Chequing accounts are your primary spot for keeping money that you use on most everyday transactions. You can get them from any major bank and most online banks, and they usually come with several ways to access your money, like debit cards, cheques, Interac e-Transfers, and more.
But not every chequing account is built the same. Some have extra perks to sweeten the deal, some are only useful for specific situations, and others can only be opened by certain groups of people.
Here's a list of 14 of the main types of chequing accounts in Canada, the pros and cons to keep in mind, and even some examples to get you started.
Key Takeaways
- At a basic level, a chequing account is a bank account that allows you to receive and store money that you can access through a variety of ways (debit card, cheque, etc).
- There are 14 main types of chequing accounts available in Canada, ranging from standard options to more niche accounts.
- Each type of chequing account comes with different pros and cons for you to consider.
- Fees, minimum balance requirements, and transaction limits are the biggest details to keep in mind when choosing an account.
14 types of chequing accounts in Canada
Here's an overview of the most commonly used types of chequing accounts in Canada and what they have to offer.
| Type of account | Features | Top option |
|---|---|---|
| Personal/standard chequing account | * Various tiers available * Debit card provided * Bill payment services * Cheques available * Overdraft protection available |
National Bank The Minimalist Chequing Account |
| Premium chequing account | * Often have unlimited transactions * Debit card provided * Free amenities * Higher monthly fee |
Scotiabank Ultimate Package |
| No fee chequing account | * No monthly fee * Unlimited transactions * Debit card provided * Low or no other fees * Few amenities * Few or no branch locations |
Simplii No Fee Chequing Account |
| Kids/youth chequing account | * Only for younger clients, typically up to the age of 19 * Debit card provided * Low or no monthly fee * Low or no minimum balance requirements |
CIBC Smart Start Account |
| Student chequing account | * Only for students (typically up to 25) * School ID is often required * Debit card provided * No monthly fee * Unlimited transactions |
RBC Advantage Banking for students |
| Newcomer chequing account | * Debit card provided * Often free for the first year * Often provide credit card rebates * Foreign transaction services available * Multi-language customer support * Access to an international money transfer service/tool |
BMO Performance Chequing Account for Newcomers |
| Senior chequing account | * Only for older clients, typically aged 60+ * Debit card provided * Lower minimum balance requirements * Free or discounted perks and amenities |
CIBC Smart Account |
| U.S. dollar chequing account | * Stores funds in USD * Low or no monthly fees * Low transaction limit * No US currency exchange fees on USD withdrawal |
TD Bank U.S. Daily Interest Chequing Account |
| Multi-currency account | * Holds funds in multiple currencies * Inexpensive exchange rates * Make fast and easy wire transfers |
Wise Account |
| Hybrid or interest-bearing chequing account | * Earns interest on your balance * Debit card or prepaid credit card available * No monthly fee * Unlimited transactions * Sometimes provides bonus rewards |
KOHO Earn Interest |
| Rewards chequing account | * Earn cash back or rewards on your purchases * Usually has unlimited transactions * Can have high monthly fees or none at all |
Scotiabank Preferred Package |
| Business chequing account | * Includes extra features for managing your business * Has different monthly fees depending on how much money you need to transfer |
CIBC Unlimited Business Operating Account |
| Joint chequing account | * Any chequing account that you can open in more than one name * All names on the account have full access to all funds and services |
EQ Bank Personal Account |
| Unlimited chequing account | * Includes unlimited free transactions * Can come with high monthly fees or none at all |
RBC VIP Banking |
1. Personal/standard chequing accounts
Most of the time, standard chequing accounts are just that: standard, with few frills. But they provide the most important things: security for your money and convenient ways to access it when necessary.
Pros:
- Various tiers available to suit your needs
- Easy access to your money
- Bill payment tools and options, including automatic payments
- Direct deposit is a convenient option for paycheques, etc.
- Provides simple and easy ways to track your spending
- Can be linked to other types of bank accounts
Cons:
- Fees can get high
- No opportunity to earn interest
Here is the top option for a standard chequing account:
The National Bank The Minimalist Chequing Account is a basic-level chequing account that provides clients with just enough features and transactions to cover the necessities. It's even free for children, students, and seniors – no extra services, points accumulation, or anything else necessary. This is a factor that sets it apart from most other similar accounts on the market.
- Pay low fees – or none at all
- A bit of overdraft protection
- Fast and simple application process
- Only 12 free transactions
- ABM fees are tricky to decipher
- No welcome bonus for new clients
- Be a Canadian resident
- Be 14+ years old
- Free for children, students, and eligible seniors 65+
2. Premium chequing accounts
Also called VIP chequing accounts, premium chequing accounts offer all the bells and whistles a bank can provide. Of course, it usually means you pay a higher fee for the privileges, but this is usually worth it.
