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Published February 29, 2024
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Best No-fee Chequing Accounts in Canada

Canada’s best no-fee bank accounts are free bank accounts that can help you save money, earn rewards and manage your day-to-day expenses.

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Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

ALSO CONSIDER: Best chequing accounts | Best Chequing Account Offers and Promotions | Best Student Bank Accounts | Best Senior Bank Accounts

No-fee chequing accounts, sometimes known as free chequing accounts, are bank accounts designed for day-to-day spending. There’s no monthly account fee to pay, and customers typically aren’t required to maintain a minimum balance.

While these accounts don’t usually pay much in interest, the best no-fee chequing accounts earn their value by allowing you to spend and move your money freely.

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Simplii Financial™ No Fee Chequing Account

Join Simplii Financial™ and earn $400 when you open a No Fee Chequing Account and set up an eligible direct deposit of at least $100 a month for 3 straight months. Offer expires October 31, 2024.

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EQ Bank Personal Account

EQ Bank Personal Account
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Number of Transactions
    Dollar limits apply*
Apply Now
Our Take
Why we like it

  • EQ Bank’s Personal Account is the digital-first bank’s flexible hybrid chequing and savings account. It features a high interest rate, no monthly fees, and free and unlimited transfers.
  • The bank also offers joint accounts, US dollar accounts, TFSAs, RRSPs, and GICs.
Product Details
  • Customers who set up direct deposit on their EQ Bank account will also get a bonus interest on recurring pre-authorized debits.
  • Here’s how to get the bonus interest: (a) Set up $500/month or more in either direct deposit for your pay or recurring pre-authorized debits. (b) Applies to your Personal Account, Joint Account and EQ Bank Card¹ balance. (c) Once set it up, they’ll be eligible for the increased rate of 4.00%* for 12 months! (d) Those who already set up the above automatically qualify for bonus interest!
  • 4.00% interest rate*.
  • No monthly fee.
  • This hybrid account gives you the benefits of savings with the flexibility of chequing.
  • Mobile Cheque Deposit is available through the EQ Bank mobile app.
  • Zero monthly banking fees.
  • No transaction or service fees. EQ Bank does not charge account fees, fees for sending or receiving Interac e-Transfers®, fees for bill payments, overdraft fees, or dormant account fees.
  • No minimum balance, but a $200,000 maximum balance.
  • Access your money immediately through the mobile app and online banking website, where you can deposit or transfer funds using Interac e-Transfers® or Electronic Funds Transfer (EFT) to linked accounts.
  • Eligible for CDIC deposit insurance.
  • As of December 2022, EQ Bank is available to Québec residents.
  • *Interest is calculated daily on the total closing balance and paid monthly. Rates are per annum and subject to change without notice.

Simplii Financial™ No Fee Chequing Account

Simplii Financial™ No Fee Chequing Account
  • Bonus Offer
    $400
  • Monthly Fee
    $0
  • Number of Transactions
    Unlimited
Apply Now
Our Take
  • With no monthly fee, unlimited debit purchases and free access to more than 3,400 ATM machines across Canada, Simplii Financial’s No Fee Chequing Account is a low-cost way to handle your day-to-day banking.
  • Simplii Financial is an online bank owned by CIBC that offers savings and chequing accounts, credit cards, mortgages, loans, lines of credit, registered plans, GICs, and mutual fund accounts. Read our review of Simplii Financial for more information.
Product Details
  • Welcome offer: Apply for a Simplii Financial No Fee Chequing Account by October 31, 2024 and earn a $400† cash reward. Must be a new Simplii Financial client and set up one or more eligible recurring direct deposits totalling at least $100 per month within 120 days. Recurring direct deposits must be credited to the account for at least three consecutive months in the 120-day period.
  • No monthly fees.
  • No minimum balance.
  • Unlimited debit purchases, bill payments and withdrawals.
  • Free access to over 3,400 CIBC ATMs across Canada.
  • Shop online and in-store with the Simplii Financial Debit Mastercard, which can be used anywhere Mastercard is accepted.
  • Direct payroll and pension deposit.
  • Optional overdraft protection for $4.95 a month.
  • Pre-authorized bill payments.
  • Account-to-account transfers, including automatic transfers.
  • Send personalized gift cards.
  • Earn $50 by referring a friend who opens a No Fee Chequing Account or other eligible account.
  • Interest rate: 0.01% on balances of $25,000 or less; 0.05% on balances greater than $25,000.
  • CDIC protection for eligible deposits.

