A premium bank account is a top-level chequing account from a financial institution that includes a number of select perks and benefits for customers, along with a monthly fee of around $30 that can usually be waived if you stay above a minimum balance.
Below is a comparison of the best premium accounts in Canada to see what you can get with each, as well as the pros and cons of opening a top-tier bank account.
Key Takeaways
- The Scotiabank Ultimate Package is the best premium chequing account, offering unique features like the ability to earn Scene+ points.
- Premium bank accounts are full of perks and cost around $30 per month.
- The big 5 banks each have a premium account that offers unlimited transactions, fee waivers, and more.
Comparing the most premium bank accounts in Canada
Scotiabank Ultimate Package
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.
- 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
- High monthly fee
- Minimum balance is a wasted investment opportunity
- You may still be charged for non-Scotiabank ATM withdrawals
- 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
$100 GeniusCash + Get up to a $700* welcome bonus + Up to $150 annual credit card fee waivers.- 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
$100 GeniusCash + Get up to a $700* welcome bonus + Up to $150 annual credit card fee waivers.Scotiabank Ultimate Package is our top pick with a ton of perks, a hefty welcome bonus, and discounted rates (or free goodies) that will benefit your financial situation.
Monthly fee: $30.95
Top perks:
- No monthly fee on other accounts: Scotiabank Basic Plus Bank Account, and Scotiabank U.S. Dollar Daily Interest Account
- Savings boost: 0.1% extra interest on your savings in a Scotiabank MomentumPLUS Savings Account
- Better GIC rates: Special for Scotiabank GICs, currently about 17.74% higher
- Free trades: 10 free stock and ETF trades with Scotia iTRADE
- Scene+ points: Earn 1 Scene+ point for every $5 spent via debit, and 1 point for every $1 spent at Cineplex
- Credit card annual fee waivers for the following credit cards: Scotiabank Gold American Express® Card, Scotiabank Passport Visa Infinite, Scotia Momentum Visa Infinite, and Scotiabank Value Visa
TD All-Inclusive Banking Plan
The TD All-Inclusive Banking Plan offers a rich set of benefits in exchange for a $30.95 monthly fee, which is waived when a $5,000 daily balance is maintained throughout the month. Account holders can enjoy unlimited transactions, no fees for TD or non-TD ATMs, rebates on the annual fee for select TD credit cards, and the opportunity to earn bonuses from partners like Starbucks.
- Generous welcome bonus
- Unlimited transactions and Interac e-Transfers
- Free safety deposit box, cheques, and money orders
- Rebate on select TD credit cards
- Free ATM use (both TD and non-TD ATMs)
- High minimum balance to waive the monthly fee
- No rewards program or valuable perks
- No savings on international money transfers
- Age of majority
- TD Fraud Alerts
- No ATM fees
- Automatic savings transfers
- Free personalized cheques, money orders, and certified cheques
The TD All-Inclusive Banking Plan has a few less perks but everything you’d expect from a premium bank account, like no transaction fees and discount possibilities – U.S. travellers and Starbucks lovers will be especially pleased by this account’s perks.
Monthly fee: $30.95
Top perks:
- Exchange rates: $3 discount on the Borderless Plan that offers preferred foreign exchange rates
- Free items: Free money orders and cheques
- Safety deposit box: Waived $60 annual fee on a small safety deposit box
- Starbucks: Earn 50% more Stars on Starbucks purchases
- Credit card annual fee waivers for the following credit cards: TD Aeroplan Visa Infinite Card, TD Aeroplan Visa Platinum Card, TD First Class Travel Visa Infinite Card, TD Platinum Travel Visa Card, and TD Cash Back Visa Infinite Card
BMO Premium Chequing Account
The BMO Premium Plan offers everything you may want from a chequing account, from unlimited transaction and Interac e-Transfers to credit card annual fee waivers on most BMO credit cards. While it has a monthly fee of $30.95, it can be waived by keeping $6,000 in it.
- Get a $75 GeniusCash bonus when you open your new account
- Unlimited transactions, e-Transfers, and global ATM withdrawals
- $150 annual credit card fee waiver
- Safety deposit box discount
- Loads of added freebies
- $700 welcome offer
- Walmart Delivery Pass Subscription
- Extremely high monthly fee
- High minimum balance requirement to waive the fee
- Age of majority
- Canadian citizen
$75 GeniusCash + $700 welcome bonus and up to 4.6% interest on Savings Amplifier account. *T&Cs apply.- Free cheques, money orders, and drafts
- Free OnGuard Identity Theft protection
- Preferred U.S. foreign exchange rate
- Unlimited unaffiliated ATM withdrawals worldwide
$75 GeniusCash + $700 welcome bonus and up to 4.6% interest on Savings Amplifier account. *T&Cs apply.The BMO Premium Chequing Account will give you everything you expect and a little more, aimed at rewarding families, travelers, and investors with features and discounts.