Pros:
- No need to worry about strict transaction limits
- Free and/or discounted perks
- Credit card rebates are often provided
- Often earns reward points (Air Miles, Scene+, etc.)
- Family members with accounts at the same institution may get special privileges
Cons:
- A relatively high minimum balance may be required to waive the monthly fee
- Monthly fees are high, usually around $30
Here is the top option for a premium chequing account:
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.3. No fee chequing accounts
No fee chequing accounts will save you money on fees, but they won't come with any frills. They're most often offered by online banks, which means you may not have access to branch locations or help from tellers.
Pros:
- No monthly fees to worry about
- Unlimited free transactions
- No minimum balance requirements to waive fees
- Typically provides ABM usage with a partnering big bank or network
- Online customer service is usually prompt and efficient
Cons:
- No branches for in-person services
- Don't offer as many perks as big banks
Here is the top option for a no fee chequing account:
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
4. Kids/youth chequing accounts
Opening a kids chequing account is a valuable first step in teaching your children about managing money. They come with a few basic kid-friendly features to ease them into the world of banking.
Pros:
- Provides a debit card for easy spending
- Free and often unlimited transactions
- Free Interac e-Transfers
- Earns rewards points and/or other age-appropriate perks
- Often provides access to financial literacy materials
Cons:
- Not as flexible as other account types
- Most don't offer opportunities to earn interest
5. Student chequing accounts
There's no denying that students have unique financial challenges, and a student chequing account can be very helpful. Saving money on fees, no matter how low they may be, can make a huge difference if you don't have a steady income – or even if you do.
Pros:
- Monthly fees are lowered or waived altogether
- Unlimited transactions
- Unlimited Interac e-Transfers
- Often earns reward points and/or various student discounts
- Sometimes provides access to a student credit card
- Linked savings accounts are often available
Cons:
- Only valid if you provide a current student ID, which you often have to reverify every year
- Not many extra features included
Here is the top option for a student chequing account:
- Earn Avion points on purchases
- No ATM fee at non-RBC bank machines
- Unlimited transactions and Interac e-Transfers
- Welcome bonus
- Only available to full-time students
- Automatic changeover to the RBC Advantage Chequing Account
- Be at least 13 years of age
- Enrolled as a full time student.
- Earn Avion points on debit purchases
- Save on fuel at Petro-Canada locations
6. Newcomer chequing accounts
Opening a bank account is one of the first things that new Canadian residents should do, and newcomer chequing accounts are curated to meet the diverse needs of these people. The necessities and a few extras are available with these accounts.
Pros:
- Available from all the big banks, which provides top security and reliability
- Monthly fees often waived for the first year at least
- Unlimited transactions included
- Discounts on other banking products, including newcomer-specific credit cards
- Linked to international money transfer services and tools
- Access to financial literacy programs for new Canadians
Cons:
- Could lead to signing up for banking products you don't want or need
- Perks and amenities cost extra, even though often discounted
Here is the top option for a newcomer chequing account:
The BMO Performance Chequing Account for Newcomers is part of BMO’s NewStart Program, designed to make your transition to life in Canada smoother and more convenient. Available to permanent residents and foreign workers who have arrived in Canada within the last 5 years, this newcomer chequing account comes with two years of no monthly fees, unlimited transactions, including INTERAC e-Transfer®§ transactions, plus no-fee BMO Global Money Transfers, helping you feel financially at home right away.
- BMO newcomers account has non-BMO withdrawal fees
- Pricey monthly fee after the first two years
- Permanent residents and foreign workers arriving in Canada within last 5 years
- Proof of immigration status required
- No monthly fee for two years
- Earn up to $40 rebate on annual fees for eligible credit cards
- No-fee BMO Global Money Transfers
- Valuable welcome bonus
7. Senior chequing accounts
Senior chequing accounts are designed for those entering the retirement phase of life, with options that range from minimal included transactions to all the possible bells and whistles. There's something for every style of senior spender.
Pros:
- Discounted and/or $0 monthly fees
- Free personalized cheques and other perks
- Low or no minimum balance requirements
- Discounts on safety deposit boxes and other amenities
- Paper statements available if preferred
Cons:
- Transaction limits are often low for the free accounts
- You can't choose which perks and amenities you want
Here is the top option for a senior chequing account:
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.
- Only pay for what you use
- Sweet welcome offers
- Discounts for seniors
- Interac e-Transfers count as transactions
- Really, everything is a transaction
- Canadian resident
- Age of majority
- 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
8. U.S. dollar chequing accounts
A U.S. dollar chequing account is a must-have for any Canadian who regularly does business, pays bills, or makes frequent purchases in the U.S.A. The value and convenience they provide are undeniable.