Neo Money™ Account

Neo Money™ Account
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Number of Transactions
    Dollar limits apply*
Apply Now
Our Take
Why we like it

  • Neo offers a digital-first banking experience and a fee-free account with one of the highest interest rates available in Canada.
  • Comes with a prepaid Neo Money™ Card that earns an average 5%+ unlimited cash back at thousands of local and national Neo partners.
Product Details
  • One account to spend, save and earn 4.00% interest.
  • No fees, 4.00% interest rate as of December 4, 2023 (not a promotional rate; Savings interest rate is calculated daily on the closing balance and paid monthly).
  • Earn up to 225x more than at traditional banks (0.05% is the rate at most banks for high interest savings accounts, with 0% on most daily everyday chequing accounts – unlimited transaction accounts are typically $29.99 per month, whereas Neo is free).
  • Make bill payments, send and receive Interac e-Transfers®, and make bank to bank transfers to and from existing bank account – all with no monthly fees or minimum balances and unlimited free transactions.
  • Available Canada-wide (with the exception of Quebec, coming soon).
  • Manage everything from the phone app, whenever and wherever. Desktop/web banking is also available.
  • Much like any bank account at a traditional bank, the Neo Money™ Account is eligible for CDIC deposit protection, and provided by Concentra Bank, a CDIC member institution. Deposits held in Neo Money™ Accounts are combined with eligible deposits held at Concentra Bank, for up to $100,000 of deposit protection, per category, per depositor.

Alterna Bank No Fee eChequing Account

Alterna Bank No Fee eChequing Account
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Number of Transactions
    Unlimited
Our Take
  • The Alterna Bank No Fee eChequing Account has no monthly fees or minimum balance requirements. Plus, transactions are free and unlimited, including Interac e-Transfers.
  • Alterna refers to Alterna Savings and Credit Union Limited (“Alterna Savings”) and its wholly owned subsidiary CSAlterna Bank (“Alterna Bank”). Together, Alterna Savings and Alterna Bank form the Alterna Financial Group.
Product Details
  • No monthly fee or minimum balance requirements.
  • Unlimited transactions.
  • Free, unlimited day-to-day transactions.
  • Free, unlimited Interac e-Transfers®.
  • Cash deposits earn 0.05% interest.
  • Access to over 3,300 ATMs across Canada in THE EXCHANGE® Network – Canada’s largest ATM network, surcharge-free.
  • In the United States, access to 40,000 surcharge-free ATM’s through the Allpoint Network.
  • Online and mobile banking services available.
  • Add overdraft protection for $2.50 monthly.
  • Deposits eligible for insurance from CDIC.

CWB Prestige Account

CWB Prestige Account
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Number of Transactions
    Unlimited
Our Take
  • The no-fee CWB Prestige account offers bespoke services like special interest rates, a dedicated relationship manager and other priority banking privileges.
  • Canadian Western Bank offers business banking, investing products, registered plans, and personal banking, including loans, mortgages, credit cards, and chequing and savings accounts.
Product Details
  • The premium no-fee account offers unlimited transactions and exclusive services for no monthly fee.
  • A dedicated relationship manager is assigned to the account.
  • Benefit from the CWB World Elite Mastercard privileges if eligible.
  • Receive special rates on investments.
  • Get complimentary CWB Wealth planning sessions.
  • Deposits eligible for insurance from CDIC.