Monthly fee: $30.95
Top perks:
- Free accounts: Canadian and U.S. dollar savings accounts
- Better GIC rates: Enjoy higher rates on BMO GICs
- Safety deposit box: $12 discount
- Family bundling: No fee for multiple, separate family chequing accounts
- Identity protection: Free included OnGuard Identity Theft protection ($155.88 value)
- Credit card annual fee waivers for the following credit cards: BMO Ascend™ World Elite™* Mastercard®*, BMO AIR MILES®† World Elite®* Mastercard®*, and BMO CashBack® World Elite®* Mastercard®*
RBC VIP Banking
Looking for a chequing account that has everything you need and then some? The RBC VIP Banking is your most premium option from RBC, giving you more options than you could think to ask for. This includes unlimited transactions, Interac e-Transfers, ATM withdrawals, up to $120 in credit card fee rebates, and more.
- New Apple Watch as a welcome bonus
- Unlimited free transactions and e-Transfers
- Earn RBC Avion points
- Additional account fee waiver
- Credit card annual fee waiver
- Save on fuel and earn Petro-Points
- Plenty of discounts and freebies
- Value Program fee discounts
- Very high monthly fee
- Can't completely waive the monthly fee
- Overdraft interest still applies
- At least the age of majority in your province
- Opening a sole account in your own name
- Living in Canada
- Earn at least 1 Avion point per $10 spent with your debit card
- No monthly overdraft protection fee
- Free personalized cheques
- RBC Direct Investing maintenance fees waived
- Save 3 cents/L on fuel at Petro-Canada and earn 20% more Petro-Points
RBC's most premium chequing account, the RBC VIP Banking, offers the standard waived fees and free perks, plus extra gas savings via Petro-Canada. The only drawback is that you cannot waive fees by maintaining a minimum balance, unlike at other banks.
Monthly fee: $30.00
Top perks:
- Gas savings: Enjoy a discount of 3 cents per litre at Petro-Canada
- Free accounts: No monthly fees on 2 Canadian accounts and US account
- Free bank drafts: 12 free bank drafts per year
- Free cheques: Pay nothing for cheques
- Overdraft protection: No overdraft protection fee
- Investing account fee waived: RBC Direct Investing maintenance fee is wavied
- Credit card annual fee waivers for the following premium credit cards: RBC Avion Visa Infinite, RBC Avion Visa Platinum, RBC Rewards Visa Preferred, RBC U.S. Dollar Visa Gold, RBC British Airways Visa Infinite, RBC Cathay Pacific Visa Platinum, RBC ION+ Visa, RBC Cash Back Preferred World Elite Mastercard, and RBC WestJet World Elite Mastercard
CIBC Smart Plus Account
With the CIBC Smart Plus Account, this bank has created a chequing account with valuable features for everyday banking, including unlimited transactions. The monthly fee is high, but there are plenty of perks, like CIBC’s Smart Balance Alert system and a unique welcome offer.
- Canadian resident
- Age of majority
- CIBC Smart Balance Alert sends texts regarding $0 balances and overdraft limits
- Can save up to 10 cents per litre at participating gas stations when your card is linked to the Journie Rewards program
- Free Skip+ subscription for 12 months
The CIBC Smart Plus Account offers the standard features but there are no jaw-dropping perks or extra account waivers, like other banks offer. Credit card savings are the best feature of CIBC’s premium account.
Monthly fee: $29.95
Top perks:
- Free stuff: Free personalized cheques, money orders, and bank drafts
- Gas savings: Save up to 10 cents per litre on gas with Pioneer, Fas Gas, Ultramar and Chevron
- Credit card annual fee waivers on the following credit cards: Any premium CIBC credit card, plus a $50 rebate for up to 3 authorized users
Pros and cons of premium bank accounts
Although premium bank accounts are filled with features, they’re not for everyone. Here are some pros and cons to consider before getting one of these accounts:
| Pros | Cons |
|---|---|
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What is the best bank account in Canada?
The Scotiabank Ultimate Package is our winner for the Best of Money Award for the absolute Best Chequing Account in Canada.
It offers numerous extra perks that reward you while you’re out in the world living your life and while you’re managing your money.
