the ones with the best features often have relatively high monthly fees.
Best chequing accounts in Canada for November 2025
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 chequing account 2025 winner
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 2025 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: $6,000
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Best no fee chequing account in Canada
Minimum Balance To Waive Fee
$0
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
Monthly fees on your chequing account can get as high as $30 per month, but thankfully the CIBC-owned digital bank Simplii has a solution for you. With the Simplii No-Fee Chequing account, you'll get unlimited access to your money, plus you can even use CIBC ATMs for free.
Pros
- Score a $50 GeniusCash bonus when you open your account
- No monthly fee or minimum balance requirement
- Free and unlimited transactions
- Earn interest on your balance
- Free international money transfers
- Free access to over 3,400 CIBC ATMs
- Get up to $125 in friend referrals
Cons
- Going into overdraft can be costly
- Extra fees on non-affiliated and international ATMs
- No extra bells and whistles
- Not available in Quebec
Provinces
AB, BC, MB, NB, NL, NU, NT, NS, ON, PE, SK, YT
Eligibility
- Resident of Canada
- Age of majority
Why You Want It
$50 GeniusCash + Earn $300 and a $50 Skip gift card + Unlimited free transactions for no monthly fee.Special Features
- Free access to CIBC ATMs
- Send money internationally for free
- Valuable referral bonuses
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
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
$350
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
$50 GeniusCash + Earn $300 and a $50 Skip gift card + Unlimited free transactions for no monthly fee.Why we picked it: It's the most well-established and valuable free chequing account available. We love the extensive ATM access (thanks to its partnership with CIBC), the excellent app experience, and the painless money transfers. Simplii has an impressive reputation for quality customer service too, as proven by its high ranking in the J.D. Power 2024 Canada Retail Banking Satisfaction Study.
Monthly fee: N/A
Minimum balance for fee waiver: N/A
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Best chequing account in Canada for rewards
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
The PC Money Account is a simple, basic bank account that earns significant PC Optimum points for users. It’s not quite a chequing account, though. It was launched in September of 2020 by PC Financial, a Canadian financial company.
Pros
- No fees for transactions or e-Transfers
- Unlimited transactions
- Earns tons of extra PC Optimum points
- 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
$200
Promo End Date
See Issuer for Details
Physical Locations
Automatic Budgeting System
Minimum Interest Rate
2.7%
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 (currently a $200 value) is super enticing, and the optional savings rate is surprisingly competitive.
Monthly fee: N/A
Minimum balance for fee waiver: N/A
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Best chequing account in Canada that earns interest
Minimum Interest Rate
1.75%
Maximum Interest Rate
2.75%
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 an interest rate of 2.75%, unlimited e-Transfers, no FX fees, and 1% back on your purchases when you use your Wealthsimple Card, 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
- Earn 1% back in cash, stocks, or crypto with the Wealthsimple card
- Get paid early with direct deposits
- Free from foreign transaction fees
Cons
- High minimum balance to reach maximum interest rate
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Earn up to 2.75% interest + Get 1% back in cash, stock, or crypto on your purchases.
Special Features
- Get 1% back in cash, stock, or crypto with the Wealthsimple card
- 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
N/A
Promo End Date
N/A
Why we picked it: It's a hybrid account that offers the best of both worlds: a shockingly high 2.75% max interest rate and the freedom of unlimited transactions. Wealthsimple also offers a variety of investment options (like crypto and stocks), so you can keep multiple accounts organized in one place. We love that you can get your paycheque early, too.
Monthly fee: N/A
Minimum balance for fee waiver: N/A
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Best chequing account in Canada for consistently valuable welcome bonuses
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 Plan 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 $50 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
$50 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 BMO Family Bundle
- 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
$50 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply.Why we picked it: The welcome bonus is always large – currently offering up to $700! Plus, the special rates for newcomers, students, and kids makes 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
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Best chequing account for newcomers to Canada
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: It's been tailored specifically for the needs of Canadian newcomers and can help make the transition to Canadian life a bit easier. You can receive support before or after your relocation to Canada via email or Facebook Messenger, plus specialty services (in several languages) to help you navigate the process of starting a life here. Enjoy a free legal hotline, affordable international money transfers, and reduced fees as you settle in.