LBC Digital Chequing Account

LBC Digital Chequing Account
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Number of Transactions
    Unlimited
Our Take
  • The LBC Digital Chequing Account is a no-frills account with unlimited transactions and no monthly fees. Its ATM network comprises over 3,500 surcharge-free ATMs and spans every province and territory in Canada.
  • LBC Digital is the personal digital banking arm of Laurentian Bank of Canada and offers a HISA, a chequing account and GICs.
Product Details
  • No monthly fees.
  • Unlimited transactions, including Interac e-Transfers®.
  • Access over 3,500 fee-free ATMs across Canada.
  • $1.50 per withdrawal for ATMs outside LBC’s network.
  • Online and mobile banking services available.
  • Deposits eligible for insurance from CDIC.

Motive® Cha-Ching Chequing Account™

Motive® Cha-Ching Chequing Account™
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Number of Transactions
    Unlimited
Our Take
  • With unlimited free transactions, no monthly fee and free access to one of Canada’s largest ATM networks, the Motive Cha-Ching Chequing account is a low-cost way to manage your money.
  • Motive Financial is an online division of Canadian Western Bank and offers chequing and savings accounts, registered plans and GICs.
Product Details
  • Earn interest at a 0.25% rate.
  • No monthly fee.
  • Unlimited monthly withdrawals, including online bill payments, ATM withdrawals, Interac Direct Purchase payments, Interac e-Transfers®, electronic funds transfers to other financial institutions, automatic payments and other electronic debits.
  • First 50 personalized cheques free.
  • Free use of ATMs on THE EXCHANGE Network.
  • Two free uses of non-EXCHANGE Network ATMs, $1.50 per transaction after that.
  • Deposits protected by Canada Deposit Insurance Corporation.

Motusbank Chequing Account

Motusbank Chequing Account
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Number of Transactions
    Unlimited
Our Take
  • Motusbank isn’t the only financial institution offering a chequing account with no monthly fee and unlimited debit payments, but it ups the ante with a stylish vertical debit card, the ability to deposit cheques by taking a picture and a few other useful perks.
  • motusbank is an online division of Meridian Credit Union and offers chequing and savings accounts, mortgages, registered plans, GICs, investing, and a home equity line of credit loan.
Product Details
  • Earn interest at a 0.15% rate.
  • $0 monthly fee.
  • No minimum balance required.
  • Free, unlimited Interac e-Transfers®.
  • Unlimited debit purchases, bill payments and withdrawals, including transfers between accounts, Interac Direct Payment purchases, pre-authorized debit, ATM withdrawals and cheques.
  • No-fee access to THE EXCHANGE Network of ATMs in Canada and the Allpoint Network in the U.S.
  • Deposit Anywhere: deposit a cheque by taking a photo.
  • First order of 25 cheques is free.
  • Free, unlimited use of Motusbank’s Price Drop feature, which hunts for cheaper prices when online shopping.
  • Foreign debit transaction surcharge: $2.50.
  • Paper statement fee per month: $2.
  • ATM international transaction fee: $5.
  • ATM US transaction fee (non-Allpoint Network): $3.
  • Deposits protected by Canada Deposit Insurance Corporation, up to a maximum of $100,000.

The PC Money™ Account

The PC Money™ Account
  • Bonus Offer
    Up to 125,000 Points ($400 value)
  • Monthly Fee
    $0
  • Number of Transactions
    Unlimited
Our Take
  • The PC Money Account from President’s Choice Financial is not just another no-fee chequing account. It’s a rewards program, too. Every time you spend money using your PC Money Account card, you’ll earn PC Optimum points that can be put toward future purchases.
  • President’s Choice Financial is part of Loblaw Companies Limited with millions of account holders across Canada that save bank fees and earn rewards through the PC Optimum points system.
Product Details
  • Enjoy up to 125,000 points in welcome offers when you open a no monthly fee PC Money™ Account. Here’s how: (1) Earn 75,000 points when you set up a minimum of $1,500 in payroll or pension direct deposit for 3 consecutive months, starting within 60 days of opening your account. (2) Earn 50,000 points: That’s 10,000 points for each of your first 5 bill payments of $50+ within 60 days of opening your account.
  • Earn 10 PC Optimum points (five regular, five bonus) for every dollar spent.
  • Earn up to 25 PC Optimum points per dollar spent at Shoppers Drug Mart.
  • Earn up to 5,000 points per month when making bill payments with your account.
  • No monthly fee.
  • No minimum balance required.
  • Free unlimited everyday transactions online and in-store, including electronic fund transfers, withdrawals at PC Financial bank machines, self-serve bill payments and purchases in Canadian dollars.
  • Free Interac e-Transfer® services.
  • The PC Money Account card, provided by Mastercard, is compatible with Apple Pay and Google Pay digital wallets and can be used anywhere Mastercard is accepted.
  • PC Financial provides Mastercard Zero Liability Promise for unauthorized purchases.
  • Free access to PC Financial ATMs.
  • CDIC protection on eligible deposits worth up to $100,000.