What is the best bank account without a fee?
A no-fee bank account like Simplii No Fee Chequing Account may be the best for you if you want a chequing account with no excess transaction fees.
In addition to no account fees, this chequing account offers valuable perks:
- No minimum balance
- Unlimited free transactions
- Free to send money internationally
- $400 welcome bonus
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.
- 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
- Going into overdraft can be costly
- Extra fees on non-affiliated and international ATMs
- No extra bells and whistles
- Not available in Quebec
- Resident of Canada
- Age of majority
- Free access to CIBC ATMs
- Send money internationally for free
- Valuable referral bonuses
Comparing the best bank accounts with and without fees
For some Canadians, the perks of premium accounts may be worth the monthly fees, especially if you're able to maintain a balance that allows you waive that fee anyway.
Here's how the best fee-based premium account (Scotiabank Ultimate Package) in Canada compares to the best no fee chequing account (Simplii No Fee Chequing Account):
 |  |  |  | |
|---|---|---|---|---|
| Account | Simplii No Fee Chequing Account | National Bank The Minimalist Chequing Account | BMO Premium Chequing Account | Canadian Western Bank Gold Leaf PLUS Account |
| Genius Rating | ||||
| Why You Want It | Get a $350 welcome bonus + Unlimited free transactions for no monthly fee. | $0 monthly for kids, students, and eligible seniors + Free Interac e-Transfers. | $75 GeniusCash + $700 welcome bonus and up to 4.6% interest on Savings Amplifier account. *T&Cs apply. | Unlimited transactions + No monthly fees for Canadians 57 and over. |
| Minimum Balance To Waive Fee | $0 | N/A | $6,000 | N/A |
| # Of Free Monthly Transactions | Unlimited | 12 | Unlimited | Unlimited |
| # Of Free Monthly Interac E-Transfers | Unlimited | 12 | Unlimited | Unlimited |
| Monthly Fee | $0.00 | $3.95 | $30.95 | $0.00 |
| Excess Transaction Fee | N/A | $1.25 | N/A | N/A |
Show More | ||||
| Open an account See more Simplii Financial products Compare | Open an account See more National Bank products Compare | I Want This Deal See more BMO products Compare | Learn More See more Canadian Western Bank products Compare |
Are premium bank accounts worth it?
The answer is – they can be.
The Big 5 banks' premium bank accounts begin to be worth it if you use the various fee waivers.
Who should get a premium bank account?
- You have multiple accounts that all charge account fees. Premium accounts offer fee waivers, so you’ll save money
- You have credit cards with annual fees. Premium accounts waive some annual fees for credit cards and these savings could cancel out the premium account's monthly fee
- You’re paying for other perks that would be included. Premium accounts usually include free cheques and money orders, and some include extras like identity protection
On the other hand…
- You may NOT find a premium account valuable if you just want unlimited transactions.
If that’s you, look into online-only bank accounts which almost always offer unlimited free transactions with no monthly fee and no minimum balance required.
Be aware:
- While the Big 5 banks offer some valuable perks on chequing accounts, you should avoid their terrible interest rates on savings accounts
FAQ
What is a premium bank account?
These accounts offers extra perks in exchange for a monthly account fee – a fee that can be waived by maintaining a certain balance. Perks may include credit card fee waviers, free personal cheques and money orders, free unlimited transactions, etc.
What is the best premium bank account in Canada?
The best premium bank account in Canada is the Scotiabank Ultimate Package, which comes packed full of perks – like up to $139 in credit card annual fee waivers, free cheques, earning Scene+ points on your purchases, and more.
What is included with TD Bank’s Premium Chequing Account?
TD Bank’s premium account includes plenty of benefits and perks, including unlimited free transactions, unlimited free eTransfers, free cheques and money orders, credit card fee waivers, a safety deposit box fee waiver, and 50% more Stars earned at Starbucks.
Are premium bank accounts worth the monthly fee?
These accounts can be worth it if you take advantage of the various discounts, waivers, and other benefits that come with them. Plus, if you can maintain the minimum balance requirement, the monthlyf ee is waived anyway.
How do I compare premium bank accounts?
Start with this table to see a side-by-side comparison of perks and fees, then think about what perks are the most valuable to you. For instance, TD’s premium account may be the best fit for frequent U.S. travellers.
How can I get the best premium bank account in Canada for free?
You can usually waive the monthly fees on premium bank accounts by keeping a minimum balance, typically between $5,000 or $6,000. Otherwise, the associated discounts and waivers may cancel out your monthly fee anyway.
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