Pros:
- Easily store and pay bills in U.S. dollars
- Low or no monthly fee options available
- Avoids currency conversion fees on U.S. funds, with low fees available for Canadian transfers
Cons:
- Limited transactions included
- High minimum balance requirements
- Have to convert Canadian dollars to USD in order to store it in the account
9. Multi-currency account
While this isn't technically a chequing account, we're adding it here so you're aware of the conveniences it offers, particularly for immigrants and newcomers to Canada. It has a lot to offer beyond what a newcomer or U.S. dollar account might have.
Pros:
- Can hold more than one currency at a time
- Easy and inexpensive access to international money transfer tools
- More cost-efficient than making typical wire transfers in alternative currencies
- Sometimes earns interest
- Accessible while traveling abroad
- May come with a debit card for easy spending
Cons:
- Conversion and other fees can add up quickly
- Transactions may be held for extra verification
Here is the top option for a multi-currency account:
- USD: Start at $7.40
- EUR: Start at $6.34
- GBP: Start at $6.78
- INR: Start at $8.21
- CNY: Start at $15.66
- Direct debit: $9,500/day, $30,000/week
- Debit/credit: $3,000/transfer
- Interac e-Transfer: $25,000
- Bill payment/wire transfer: $1.5 million
Wise, formerly known as Transferwise, is an international money transfer service that allows users to send funds to 80+ countries, including Wise transfers in Canada. Transferwise was launched in 2011 by two friends from Estonia. The company started out offering international money transfers, and soon grew to include multi-currency accounts, business accounts, and a debit card. In 2021, Transferwise changed its name to Wise.
- Cheap international money transfers
- Transparent fee structure
- Free multi-currency account to hold over 40 currencies
- FINTRAC regulated in Canada
- Ability to enable two factor authentication (2FA)
- Your Wise account can be deactivated with no reason given
- Limits on the amount that can be transferred
- Relatively small list of countries
- No hidden fees or markup
- USD: Start at $7.40
- EUR: Start at $6.34
- GBP: Start at $6.78
- INR: Start at $8.21
- CNY: Start at $15.66
- USD: Same day
- EUR: Same day
- GBP: Same day
- INR: Same day
- CNY: Same day
- Direct debit: $9,500/day, $30,000/week
- Debit/credit: $3,000/transfer
- Interac e-Transfer: $25,000
- Bill payment/wire transfer: $1.5 million
10. Interest-bearing chequing account
Also referred to as a hybrid account, an interest-bearing account is any chequing account that lets you earn interest on your balance. You see this often with online banks that also include a prepaid card to access your money, but some big banks offer it too. Some of them can have pretty negligible rates, especially compared to savings accounts, but you can find some diamonds in the rough that reward you decently well.
Pros:
- Earn interest on your chequing account balance
- Often comes with a prepaid credit card that may earn you additional rewards on purchases
- Wide range of accounts available
Cons:
- Some accounts have low rates that don't really amount to anything.
Here's an example you may want to consider:
Want a savings account that consistently has one of the best rates in Canada? You'll want to check out KOHO Earn Interest With The KOHO Prepaid Mastercard, which gets you up to 3.5% interest, depending on your subscription level.
- No transaction fees
- Earn 3.5% interest on every dollar
- Comes with a free cash back prepaid Mastercard
- Supports major digital wallets
- Free app for tracking spending and setting savings goals
- Automate your savings with RoundUps
- Monthly fees
- You must meet your province's age of majority
- Comes with a KOHO Prepaid Mastercard which you can upgrade for even more perks
- Earn up to 6.5% cash back on your spending
- Free app for setting saving goals and tracking spending
- Savings paid on a monthly basis
- KOHO International Money Transfer allows you to send money abroad to people in over 190 countries, right from your KOHO balance
11. Rewards chequing account
A rewards chequing account is any account that lets you earn rewards on your transactions. These can be either flexible rewards points or cash back and are usually only available with some high-end big bank accounts or with some online banks that include prepaid credit cards.
Pros:
- Earn valuable rewards on every purchase you make, without having to worry about applying for a credit card
- Generally available with accounts that also come with unlimited transactions and other perks
Cons:
- Earn rate is usually not as good as credit cards.
The earliest examples are the 2 top tier Scotiabank chequing accounts, which let you earn Scene+ points on every debit transaction. Here's an example:
There's not much better than unlimited free transactions, but the Scotiabank Preferred Package comes packed with even more perks to seal the deal. These include a bonus interest rate on the top Scotiabank savings account, a first year annual fee waiver on select cards, and points on every day purchases with the Scene+™ program.