Tangerine No-Fee Daily Chequing Account

Tangerine No-Fee Daily Chequing Account
  • Bonus Offer
    Up to $500
  • Monthly Fee
    $0
  • Number of Transactions
    Unlimited
Our Take
  • Tangerine’s No-Fee Daily Chequing Account offers free access to 44,000 ABMs worldwide, overdraft protection, financial monitoring tools and a secure way to shop both online and in person.
  • Tangerine is a subsidiary of Scotiabank and offers chequing and savings accounts, GICS, registered accounts, credit cards, mortgages, loans and investment products. Read our review of Tangerine for more information.
Product Details
  • Special offer: Open your first chequing and savings accounts using the promo code EARNMORE by April 22, 2024 and earn up to $500 cash back in the first 60 days (chequing) and a 5.75% interest rate for five months on eligible savings accounts.
  • No monthly fee.
  • Interest rate: up to 0.1%.
  • Free online daily banking, including debit purchases, bill payments, pre-authorized payments, Interac e-Transfers and ABM transactions that use Scotiabank’s ABM network.
  • ABM withdrawals with other banks in Canada: $1.50.
  • ABM withdrawals on other networks worldwide: $3.00.
  • Free first cheque book (50 cheques). $50 for each additional cheque book.
  • Tangerine Client Card with Visa Debit can be used anywhere Visa is accepted, and can be added to Apply Pay, Google Pay and Samsung Pay.
  • Card is covered by Interac and Visa Debit Zero Liability protection, so you won’t have to pay for unauthorized purchases.
  • Access to tools and alerts that help monitor spending activity.
  • CDIC protection for all eligible deposits.

Wealthsimple Spend

Wealthsimple Spend
  • Bonus Offer
    N/A
  • Monthly Fee
    $0
  • Number of Transactions
    Unlimited
Our Take
  • The Wealthsimple Spend account provides a no-fee way to handle your everyday spending needs while earning earning 1% back in cash, stock or cryptocurrency when you pay with your Wealthsimple card.
  • Wealthsimple is a Canadian online investment management service that offers stocks, ETFs, crypto and managed investing, spending and saving accounts, tax services and a peer-to-peer money transfer Cash App.
Product Details
  • No monthly fees.
  • No foreign exchange fees.
  • No ATM fees
  • No minimum balance required.
  • Manage your rewards, spending, and send and receive money from friends using the mobile Wealthsimple Cash App.
  • Use your Wealthsimple Spend account to pay bills, make e-transfers and directly deposit your paycheque.
  • The Wealthsimple Spend card can be used anywhere Visa is accepted, in store or online.
  • Digital and physical Wealthsimple Cash Visa debit card provided.
  • Card can be added to Apple Pay and Google Pay digital wallets and used at ATMs Canada-wide. Standard ATM fees will apply.
  • Get 1% back in cash, stock or crypto whenever you spend using your account.
  • CDIC protection for eligible deposits.
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Methodology

NerdWallet Canada selects the best chequing accounts based on several criteria. Factors in our evaluation methodology include monthly fees, minimum balance requirements, included services, savings on transaction fees and more. The accounts considered for this list are available to Canadians in more than one province.

    Summary of our picks for the best no-fee chequing accounts

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    Why should you choose a no-fee chequing account?