Monthly fee: $15.95
Minimum balance for fee waiver: N/A
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Best chequing account in Canada for seniors
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: The monthly fee is directly proportional to how much you use the account – basically, it’s choose-your-own-adventure banking. Those aged 65+ also get a seniors discount, paying a max of $10.95 per month, which allows them to earn rewards while not overpaying for services they don’t need. Plus, CIBC offers senior-specific perks for all older customers like free bank drafts, free money orders, and a discount on a safety deposit box.
Monthly fee: Up to $16.95 (minus discounts)
Minimum balance for fee waiver: $4,000
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Best chequing account in Canada 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: It provides top value and sweet perks for budget-wise students, like free unlimited transactions and Interac e-Transfers. RBC knows that students need to save their money (hence the $0 monthly fee) and grow their money.
Monthly fee: N/A
Minimum balance for fee waiver: N/A
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Best chequing account in Canada from a credit union
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
Never pay for a monthly bank fee again with Innovation's No-Fee Bank Account, saving you about $11 every single month – without having to worry about locking up thousands of dollars for a minimum balance. You'll also get unlimited free transactions and Interac e-Transfers®, plus won't be charged an extra fee for using non-affiliated ATMs Canada-wide.
Pros
- Earn rewards on monthly transactions
- Free and unlimited transactions and Interac e-Transfers®
- No minimum balance requirements
- Free non-affiliated ATM use in Canada
- Earn rewards for everyday banking
Cons
- Unavailable for Quebec residents
- No branch locations outside of Saskatchewan
Provinces
AB, BC, MB, NB, NL, NU, NT, NS, ON, PE, YT, SK
Eligibility
- Be age 18 or older
- Be a Canadian resident (excluding Quebec)
- Have a SIN
- New members pay a $5 membership fee
Why You Want It
Unlimited transactions for $0 + Ding-free non-affiliated ATM usage.
Special Features
- Ding-free ATM use across Canada
- Everyday banking earns cash rewards
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
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: If you value community ownership and investing in your community, look no further than Innovation Federal Credit Union, a full-featured institution that offers this free chequing account and plenty of other valuable options. You pay nothing for Interac e-Transfers, for account ownership, or for a mobile app to manage your money. Meanwhile, you’ll receive cash dividends as a member of the credit union – and the feeling of pride that comes with knowing that your bank reinvests in your community.
Monthly fee: N/A
Minimum balance for fee waiver: N/A
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Best chequing account for holding and spending in U.S. dollars
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: EQ Bank is a well-respected online institution that offers high–quality products – and this one is no different. This account allows you to both spend in USD and earn significant interest on USD savings. The interest rate is noticeably higher than comparable U.S. accounts for Canadians, and the partnership with Wise makes your transaction safe, easy, and protected.
Monthly fee: N/A
Minimum balance for fee waiver: N/A
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Best chequing account for minimalists
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
12
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$4.00
The RBC Day To Day Banking Account account is the most basic chequing account offered by RBC with a monthly fee of just $4.00 compared with some premium accounts that have fees in excess of $30.
Pros
- Low $4.00 monthly fee (that can be waived if you have more RBC products)
- Unlimited Interac e-Transfers
- Extra perks at Petro-Canada
- Get personalized financial insights with NOMI
Cons
- Only 12 free debit transactions per month
- Non-affiliated ATM withdrawals are $3 each in Canada
- Overdraft protection not included
Provinces
ALL
Eligibility
- At least the age of majority in your province
- Opening a sole account in your own name
- Living in Canada
Why You Want It
$0 fee with Value Program Rebate + Save on fuel at Petro-Canada.