- Kickstart your account with a $50 GeniusCash bonus
- Get a welcome bonus worth up to $700 (ends October 30, 2025)
- Unlimited debit transactions and Interac e-Transfers
- Ability to waive monthly fee with a minimum balance of $4,000
- Earn Scene+ points on your debit transactions
- First year annual fee waiver on select Scotiabank credit cards
- Age of majority
- Canadian citizen
$50 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases.- First year annual fee waiver (up to $150) on select credit cards
- Earn Scene+ points on debit transactions
- Earn an additional 0.05% on your Momentum Plus Savings Account
$50 GeniusCash + Get up to a $700* welcome bonus + Earn Scene+ points on all debit purchases.12. Business chequing account
If you have a small business, a business chequing account will help you keep your finances separate while also providing some extra perks tailor-made to help keep track of your money. These include things like support for point-of-sale transactions, additional budgeting tools, and more.
Pros:
- Extra tools for small business owners to keep track of their money
- Helps you keep your business finances separated from your personal life
- Low fee accounts available for businesses that don't make transactions often
Cons:
- Accounts that include higher numbers of transactions for free are much more expensive than standard chequing accounts
If you're looking for an example, you can check out the CIBC Unlimited Business Operating Account, which gives you unlimited transactions for only $65 a month.
13. Joint chequing account
A joint chequing account allows you to add more than one person to the account, where each person has full access to everything, including the funds. This is popular for couples who decide to combine finances. Most chequing accounts can be made into joint accounts, but some will need you to make a branch visit to set it up.
Pros:
- Makes it easier to organize finances with people you live with who share all the bills
- Most accounts can be made into a joint account, so plenty of flexibility
Cons:
- All people on the account have full access, including all funds
Though most accounts can be made into a joint chequing account, the EQ Bank Personal Account allows up to 4 people per account and makes it easy to add new names online. Learn more here:
If you’re looking for a simple place to stash some extra cash and earn a higher-than-average interest rate, EQ Bank Personal Account may be exactly what you’re looking for. It does have a few other features, including the ability to easily send International Money Transfers, but otherwise it’s mostly geared to earning you interest.
- High daily interest rate
- Easy access to all other EQ Bank products
- Less expensive international money transfers
- Zero everyday banking fees
- Free Interac e-Transfers, electronic funds transfers, and bill payments
- No minimum balance
- No welcome bonus
- Age of majority
- Canadian citizen
- Very high interest rate
- Includes a prepaid cash back Mastercard
- No ATM fees, plus reimbursement for any independent fees
14. Unlimited chequing account
Any chequing account that offers unlimited free transactions can be considered an unlimited chequing account. When it comes to the big banks, these are usually the most expensive options. But if you go with online banks, you'll find plenty of no fee options that still give you unlimited transactions.
Pros:
- Never have to worry about going over your transaction limits
- Usually comes with other perks (if it's at a big bank)
Cons:
- Big bank unlimited chequing accounts have high fees
- Online bank unlimited chequing accounts usually have less perks
Here's an example of a big bank chequing account that offers unlimited transactions:
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
What to consider when choosing an account
It can be tricky to choose the right chequing account, but if you look for a few key details, like fees and transaction limits, it can help narrow down the options. Here are a few things to consider when trying to make this decision:
- Fees: This can include the monthly fee, overdraft charges, and other typical bank fees, some of which are very sneaky.
- Minimum balance requirements: A lot of accounts with fees offer to waive them if you keep a certain amount of money in the account for the entire month. This is a good way to save money but may take away additional investment opportunities.
- Transaction limits: Depending on what you plan to use the account for, you'll want to know how many transactions you'll get for free and what you'll pay for any overages.
- Interest: While it's not common for these accounts to earn interest, it's not unheard of, and earning extra money is never a bad thing.
- Welcome offers: Especially if one account has the same details as another, a valuable welcome bonus can make one look far more attractive than another.
What types of chequing accounts do you prefer?
There are likely way more types of chequing accounts than you think. What kind are you using right now? Are you happy with it, or are you thinking of switching to another option on the list?
Let us know in the comments!
FAQ
What's the best chequing account in Canada?
According to our Genius Rating, the best chequing account in Canada is the Scotiabank Ultimate Package, which can be considered a premium, rewards, and unlimited chequing account all at once.
What types of chequing accounts are there?
There are many different types, but the most common chequing accounts are:
- premium chequing,
- no fee chequing,
- kids chequing,
- student chequing,
- newcomer chequing,
- senior chequing, and
- U.S. dollar chequing accounts.
Standard chequing accounts are also available.
What are the TD chequing account types?
TD bank offers several types of chequing accounts, including a premium/unlimited account, a student account, and a couple of fairly standard accounts. The TD All-Inclusive Banking Plan in particular offers good value for clients.
Which is the best type of chequing account for a house fund?
The best type of chequing account for household spending will be one that offers plenty of transactions without a hefty monthly fee. But if you're starting to save for a house, a FHSA (first home savings account) is best.
How many RBC types of chequing accounts are there?
The Royal Bank of Canada offers several chequing account products. It has a few standard accounts and a couple of premium accounts available, with specific tweaks to these accounts made for seniors and Canadian newcomers.
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