    By CLAY JARVIS

    Opting for a no-fee chequing account is one of the least expensive ways to manage your money through a bank. You’ll pay no monthly fee, and in many cases, you’ll be able to make unlimited withdrawals, purchases, transfers and bill payments without incurring any other charges.

    You won’t earn much interest, but you can always open a savings account — or a high-interest tax-free savings account — if you’re looking for a way to boost your savings.

    Benefits of a no-fee chequing account

    • There’s no monthly fee and unlimited eligible transactions.
    • Typically comes with a debit card that you can use wherever major credit card brands are accepted or add to a digital wallet.
    • Some no-fee chequing accounts also offer online tools for budget management and tracking your savings goals.

    Who should consider a no-fee chequing account?

    A no-fee chequing account can be helpful for Canadians wanting a simple, free way to manage their day-to-day banking. There’s no need to worry about overusing one of these free or no-fee bank accounts or maintaining a minimum balance.

    How to open a no-fee chequing account

    Some financial institutions require you to be a Canadian resident and be the age of majority in the province you live in before you can apply for a no-fee chequing account, but some only need you to be 16 years old. Some banks will ask for your Social Insurance Number, but that step will be optional with others.

    If you meet those criteria, opening a no-fee chequing account is generally fairly straightforward. Many financial institutions allow for quick online applications that don’t require more than your name, address, contact details and, in some cases, employment status.

    » MORE: How to switch to a new bank or credit union in Canada

    How to find the best no-fee chequing account for you

    No-fee chequing accounts can sometimes appear very similar, so finding the right one often means looking at the details to discover where the extra charges might be hiding.

    For example, you might have two debit cards that seem identical on the surface, but one might provide free access to a major bank’s ATM network, while the other doesn’t. Depending on your debit usage, location or spending habits, a difference like that can completely change the value of a no-fee chequing account.

    Considerations for a no-fee chequing account

    • What types of customer service options will be available? If you choose a no-fee chequing account offered by an online-only bank, you won’t be able to access a physical branch.
    • Will there be free access to a convenient, nationwide ATM network, or will ATM transactions cost you money each time?
    • Are there any rewards offered, like points or cash back?

    Nerdy tip: A no-fee chequing account is designed to save you money on banking fees, but certain transactions might trigger additional charges. Make sure that whatever account you choose aligns with your spending habits and doesn’t impose any limits that you can’t realistically follow.

    Alternative bank accounts to consider

    If a no-fee chequing account isn’t for you, plenty of other options are available. Here are a few alternative bank accounts to consider:

    TypeProsCons
    Student chequing accountsUsually no fees.

    Some accounts offer bonuses, especially for students.    		Education and/or age restrictions apply.

    Some online-only accounts may offer limited ATM access.
    Prepaid cardsSpend freely until your limit is reached.

    No interest fees or credit checks to worry about.    		Limited features.

    May charge extra transaction fees.
    Hybrid bank accountsCan be used as a savings and chequing account.

    Competitive interest rates.    		Limited availability in Canada, and typically only offered by online banks.

    Frequent ATM use could result in many added charges.
    High interest savings accounts (HISAs)Earn a high rate of interest to help your money grow.

    Usually no fees.    		Some HISAs require you to keep a minimum account balance.

    The highest rates are typically only found at online banks.

    Frequently asked questions about no-fee chequing account

    How can I avoid bank fees in Canada?

    To avoid the most bank fees, sign up for a no-fee chequing account that provides free access to a major bank’s ATM network. If you can, avoid transactions that trigger additional costs, like overdrafts or purchases in foreign currencies, and any banking that puts you in the non-sufficient fund territory.

    Which banks offer free chequing accounts in Canada?

    Most online-only banks offer many free chequing accounts. Although, you can find no-fee options available for students and youth, or ways to save on monthly fees by maintaining a minimum balance in your account or investments.

    About the Author

    Clay Jarvis photo
    Clay Jarvis

    Clay Jarvis is NerdWallet’s mortgage and real estate expert in Canada. Thus far, his entire professional writing career has revolved around real estate. Prior to joining NerdWallet, he was the…

    Read more about Clay Jarvis and explore their articles

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