Special Features
- Free with a multi product rebate
- Save on fuel at Petro-Canada and earn bonus points
- Earn 50 extra Be Well points per $1 spent at Rexall
- Earn Avion points on debit purchases
- Free transactions for public transit use
Minimum Balance To Waive Fee
N/A
# Of Free Monthly Transactions
12
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$4.00
Excess Transaction Fee
$1.25
Excess Interac E-Transfer Fee
$0.00
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
N/A
Promo End Date
N/A
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: Nearly all banks offer a basic chequing account, and most include the same number of transactions and charge about $4 per month. This RBC account, though, stands out because of one feature: there are no limits on transactions made for public transit. Even for someone who doesn't care for extra features, this one can be a lifesaver.
Monthly fee: $4.00
Minimum balance for fee waiver: N/A
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Best chequing account according to Reddit
Minimum Balance To Waive Fee
$0
# Of Free Monthly Transactions
Unlimited
# Of Free Monthly Interac E-Transfers
Unlimited
Monthly Fee
$0.00
Monthly fees on your chequing account can get as high as $30 per month, but thankfully the CIBC-owned digital bank Simplii has a solution for you. With the Simplii No-Fee Chequing account, you'll get unlimited access to your money, plus you can even use CIBC ATMs for free.
Pros
- Score a $50 GeniusCash bonus when you open your account
- No monthly fee or minimum balance requirement
- Free and unlimited transactions
- Earn interest on your balance
- Free international money transfers
- Free access to over 3,400 CIBC ATMs
- Get up to $125 in friend referrals
Cons
- Going into overdraft can be costly
- Extra fees on non-affiliated and international ATMs
- No extra bells and whistles
- Not available in Quebec
Provinces
AB, BC, MB, NB, NL, NU, NT, NS, ON, PE, SK, YT
Eligibility
- Resident of Canada
- Age of majority
Why You Want It
$50 GeniusCash + Earn $300 and a $50 Skip gift card + Unlimited free transactions for no monthly fee.Special Features
- Free access to CIBC ATMs
- Send money internationally for free
- Valuable referral bonuses
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
N/A
Excess Interac E-Transfer Fee
N/A
Maximum Credit Card Annual Fee Waiver
N/A
Maximum Welcome Bonus
$350
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
$50 GeniusCash + Earn $300 and a $50 Skip gift card + Unlimited free transactions for no monthly fee.
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
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
Why they picked it: Redditors say that the Simplii No Fee Chequing Account and Tangerine Chequing Account are the best chequing accounts. They mention a few others (including the EQ Bank Personal Account and Wealthsimple Chequing), but the ability to withdraw cash from these accounts is what sets them apart – this is obviously an important factor to these Reddit users:
Both accounts have no monthly fees and partnerships with bigger banks. Simplii clients can use CIBC ATMS (3,000+ machines), and Tangerine clients have access to Scotiabank ATMs (3,600+ machines).
Monthly fee: N/A
Minimum balance for fee waiver: N/A
| These accounts might be for you if: | These accounts might not be for you if: |
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What is a chequing account?
A chequing account is a type of bank account designed for 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.
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)
Pros and cons of chequing accounts
| Pros | Cons |
|---|---|
|
|
How to pick a chequing account
1. 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.
2. 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.
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: Royal Business Premium Investment Account |
Tiers of chequing accounts in Canada
At the big banks, there are usually 4 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 4 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. | $50 GeniusCash + Up to $700 in cash + a Walmart Delivery Pass Subscription for up to 12 months*. *T&Cs apply. | $50 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.
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.
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.
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.
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.
What's the best basic chequing account?
If you want a basic, no-frills chequing account, the RBC Day To Day Banking Account is your best bet. With up to 12 transactions and a monthly fee of just $4.00, it's an excellent minimalist 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.
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